Below are the sales numbers for August '08 for single family homes in Palm Springs.
Palm Springs (all)
08/08: 42 sales, $470,000 median sales price, $253.91sf
08/07: 48 sales, $555,000 median sales price, $302.35sf
Below are the numbers separated out by area.....
North Palm Springs:
08/08: 17 sales, $380,000 median sales price, $217.09sf
08/07: 13 sales, $400,000 median sales price, $269.25sf
Central Palm Springs:
08/08: 9 sales, $790,000 median sales price, $264.84sf
08/07: 14 sales, $641,500 median sales price, $348.62sf
South Palm Springs:
08/08: 16 sales, $650,000 median sales price, $286.88sf
08/07: 21 sales, $602,000 median sales price, $291.99sf
Number of homes sold is down, but median price is up in both Central and South Palm Springs. Of course, this is just comparing August 2008 to August 2007!
I welcome your comments. I'll try to post the individual sales that haven't already been posted soon
Russell Hill 760.902.3121 RussellHill.net
7 comments:
Russell-
Do you feel like the market's beginning to turn, or is it still turning...stabilized...? Where are we? Obviously it's not the best time to sell, but is this the best time to buy, or will prices continue to slump?
Sorry for the 20 questions, but you're the pro.
Hey, Russ-
Did that home on Manzanita ever close?
It looks like it closed. I live a few doors down and I've seen dumpsters out in front, so I assume work has begun under the new owner.
Manzanita sold for 470k. That's a deal for the neighborhood, sq. footage... But it did need MUCH work, as the previous owner had cut out all the plumbing and electric. It's most likely going to be a flip project for an investor.
The market should see an upswing come October, but I don't believe we'll be in a solid rising market 'til a year from now.
However, deals are everywhere, so get yours before you miss out on this wonderful opportunity in the most famous desert town in the world.
I think in Palm Springs the market is stabalizing; we'll continue to see lower sales volumes and good deals. Good values are selling! I think it's a good time to buy when you find a property that is well-priced and you intend to hold onto the property for a few years. I'm seeing a few properties here and there that are even decent "fix and flip" opportunities....if done just the right way
The million dollar question is what happens with the foreclosure market.....
1056 Manzanita in Deepwell sold on 8/28/08 for $476,500. It was listed at $414,900. While the house needs a great deal of work, it was a good buy, wether it was bought for short-term investment, or as someone's home. Congratualtions to the new owner!
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