In my last analysis of Palm Springs real estate market trends on October 18, 2012, we showed inventories of Palm Springs homes for sale at a low not seen since at least 2000. Since we were just entering our snowbird season, I predicted a rise in active listings.
Historically over the last ten years, an increase in active property listings in Palm Springs has taken place preceding and during our snowbird season from October through March. The number usually reaches a peak in January/February and this year has been no different. The graph to the left, updated with activity through January 2013, shows this rather clearly. So as expected, the available inventory of residential properties (of all types) for sale in Palm Springs did increase substantially in all price ranges from a low of 387 homes in August 2012 to a high of 584 in January 2013. This is a rather significant 50+ % increase from August 2012 and includes a pretty healthy monthly increase of 12.5% from December to January.
This increase in available sales inventory leaves us with the total number of homes still way below the peak in July of 2007 when Palm Springs had 1697 active listings for sale. In fact, presently and in spite of this increase, the number of Palm Springs homes for sale is down over 18% from just 15 months ago.
So the take away message for you on the Palm Springs real estate market trends is that our inventory is still very low by historical standards and still holding as a Seller’s Market. Well priced single family homes and condos in good areas are quickly attracting multiple bids.
My next blog to follow will review the pricing trends associated with these inventory trends. Please remember to call me with all of your real estate needs. I’ll be happy to help!