The trends of the Palm Springs inland desert area’s real estate market mirror many of the trends in the larger national real estate market. The region’s home prices crashed with the onset of the U.S., and later world, recession, and have seen subsequent rises and falls in price throughout the period. Foreclosures rose and sales activity also has fallen.
Recent available statistics from the California Desert Association of Realtors showed the median price of single-family homes in December 2009 to be $172,320. That figure was up slightly from November’s price, and up 1.5% from a year earlier. The December median price of Palm Springs homes for sale was about $6,000 lower than the U.S. median price.
Palm Springs real estate still has much lower prices than the California average as well. The December median sales price for the state was almost $309,000, up from $304,500 in November. There were 6,244 sales completed in January 2010, the most recent month for which figures are available. That figure was up 21% from December’s sales of 6,015 and it represented the highest monthly figure since June 2009.
Listings show that were were 469 homes for sale in December at or below the median price. In the association’s report, C.A.R. Vice President and Chief Economist Leslie Appleton-Young said, “Home sales were unusually strong in December and were more consistent with peak season trends. Historically, the median price declines November through February and then rises in March. However, lean inventory, historically low interest rates, and incentives for home buyers have resulted in California’s housing market experiencing non-seasonal variations.”