Palm Springs Desert Cities - Home Sales Prices February 2011

Desert Area Sales and Prices For: February 2011 Prior Year Prior Month Current Month Feb 2010 Jan. 2011 Feb. 2011Single Family# Units Sold 574 507 573Median Sold Price 200,000 185,000 215,000Median List Price 200,000 194,000 219,900Condo# Units Sold 157 136 198Median Sold Price 180,000 182,500 184,000Median List Price 195,000 187,995 198,950This report reflects sales in Bermuda Dunes, Cathedral City, Coachella, Desert Hot Springs, Indio, Indian Wells, La Quinta, PalmDesert, Palm Springs, Rancho Mirage, Thousand Palms------------------------------------------------------------------------------------------------------------------------ Median Sold Price - February, 2011Calif. SFR 271,320Calif. Condo 236,360USA. SFR 157,000Riverside County - SFR 203,630

-2-Sales and Price Report --- February 2011Report Commentary:From Calif. Assoc. of REALTORS®“The market pulled back in February, following three months of sales gains, when the ramifications of therobo-signing delays from last fall pushed sales into the period from November of last year to January,”said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “February’s sales drop indicatesthe effects of the foreclosure freeze are diminishing, and the market is returning to a more moderate salespace,” she said.From National Assoc. of REALTORS®Existing-home sales fell in February following three straight monthly increases, according to the NationalAssociation of REALTORS®. Lawrence Yun NAR chief economist, expects an uneven recovery.“Housing affordability conditions have been at record levels and the economy has been improving, buthome sales are being constrained by the twin problems of unnecessarily tight credit, and a measurablelevel of contract cancellations from some appraisals not supporting prices negotiated between buyers andsellers,” he said. “This tug and pull is causing a gradual but uneven recovery. Existing-home salesremain 26.4 percent above the cyclical low last July.”Local Market Analysis • Desert sales and median selling prices of Single Family Homes rose in February over the prior month even though sales and prices fell statewide and nationally. • Desert condos also experienced stronger sales and prices in February over the prior month and prior year. • The desert winter selling season and better weather are likely contributing factors to our stronger local market. • Overall the market recovery in 2011 is trending in a positive direction -- likely the result of sellers better understanding the market they are in; and buyers being selective but not overly demanding when considering area and price in their purchase decisions. • The window of opportunity for buyers and sellers in the marketplace remains open, but with interest rates, and many other living costs on the rise the opening is starting to shrink particularly for non-cash buyers. Once again, opportunity knocks….but does not linger equally for all.

Sources: Desert Area MLS, C.A.R., N.A.R., Compiled by California Desert Association of REALTORS®

Palm Springs Desert Cities - Home Sales Prices February 2011

by Love of the Desert c/o Windermere Real Estate on Mar 28, 2011

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Palm Springs Desert Cities - Home Sales Prices February 2011 — Document Transcript