We analyze several housing market indicators in order to present an in-depth breakdown of Palm Desert Real Estate Market comparing February 2009 to February 2010.
Summary of Key Points
Palm Desert Real Estate has started showing mixed signs. Median sales price went up but number of units sold decreased and sellers received 96 % of asking price as compared to 102% last year.
Key Statistics, Palm Desert, CA: Median Sales Price (27.76%), Median Days on Market (38.93%), and Number of Units Sold (-33.33%), Sales Price to List Price Ratio (Feb 09 102% – Feb 10 96%)
Palm Desert Real Estate
The city of Palm Desert experienced a 27.76% increase in median sales price from last year going up from $203,500 (Feb. 09) to $260,000 (Feb. 2010). Median days on market data for Palm Desert shows that houses are selling slower than Feb 09. It took 41 days in Feb 09 for a house to sell and for Feb 10 that number has gone up to 57 days (a 38.93% deterioration). Another important factor to consider is total number of units sold. In the month of Feb 09, 3 units were sold compared to 2 for Feb 10 (-33.33% change). Lastly we are going to take a look at the Sales Price to List Price Ratio for Palm Desert. SP/LP ratio for Feb 09 was 102% compared to 96% for Feb 10.
Let’s take a brief look at neighbors Palm Springs and La Quinta. Palm Springs Real Estate featured a 32.45% decrease in median sales price ($448,725 Feb 09 – $303,125 Feb 10) and La Quinta Real Estate saw a 42.43% decrease ($338,333 Feb 09 – $194,780 Feb 10). Are houses in Palm Springs and La Quinta selling faster or slower this year? Well, Palm Springs experienced a 66.75% increase (100 to 167 days) in median days on market and La Quinta saw a 3.68% increase (87 to 90 days). In the units sold category, Palm Springs sold the same number of units (0.00%) in Feb 2010 and 09 and La Quinta sold 2 units more (66.67%) in Feb 2010 than Feb 09.
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My parents just purchased their retirement home in Palm Desert from Patrick Stewart Properties. I think they got a great value considering the size and location of the home; even if prices have risen this year they are still great values. I can’t wait to go visit them, Palm Desert and the surrounding areas seem to have a lot to offer.