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Monthly Reports

City Monthly Trends

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Palm Springs Area Prices Continue Rising

The median price for single-family, re-sale homes in the Palm Springs area went over $400,000 for the first time since February 2008. It was up 14.8%, year-over-year, to $407,500.

The average price went over $600,000 for the first time since March 2008. It rose 23.2% to $648,952.

The median price for attached homes rose 10.2% and the average priced gained 9.5%

Sales of detached homes were off 3% compared to last February. Attached home sales dropped 4.1%.

Inventory of detached homes fell from 5.6 months of inventory in January to 5.1 months in February. Attached homes went from 4.9 months to 4.3 months of inventory. Nationally, a balanced market has six months of inventory.

Palm Springs Area Real Estate - Coachella Valley - Months of Inventory - SFR YTD
Palm Springs Area Real Estate - Coachella Valley - Months of Inventory - Attached YTD
Palm Springs Area Real Estate - Home Prices 3-month Moving Average Chart
Palm Springs Area Real Estate Home Prices 12-month Moving Average Chart

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February Statistics

Even with the strong increases since the start of the year, prices still have a ways to go to top the peak of the market.

The 3-month moving average median price for detached homes is up 21.0% from January 2017. The median price is up 132.6% from the bottom of the market, but is still down -16.1% from the peak.

In February, the 3-month moving average median price was up 21.0% for attached homes since January 2017. It is up 132.6% from the bottom of the market which was in October 2011, but is still down 16.1% from the peak.

Palm Springs Area Real Estate - Monthly Reports
Palm Springs Area Real Estate - Monthly Reports

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Sales momentum…

for detached homes, fell 1.3 points to +4.4. Sales momentum for attached homes fell 1.1 points to +17.0. (See charts below)

We calculate… momentum by using a 12-month moving average to eliminate seasonality. By comparing this year’s 12-month moving average to last year’s, we get a percentage showing market momentum.

In the chart below… the blue area shows momentum for home sales while the red line shows momentum for the median price.

Pricing momentum for detached homes was flat at +9.8. Pricing momentum for attached homes rose 1.4 points to +3.3.

Palm Springs Area Real Estate - Monthly Reports
Palm Springs Area Real Estate - Monthly Reports
Palm Springs Area Real Estate - Monthly Reports

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Combined: Home Prices and Sales

The median price for the under $500,000 segment of the market was up 12.7% year-over-year in February. This segment constituted 61.3% of sales.

Palm Springs Area Real Estate - Monthly Reports

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By contrast, the $500,000 to $1,000,000 segment of the market was 25.9% of sales last month. The median price was up 10.7% year-over-year in February.

Palm Springs Area Real Estate - Monthly Reports

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The million dollar plus market was 12.8% of total sales in February. The median price for this segment of the market was up 6.3% year-over-year.

Palm Springs Area Real Estate - Monthly Reports

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The following tables break-down the market into three segments: less than $500,000, $500,000 to $1,000,000 and $1,000,000 and over. The tables are year-to-date.

Palm Springs Area Real Estate - Monthly Reports

Monthly Prices and Sales

The graphs show monthly prices and sales since 2006. We have used a three month moving average to smooth out monthly fluctuations yet retain seasonal flow.

Palm Springs Area Real Estate - Monthly Reports

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Palm Springs Area Real Estate - Monthly Reports

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For full details see the tables and the Monthly Trends section which breaks out each city’s statistics.

The following table provides the median price, the average price and the number of units sold for residential re-sale single family homes.

Palm Springs Area Real Estate - Monthly Reports

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This table provides the median price, the average price and the number of units sold for residential re-sale condominiums.

Palm Springs Area Real Estate - Monthly Reports

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