The Palm Springs housing market has declined. Six months ago there were 750 single family homes on the market as well as 725 condominiums.

On October 1st; gathering statistics from our local multiple listing service, I found there are now only 512 single family homes and only 440 condominiums on the market for sale. That drop represents an approximate 30% drop in single family homes inventory, and a 40% drop in the condominium inventory.

Does this signal the bottom of the Palm Springs market? Does this mean the time to buy is now?

The answer to both questions in my opinion is yes. I have definitely taken notice to the few homes that have been, or rather not been coming on the market in Palm Springs.

I have also noticed the quality of the homes coming on the market. Prices seem to be stabilizing on homes of quality not part of  distressed situations, so i believe it wont be long before prices begin to steadily increase as more and more sellers take notice.

Tags: Gary Carlson, Palm Springs Market Watch, Palm Springs Real Estate, Prudential, The Moore Carlson Group

This entry was posted on Thursday, October 8th, 2009 at 2:55 pm and is filed under Gary's Real Estate Blog. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.