Palm Springs median home sales price for March 2012 according to DataQuick, was up 10.8% posting $377,000. The condo market was down 6.3% from last year posting $144,500.
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 buyers accounted for 31.7% of March home sales. Distressed homes and condos, a combination of foreclosures and "short sales", made up 50% of the resale market.
The median sales price in Riverside County was $200,000, up 1% from last year. Sales volume was down 2.3%, with 3,756 units sold.
A total of 19,953 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange Counties in March, up 2.8% from a year ago. The median price paid for a home last month was $280,000, flat from last year. The median high point was $505,000 in mid 2007 and the median low point was $247,000 in April 2009.
Some of the economic vital signs have improved lately and that has created a sense of optimism in housing circles. Coupled with low mortgage rates, it suggests 2012 pricing might be near the bottom. The biggest concern remains the high unemployment numbers.
This is a perfect time to invest in a beautiful home and maximize profits when the real estate cycle turns. Take advantage of the price opportunities. Thanks to our strong tourism business, the Coachella Valley has a different economy than the other cities in Riverside County. Most of all, it is a beautiful place to live and play.
ZIP Codes: 92264, 92262 Location Characteristics: Palm Springs - a desert hideaway that holds countless treasures of Modern architectural design. Palm Springs has joined an elite group of cities around the country designated as distinct historic destinations. The city was named by the National Trust of Historic Preservation as one of 12 travel destinations for 2006. Each city represents a slice of America in some unique way.
Considered one of the oldest cities in the Coachella Valley, with a rich past, Palm Springs population is estimated at 45,357.
In the 1920's, Hollywood studios came to Palm Springs to shoot their movies and the Hollywood elite became attracted to this quiet haven, first-class hotels, and excellent shopping. The Racquet Club, The El Mirador Hotel, and The Biltmore Hotel were the choice for many stars in the mid 1930s.
In the mid 1950s, Palm Springs began to draw the Hollywood celebrities once again, and this time it was to enjoy the modern homes designed by the Alexander family. This father-son team of George and Robert Alexander with their mid-century modern design, built homes for Elvis Presley, Dean Martin, Debbie Reynolds, and other famous stars.
The Alexander home was so well designed it has had longevity and become a classic. The rise of mid-century modern interests in lifestyle and building architecture have really taken off, and the Alexander classic is making a comeback and is a wanted commodity by all who appreciate open spaces, high vaulted ceilings, and unique rooflines.
The Palm Springs Aerial Tramway, now the largest rotating cars in the world, opened for business in 1963. As you ride up the tramway you can see a 360 degree view of the 10,000 foot San Jacinto Mountains. This landmark was the brainchild of Francis Crocker in 1936 and it took almost 30 years and many battles with environmentalists to make it happen. At the top, you will enjoy breathtaking view of the entire Valley from the restaurant, lounge, or observation deck.
Ancestors of the Agua Caliente Band of Cahuilla Indians were some of the first to settle in the Palm Springs area. The federal government deeded in trust 52,000 acreas for the Aqua Caliente Band of Cahuilla Indians in 1876. About 6,700 of those acres are within the Palm Springs city limits.
The Aqua Caliente Tribe created the Spa Resort Hotel & Casino on the site of the original Hotel and Mineral Springs Spa which was a gathering place believed to have magical powers. At its origin in 1870, this site was one of the first to be used as a bathhouse. The hot water springs are still in use today and enjoyed by those who visit The Spa Resort Casino.
