Average sale prices increased in most Palm Springs area cities during August this year compared with August of 2011. Indian Wells recorded the highest average single-family sale price at $942,000.
Palm Springs Area Single-Family Home Average Prices For August 2012
- Indian Wells: $942,000 (up from $757,000 in August ’11)
- Palm Springs: $442,000 (up from $437,000 in August ’11)
- Rancho Mirage: $435,000 (down from $621,000 in August ’11)
- La Quinta: $425,000 (up from $370,000 in August ’11)
- Palm Desert: $358,000 (up from $346,000 in August ’11)
- Indio: $191,000 (up from $186,000 in August ’11)
August Average Sale Prices For Palm Springs Area Condos
- Indian Wells: $325,000 (no sales in August ’11)
- La Quinta: $290,000 (up from $191,000 in August ’11)
- Rancho Mirage: $279,000 (up from $234,000 in August ’11)
- Palm Desert: $226,000 (up from $188,000 in August ’11)
- Palm Springs: $169,000 (up from $140,000 in August ’11)
- Indio: $92,000 (up from $90,000 in August ’11)
Foreclosure and short sale sales of single-family homes decreased valley-wide by 24% and condos by 52% in August compared with the previous year.
Palm Springs Area Inventory Decreases Again
Total inventory of single-family homes listed for sale in the Palm Springs area market decreased from 1,923 homes in July to just 1,860 homes in August. With 502 homes sold during August that shrinks available inventory to a 3.7 month supply. Anything below a six months supply is considered a healthy real estate market. Stay tuned!
Data Source: California Desert Association of Realtors®