As we close out the month of October, I wanted to tell you about the latest statistics for the local Palm Springs Real Estate market as reported by the Palm Springs Board of Realtors that suggest very favorable signs over 1 year ago September. Let's see what they are:
Inventory for sale is down...way down....24.6%. From 830 units to 626 units.
Pendings are up...8.9%. From 135 units to 147 units.
And sales are up 1.8%. From 111 units to 113 units.
Further the average square price per square foot is up 8%. From $153 to $165.
And Average Days on Market has decreased 12.1%. From 107 to 94.
And the sold/list price differential % is up 3.2%. From 94% to 97%.
Finally, the months of inventory is at 5.5. That's down from 7.5 a year ago or a whopping 26.7% DECREASE! Anytime you have less than 6 mos of inventory you have dropped below the Buyer's market and are now in a neutral market.
Every single indicator seems to be favorable as we proceed into the holiday and our typically wonderful seasonal market.
Happy Halloween....
