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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.

Palm Springs Real Estate Update2.  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.

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