Shift In Palm Springs Area Real Estate Luxury Market
Beginning in January of 2013, we started to see another sign of a shift in our Palm Springs area real estate market. Sales of homes and luxury condos that sold for $700,000 and higher increased substantially from month to month right into the first quarter of 2014.
Record Net Worth Pushes Valley Luxury Sales Up 50%!
A record household net worth ($80 trillion) helped push luxury home sales in the Palm Springs real estate market up by 50%, while the lower end of the market seems to be held back by wage stagnation.
Let’s take a look at average selling prices in Palm Springs area golf communities where the average selling price over the last six months is above $700,000. For the larger golf communities, these stats include single-family homes only.
Golf Community / Average Sale Price / High Sale Price (last 6 months)
- Madison Club, La Quinta: $5,266,667 / $7,100,000
- Vintage Club, Indian Wells: $3,655,625 / $10,450,000
- Bighorn, Palm Desert: $2,692,969 / $6,600,000
- Hideaway, La Quinta: $2,555,411 / $4,650,000
- Tradition, La Quinta: $2,487,708 / $3,900,000
- Toscana, Indian Wells: $1,748,644 / $2,695,000
- Reserve, Indian Wells: $1,715,525 / $2,480,000
- Monte Sereno, Palm Springs: $1,355,083 / $1,447,360
- Andalusia, La Quinta: $1,190,751 / $1,750,000
- The Palms, La Quinta: $1,076,250 / $1,287,500
- Mission Hills, Rancho Mirage: $946,675 / $2,250,000
- Indian Wells Country Club: $825,000 / $933,810
- Citrus, La Quinta: $877,969 / $1,680,000
- Rancho La Quinta: $870,266 / $1,550,000
- PGA West, La Quinta $840,090 / $1,625,000
- Indian Ridge, Palm Desert: $820,625 / $1,950,000
- Mountain View, La Quinta: $787,808 / $1,525,000
Data Source: April 22, 2014 Market Watch Real Estate seminar and Desert Area MLS.