Palm Springs Real Estate Market Conditions & Reports, Palm Springs Market Trends, California

Market Commentary Provided by Joy M. Farenden and Marian 'Sandy' Adkins
This is an excellent time to buy a home, good for both the seller and buyer. The buyer can purchase a home at good interest rates and lower home prices at this time, sellers can also purchase another home at a lower price than they would have paid two years ago. In short, this market provides an opportunity for both buyers and sellers.

Report Date

Fall 2009

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Joy M. Farenden and Marian 'Sandy' Adkins
SHOWCASE HOMES
Palm Desert, California
760-702-4657
Joy@JoyFarenden.com
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Nearest Metro Area

Riverside

Buyers’ or Sellers’ Market

More sellers than buyers

Average Time on Market

90-120 days

Market Trend

Increasing

Housing Inventory

Good supply - Some Prices

Average Home Price

$400,000 - View Graph Trend

Best Selling Price Range

$200,000 - $249,000

Worst Selling Price Range

$1,000,000+

Compared to Last Year

Down 15-20%

Prices As % of Asking Price

90-95%

Multiple Offers?

Yes

Multiple Offers Commentary

This information based on price points of $150-250K, many sellers are receiving multiple offers.

Greatest Activity

Investors

Buyer Activity for the past 90 days in Palm Springs is

Increasing

Seller Activity for the past 90 days in Palm Springs is

Increasing

Is Financing Available For Qualified Buyers in Palm Springs?

Yes

Existing Home Prices for the past 90 days are

Increasing

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales?

40-45%

Housing Hot Spots

Palm Springs - both Central and South, Palm Desert East, South and North, Rancho Mirage, South La Quinta plus elegant Indian Wells.

Reason to Buy/Sell

Lower prices with good selection and competitive interest rates creates a perfect time to buy in Palm Springs! This area is a tourist haven, many people purchase a vacation home in the Coachella Valley with the intent to retire here. Strong golfing, hiking, tennis, bike riding area. Only two hours from Los Angeles and San Diego plus a very convenient local airport.

Average Sold Price

$400,000 - View Graph Trend

National Real Estate Market

National Summary: National Housing Market Recovery Near?

Latest HouseHunt Random Survey Finds Encouraging Signs - First Time Buyers Taking Advantage of $8,000 Tax Credit

Like the legendary phoenix which rose renewed from its ashes, the U.S. housing market appears to be on the verge of emerging from the worst real estate market in three years. Several encouraging signs are there.

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