Palm Desert's median sales price for March 2012 in regard to single family residences was down 7.4%, according to DataQuick, posting $327,000. The condo market in Palm Desert was down 15.8%, posting $204,000.
For 2012, the market in general is improving with higher sales, lower inventory, prices rising in desirable neighborhoods, and fewer foreclosures for investors to find.
Cash sales made up 31.7% of the total for March. Distressed property sales accounted for 50% of the sales, down from a year ago.
The median sales price in Riverside County for March 2012 was $200,000, up 1% from last year. Sales volume was down 2.3% from last year with 3,756 units sold.
Southern California sales volume was 19,953, with a median sales price of $280,000. The median high point was $505,000 in mid 2007 and the median's low point was $247,000 in April 2009.
A total of 19.1% of all sales were for $500,000 or more. The low point for this price range was January 2009. Over the past 10 years, a monthly average of 28.1% of homes sold for $500,000 or more.
Some of the economic vital signs have improved lately and that has sparked a sense of optimism in housing circles. Coupled with historically low mortgage rates, it suggests 2012 pricing might be near the bottom. The biggest concern remains the high unemployement rates.
Now is the time to invest in a home or a condo. Take advantage of this price opportunity. Thanks to our strong tourism business, the Coachella Valley has a different economy than other Riverside County cities. Most of all, it is a beautiful place to live and play.
ZIP Codes: 92260, 92211 Location Characteristics: Located 15 miles east of Palm Springs, Palm Desert has a total population of 49,280.
The area was first known as the Old MacDonald Ranch, and then Palm Village in the 1920s when the date palms were planted.
The first residential development occured in 1943. Later in 1951 the area was given its present name.
Incorporated in 1973, Palm Desert is considered the retail oasis of the desert communities.
The desert's first enclosed mall opened in the early 1980s. Westfield Shoppingtown Palm Desert, was built on Highway 11 by the late Ernest Hahn, Southern California's premier shopping center developer. Today, the mall is anchored by Macy's, JC Penney, and Sears.
The deserts upscale shopping can be found on El Paseo. Often referred to as "The Rodeo Drive of the Desert", El Paseo is a mile-long mix of jewelry stores, art galleries, home decor shops, specialty boutiques, and two dozen restaurants.
The Gardens on El Paseo is a 200,000 sq ft complex of shopping, dining and entertainment anchored by Saks Fifth Avenue and includes, Ann Taylor, Tiffany, Talbots, Banana Republic and more.
In a region renowned for world-class golf, Palm Desert alone has 32 public, private, and country club courses.
The newest courses at Desert Willow Golf Resort, feature two 18-hole chanmpionship courses and a world- class facility.
Desert Willow's two championship courses not only have garnered numerous award and recognition for their unique and challenging play design, but also for their environmentally sound design and constuction. This winning combination makes the golf resort a must to visit and enjoy.
