What's going on in Real Estate in Palm Springs?
The following updates are from figures as of July 2014 per the local Multiple Listing Service:
1. The Median price per square foot was $231.12, up 12.2% from July 2013. However we are still 15% BELOW the all time high of $307 in 2006.
2. Palm Springs is down by 9% in sales compared to 2013.
3. Distressed homes (Short Sales and disclosures) represent less then 10% of the total sales.
4. Inventory for the Coachella Valley has been declining for five months.
5. Higher priced homes show a 7 month inventory (how long it typically takes to sell a house priced over $900,000). Lower priced homes are showing an average of a 4 month inventory. This is normal for a "healthy" market.