Palm Springs inventories declining, prices increasing

Posted on Dec 2, 2009 by Paul Kaplan

The local real estate market continues to show signs of recovery in Palm Springs.

Current inventories are declining, as the median price for homes has been increasing.

As of December 1, 2009, the total number of Single Family homes for sale in Palm Springs, was 423. This is down approximately 20% from November 2009 inventories. The total number of Condos on the market as of December 1, 2009 was 476. This is down approximately 18% from November 2009. (information is per our MLS)

Per the laws of supply and demand, as inventory levels shrink, prices tend to inch up. The median price of homes (which means the price for which half the homes sold for more and half sold for less) increased about 9% from $284,900 to $311,700.

New home buyer incentives as well as incentives for resale buyers, plus low interest rates, continues to fuel our market place. Additionally, with the recent strength of the Canadian dollar, we’ve seen many more Canadians entering the market taking advantage of the exchange rate and low pricing.

Many potential buyers have been waiting until we have “hit bottom.” It appears that may have happened in some price ranges and we may finally be seeing a swing upwards again!

If I can answer any of your real estate questions, please let me know!

Thanks
Paul Kaplan
www.MidCenturyModernPS.com
760-285-8559
Pacific Union
DRE 01325586