Here's the data for sale for June 2009 compared to June 08, 07 and 06. 2nd qtr. is here too!
Central Palm Springs:
06/09: 19 sales, median price $495K, $237.71sf
06/08: 16 sales, median price $600K, $281.74sf
06/07: 24 sales, median price $627,500., $348.59sf
06/06: 25 sales, median price $689K, $364.33sf
2nd qtr 09: 41 sales, median sales price $436K, $238.67sf
08: 49 sales, median sales price $425K, $280.12sf
07: 59 sales, median sales price $650K, $350.12sf
06: 60 sales, median sales price $670K, $384.44sf
South Palm Springs:
06/09: 25 sales, median sales price $362,500., $211.20sf
06/08: 18 sales, median sales price $580K, $254.93sf
06/07: 22 sales, media sales price $659,500., $345.39sf
06/06: 22 sales, median sales price $747.500., $361.80sf
2nd qtr 09: 60 sales, median sales price $422,50o., $202.64
08: 61 sales, median sales price $575K, $277.41sf
07: 62 sales, median sales price $725K, $337.84sf
06: 73 sales, median sales price $715K, $322.43sf
Does anyone find these numbers surprising? We welcome your comments!
I'll post data to various neighborhoods over the next several days.
Russell Hill RS Associates 760.203.2959 RussellHill@dc.rr.com
6 comments:
Surprising? Yes. In Central P.S. the price crash since 2006 turns out to be even worse when figured on dollars paid per square foot -- but it's the opposite in South P.S., where price per sqft has held up relatively better than the median. This suggests true values have fallen harder in the Central area. I wonder, was there more of a speculative boom in that part of town?
I like your blog... especially since I'm a Palm Springs resident who's looking to sell a home as soon as the market turns around.
I would love to get your opinion on something. A neighbor of mine recently moved and a new family moved into his home. Before he left, he told several neighbors that he "luckily" was able to sell his house for the same exact price (just under $1 million) that he paid for the home in 2007. However, he never listed the home on the MLS and the home did not show up anywhere on your blog as either a newly listed property, in escrow property or sold property. To many of us in the neighborhood, his tale sounds untrue. There was never a For Sale sign, and he appeared to be happy living here until one day he moved everything out. It was odd to say the least. Every other re-sale in our neighborhood has dropped by about $200K in the last few years, and all the re-sales have taken months to sell. Should we believe his tale?
Thanks. Keep up the great work on your blog.
@ Kundalini
I don't see the numbers the way you do, Kundalini. When I take the June numbers for both Central and South, I come up with a drop in price per square foot of $126.62 for the Central area and $150.60 for the Southern area of Palm Springs.
All of Palm Springs has been hit hard, but it appears as if the market is finding a bottom. I just saw a house on a little street off of Vista Chino that just went on the market about a week ago. It's bank owned, yet has 3 offers and it is currently over asking price.
There was speculation in every corner of the Coachella Valley, just remember that, not too long ago, many people were touting the mid~mod homes in DHS, the one's with the 'cocktail' names. Now that the market has collapsed anything marginal is no longer desirable. The people who are shopping for houses now are shopping for bargains. Foreclosures make up the majority of sales and anyone who bought during the peak is going to get hosed if they are pressed to sell.
@ Anonymous
You should go on Zillow and research the sales activity of your neighbor's house. If a sale was registered it will more than likely have been recorded and will have been picked up by Zillow. This is a good tool to find out what your friends and neighbors paid for their houses. If no sale is recorded and there is a new family living in the house, it's very possible your neighbor leased the house out and is waiting for the market to recover (somewhat) before attempting a sale.
@Russell,
Thanks, once again, for the great work in keeping us informed on the current Palm Springs market. You are doing a fine job and we appreciate it, even if we don't always post on your entries.
I have a question for you regarding all the talk of a new 'wave of foreclosures' expected this summer (now). Can you enlighten us? Is there a lot of talk of what is coming into your office of properties that will be listed with you and the Zephyr team?
Also, I have heard that the Elrod House by Lautner is in foreclosure, is this rumor true? Is it just simply an NOD (notice of default) or has it actually entered the foreclosure process? I have been unable to find out any information about the truth or lack thereof of this rumor, so I am inclined to chalk it up as to just a 'rumor' and not truth. I don't have the financial wherewithal to purchase a house like the Elrod/Lautner house, but I think that if the rumor proves true, it would be a sad development as the present owner has done a wonderful job of saving and restoring that gem of a house.
Anonymous w/ neighbor who sold home: thanks for visiting our blog. I'm glad you like it! Sorry not to get back to you much, much sooner. If you want to give me the address of the home that "sold", I can check the details out for you. Any sale will be part of public record. Call or e-mail with the address. 760.203.2959, russellHill@dc.rr.com
Thanks!
Russell
WillyWanker, my apologies for the extreme delay in getting back to you! I was a way on vacation in Idaho for much of the time. No excuse, I know!
Everything I've read and heard supports the thought that there will be more foreclosures coming on during the next several months. Some people say that the banks will control the number so as not to create a further downward pressure on prices. We'll see if they can do that!
As for the Elrod home, I'll check for you. I don't think the rumor is true, but one never knows! I'll do my best to get an answer for you tomorrow.
Thanks!
Russell
760.203.2959
@ Willy - The Elrod house is not currently in foreclosure, nor has a notice of default been filed. Must be a nasty rumor.
Have a great weekend! Thanks for your insightful comments!
Cheers,
Russell
RS Associates/Zephyr Real Estate
760.203.2959
Post a Comment