As the first decade of this century has ended, I have compiled data for single family home sales in Palm Springs.  The results are interesting.  The following chart shows the rise and fall of Palm Springs single family home prices.  A lot of conclusions can be drawn from this information.  For instance, the median sales price of a home is 2009 is approximately the same as the median price in 2002/2003.  The median price of a home in 2009 was approximately 22.5% greater than the median price of a single family Palm Springs home in 2000.

For more detailed information I have posted the Average, Median, and Number of single family homes sold in Palm Springs by the month for the entire decade.   For instance, if you purchased your home in January of 2005, the median for that month would have been $565,000.  In December of 2009, the median price was $319,915.

 This information is a valuable tool whether you are a buyer or seller.  If you are thinking about buying or selling in Palm Springs please give me a call 760.831.5996.  I know the market currently and historically and would like to put my knowledge to work for you.

At the nation’s largest mortgage servicers, short sales soared 165% to 74,513 in the first nine months of 2009.  Realtors are beginning to see more accepted short sales and less aversion from lenders who are beginning to understand it is better to sell an occupied house than an empty house which is susceptible to neglect and vandalism.  Also, lenders are realizing it is generally less expensive to do a short sale over a full blown foreclosure.  This is good news for real estate professionals who in the past have experienced difficulty in closing short sales.  Maybe the time has come where the lenders are realizing the advantages of negotiating short sales.  Now, let’s hope the process of a short sale can be streamlined and transactions can be concluded in a timely manner which benefits everyone involved in a short sale as opposed to a foreclosure.

Click here to read the entire article featured on the front page of the LA Times February 18, 2010.

Palm Springs Real Estate fact obtained from the Desert Area MLS: The highest median price recorded for a single family residence in Palm Springs was in June, 2006 at $611,500.  At the end of the decade, December, 2009 the median price was $319,915.

The median price is the price for which half of the homes sold for more and half sold for less.

Starting today, February 1, 2100, the FHA flip rule has been deleted for the next year.  The long time rule prevented investors from immediately applying for an FHA loan. This change has been made with the intention of moving investor houses quicker.  For the complete article visit latimes.com