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Palm Springs Real Estate

June 6, 2010 // Comments Off

The average price of a Palm Springs home for sale, along with the average sales price of other Coachella Valley communities’ homes for sale, rallied in the month of April. According to a May 29, 2010 article in KPSP 2 News, “If you’re trying to sell a home or condo in the valley there is some good news. Compared to the same time period last year home prices are up quite a bit…According to a report just released from the Palm Springs Regional Association of Realtors, the median home price in the Coachella Valley rose 31% in April, compared to the same time last year.” The article by Jackie Pedroza went on to say that “The median price jumped from $150-thousand dollars to more than $190-thousand dollars…Currently across the valley, there are around 5 thousand active listings for homes and condos. Of those 40 percent are priced at or below 300-thousand dollars.”

This same positive news for the Palm Springs real estate market was reported on by a May 25, 2010 article in the Desert Sun. This piece found that “The median price for Coachella Valley home sales in April rose 31 percent in April compared to the same time last year, Palm Springs Regional Association of Realtors data show. It rose to $197,040 from the $150,140 median in April 2009.” The article by Debra Gruszecki continued to say that “Scott Newton, president of the Palm Springs Regional Association of Realtors, said the April numbers show a market that is moving out of high-season and is so focused on median price that inventory is getting low. ‘That creates higher demand,’ he said. ‘Higher demand creates slightly higher prices.’”

A high foreclosure rate has led to growth in the number of short sales among Palm Springs real estate, according to a May 23, 2010 article also in the Desert Sun. This piece noted that “With foreclosures continuing to pummel the Coachella Valley floor and home values dropping real estate agents are working with property owners in bigger numbers to drive short sales…Real estate experts say they’re seeing spurts of multiple bids and cash buys on homes priced below $250,000 by investors with deep pockets, buyers from other states or residents with equity in their home, a move-up mentality or frazzled nerves from a volatile stock market.”

Posted in California