LUCIO BERNAL
LUXURY MARKET REPORT PALM SPRINGS & PALM DESERT MAY 2018
LUCIO BERNAL
Broker Associate, CLHMS, CRS DRE# 01236217
310.383.2466
Lucio.Bernal@camoves.com www.BernalSmithGroup.com As luxury expert in Palm Springs, Lucio Bernal offers a wealth of knowledge and expertise that is unsurpassed; you can always trust his service and commitment. Lucio Bernal has served affluent clientele for over 20 years. He offers keen insight into executive and corporate relocation services, and understands and adapts to constant changes in the luxury market. His expertise is why his clients are excited to refer his services to their family, friends, and colleagues. He is a Broker Associate, Coldwell Banker Global Luxury Ambassador, a Luxury Property Specialist, an expert trainer with The Institute for Luxury Home Marketing, and served as President of the Palm Springs Regional Association of REALTORS® after having been named the association’s REALTOR® of the year in 2015. • Coldwell Banker Global Luxury Property Specialist • Coldwell Banker Global Luxury Ambassador • Certified Luxury Home Marketing Specialist – Million Dollar Guild • 2017 President of the Palm Springs Regional Association of REALTORS® • Certified Residential Specialist, Pricing Strategy Advisor
TABLE OF CONTENTS PAGE 4
LUXURY REPORT EXPLAINED
PAGE 5
WELCOME MESSAGE
PAGE 6
NORTH AMERICAN LUXURY MARKET REVIEW
PAGE 7
13 MONTH MARKET TRENDS
PAGE 8
SINGLE FAMILY HOMES MONTHLY OVERVIEW
PAGE 9
ATTACHED HOMES MONTHLY OVERVIEW
PAGE 10-11
MONTHLY STATISTICS BY CITY - Single Family Homes
PAGE 12-13 MONTHLY STATISTICS BY CITY - Attached Homes PAGE 15
LOCAL LUXURY MARKET REVIEW
PAGE 16-17 SINGLE FAMILY HOMES - Monthly Statistics PAGE 18-19 ATTACHED HOMES - Monthly Statistics
– LUXURY REPORT OVERVIEW – The Institute for Luxury Home Marketing has analyzed a number of metrics — including sales prices, sales volumes, number of sales, sales-price-to-list-price ratios, days on market and price-per-square-foot – to provide you a comprehensive North American Luxury Market report. Additionally, we have further examined all of the individual luxury markets to provide both an overview and an in-depth analysis - including, where data is sufficient, a breakdown by luxury single-family homes and luxury attached homes. It is our intention to include additional luxury markets on a continual bases. If your market is not featured, please contact us so we can implement the necessary qualification process. More in-depth reports on the luxury communities in your market are available as well. Looking through this report, you will notice three distinct market statuses, buyer's market, seller's Market, and balanced market. A Buyer's Market indicates that buyers have greater control over the price point. This market type is demonstrated by a substantial number of homes on the market and few sales, suggesting demand for residential properties is slow for that market and/or price point. By contrast, a Seller's Market gives sellers greater control over the price point. Typically this means there are few homes on the market and a generous demand, causing competition between buyers who ultimately drive sales prices higher. A Balanced Market indicates that neither the buyers nor the sellers control the price point at which that property will sell and that there is neither a glut nor a lack of inventory. Typically, this type of market sees a stabilization of both the list and sold price, the length of time the property is on the market as well as the expectancy amongst homeowners in their respective communities – so long as their home is priced in accordance with the current market value.
REPORT GLOSSARY REMAINING INVENTORY: The total number of homes available at the close of a month. DAYS ON MARKET: Measures the number of days a home is available on the market before a purchase offer is accepted. LUXURY BENCHMARK PRICE: The price point that marks the transition from traditional homes to luxury homes. NEW LISTINGS: The number of homes that entered the market during the current month. PRICE PER SQUARE FOOT: Measures the dollar amount of the home's price for an individual square foot. SALES RATIO: Sales Ratio defines market speed and determines whether the market currently favors buyers or sellers. Buyer's Market = up to 14%; Balanced Market = 15 to 20%; Seller's Market = 21% plus. If >100%, sales from previous month exceeds current inventory. SP/LP RATIO: The Sales Price/List Price Ratio compares the value of the sold price to the value of the list price.
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MAP OF LUXURY RESIDENTIAL MARKETS
W
elcome to the Luxury Market Report, your guide to luxury real estate market data and trends for North America. Produced monthly by The Institute for Luxury Home Marketing, this report
provides an in-depth look at the top residential markets across the United States and Canada. Within the individual markets, you will find established luxury benchmark prices and detailed survey of luxury active and sold properties designed to showcase current market status and recent trends. The national report illustrates a compilation of the top North American markets to review overall standards and trends.
Copyright Š 2018 Institute for Luxury Home Marketing | www.luxuryhomemarketing.com | 214.485.3000 The Luxury Market Report is a monthly analysis provided by The Institute for Luxury Home Marketing. Luxury benchmark prices are determined by The Institute annually. This active and sold data has been compiled by various sources, including local MLS boards, local tax records and Realtor.com. Data is deemed reliable to the best of our knowledge, but is not guaranteed.
NORTH AMERICAN A P R I L LUXURY REVIEW 2 0 1 8 The spring market has continued to charge forward with upward momentum with increases in new listings, sales, sale prices, and sales ratios. March saw near meteoric rises in some key indicators, and now April is reporting small increases from last month's figures. These smaller increases are in line with busy spring market expectations, however they continue to undermine predictions that 2018 would see a more level market. April's luxury single-family market saw a 4.5% increase in new listings and a 13.2% increase in sales over March 2018. The attached luxury market increased 2.7% in new listings and 6.3% in sales. The median days on market for luxury single-family homes decreased from 43 days to just 31, which is the lowest median DOM recorded in the last 13 months. the days on market for attached luxury homes also decreased from 41 days to 33, which is also the lowest recorded DOM in 13 months. Home sale prices have continued their stable trend with marginal increases -the single-family median sale price rose 1.1% and the attached median sale price rose 2.9%. It is interesting to point out that the single-family list price dropped 7.4%, time will tell if this will have a bearing on the market in the near future. The sales ratios for April are on par with March, showing marginal increases between .5% and 1.5%, illustrating that on the whole, the luxury market is still a balanced market. This rise can easily be attributed to the traditionally busy spring market, though if increases continue over time, we will see a market shift in favor of sellers. With small increases in key indicators on top of the significant rise in new listings last month, a question arises, are these increases part of a greater need to sell real estate holdings, an increased confidence from luxury real estate investors, or perhaps a stabilization of sales prices that invites a larger pool of investors? Another consistent trend are the market types for individual luxury markets. April reported 12 seller's markets, 13 balanced markets, and 26 buyer's, about even from March. On the attached side, reports show 18 seller's markets, 6 balanced markets, and 16 buyer's markets. This indicates that there are few true luxury attached balanced markets but a near even split within individual markets provides us with the balanced average. Locally in the luxury single family markets, Vancouver's median sale price rose 18% to $3,549,444 and the median sales price in LA-The Valley rose 9% to $1,916,000. In the local luxury attached home markets, the median sales price in Boca Raton/Delray beach rose 18% to $900,000 and Denver's median sales price rose 10% to $658,750. For more information on a particular luxury market, please refer to its corresponding individual report where trends can vary depending on population, location, seasons, and other local factors.
– 13 - MONTH MARKET TRENDS* – FOR THE LUXURY NORTH AMERICAN MARKET
Single-Family Homes
Attached Homes
Single-Family List Price
Attached List Price
All data is based off median values. Median prices represent properties priced above respective city benchmark prices.
DAYS ON MARKET
80
60
40
53
49
46
61
60
51 43
41
39
43
59
56
56
42
37
40
35
44
44
44
37
43
42
31
41
33
20
0
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
$393
$397
$388
$357
$381
$382
$398
$389
$383
$387
$300
$387
$400
$573 $408
$560
$511
$558
$526
$543
$564
$527
$501
$523
$543
$528
$526
$500
$392
PRICE PER SQUARE FOOT
$600
$200
$100
$0
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAR
APR
SALES PRICE VS. LIST PRICE
$2,000,000 $1,750,000 $1,500,000 $1,250,000 $1,000,000 $750,000 $500,000 $250,000 $0
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
*Discrepancies between statistics published in the March 2018 and April 2018 Luxury Market Reports are due to the addition of Fort Lauderdale, FL and the revision to Chicago, IL.
– LUXURY MONTHLY MARKET REVIEW – A Review of Key Market Differences Month Over Month March 2018 | April 2018
SINGLE-FAMILY HOMES March
April
March
April
Median List Price
$1,790,756 $1,657,500
Total Inventory
35,461
36,941
Median Sale Price
$1,375,000 $1,390,000
New Listings
10,528
11,005
5,292
5,991
43
31
3,606
3,560
Median SP/LP Ratio
97.21%
97.72%
Total Sold
Total Sales Ratio
14.92%
16.22%
Median Days on Market
$393
$408
Median Price per Sq. Ft.
Average Home Size
Median prices represent properties priced above respective city benchmark prices.
477
699
New Listings
Total Sold
12
1.3%
Med. Sale Price
Days on Market
Sales Ratio
15,000
$
SINGLE-FAMILY HOMES MARKET SUMMARY | APRIL 2018 •
Official Market Type: Balanced Market with a 16.22% Sales Ratio.1
•
Homes are selling for an average of 97.72% of list price.
•
The median luxury threshold2 price is $975,000 the median luxury home sale price is $1,390,000.
•
Markets with the Highest Median Sales Price: Vail ($5,716,250), San Francisco ($3,888,944), LA-Beach Cities ($3,875,000), and Vancouver ($3,549,444).
•
Markets with the Highest Sales Ratio: Silicon Valley (94%), Seattle (89%), San Francisco (51%), and Denver (47%).
1
Sales Ratio defines market speed and market type: Buyer's = up to 14%; Balanced = 15 to 20%; Seller's = 21% plus. If >100%, sales from previous month exceeds current inventory. 2The luxury threshold price is set in December of each year by The Institute for Luxury Home Marketing.
– LUXURY MONTHLY MARKET REVIEW – A Review of Key Market Differences Month Over Month March 2018 | April 2018
ATTACHED HOMES March
April
Median List Price
$1,119,250
$1,103,000
Median Sale Price
$925,000
$951,750
Median SP/LP Ratio
98.39%
Total Sales Ratio Median Price per Sq. Ft.
March
April
Total Inventory
11,951
12,225
New Listings
3,299
3,387
98.70%
Total Sold
2,075
2,205
17.36%
18.04%
Median Days on Market
41
33
$560
$573
2,102
2,067
Average Home Size
Median prices represent properties priced above respective city benchmark prices.
88
130
New Listings
Total Sold
8
0.68%
Med. Sale Price
Days on Market
Sales Ratio
26,750
$
ATTACHED HOMES MARKET SUMMARY | APRIL 2018 •
Official Market Type: Balanced Market with an 18% Sales Ratio.1
•
Attached homes are selling for an average of 98% of list price.
•
The median luxury threshold2 price is $750,000, the median attached luxury sale price is $950,000.
•
Markets with the Highest Median Sales Price: Vail ($3,324,500), Park City ($2,305,000), San Francisco ($2,300,000), and Greater Boston ($1,950,000).
•
Markets with the Highest Sales Ratio: Silicon Valley (274%), LA-The Valley (63%), LA-Beach Cities (59%), and Fairfax County (51%).
1
Sales Ratio defines market speed and market type: Buyer's = up to 14%; Balanced = 15 to 20%; Seller's = 21% plus. If >100%, sales from previous month exceeds current inventory. 2The luxury threshold price is set in December of each year by The Institute for Luxury Home Marketing.
– LUXURY MONTHLY MARKET REVIEW – SINGLE-FAMILY HOMES State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
AB
Calgary
$1,149,450
$937,800
648
284
108
21
Balanced
AZ
Phoenix
$749,900
$622,500
890
243
164
53
Balanced
AZ
Scottsdale
$1,799,000
$1,390,000
1,394
174
136
111
Buyer's
AZ
Tucson
$750,000
$635,750
801
173
108
42
Buyer's
BC
Vancouver
$3,988,000
$3,549,444
1,411
497
72
31
Buyer's
BC
Victoria
$1,895,000
$1,355,000
333
144
45
23
Buyer's
CA
Los Angeles Beach Cities
$4,969,500
$3,875,000
396
134
69
40
Balanced
CA
Los Angeles City
$3,995,000
$2,800,000
751
252
136
49
Balanced
CA
Los Angeles The Valley
$2,192,000
$1,916,000
554
222
103
45
Balanced
CA
Marin County
$3,495,000
$3,077,500
139
47
34
24
Seller's
CA
Napa County
$2,850,000
$1,640,000
112
25
9
158
Buyer's
CA
Orange County
$2,375,000
$1,975,000
1,569
506
285
32
Balanced
CA
Palm Springs & Palm Desert
$1,349,000
$1,575,000
656
112
94
72
Buyer's
CA
Sacramento
$799,000
$704,107
671
327
305
11
Seller's
CA
San Diego
$2,199,995
$1,545,000
1,229
439
249
30
Balanced
CA
San Francisco
$4,385,000
$3,888,944
63
15
32
13
Seller's
CA
Santa Barbara
$3,800,000
$2,600,000
211
44
21
15
Buyer's
CA
Silicon Valley
$4,895,000
$3,100,000
185
117
174
9
Seller's
CO
Boulder
$1,975,000
$1,525,000
190
74
55
48
Seller's
CO
Denver
$1,025,000
$857,000
925
370
431
8
Seller's
CO
Vail
$4,425,000
$5,716,250
116
5
8
66
Buyer's
DC
Washington D.C.
$3,500,000
$2,850,000
63
31
10
22
Balanced
FL
Boca Raton & Delray Beach
$1,999,000
$1,431,000
640
99
42
60
Buyer's
FL
Greater Fort Lauderdale
$1,295,000
$900,000
1,603
319
148
62
Buyer's
FL
Jacksonville Beaches
$1,369,250
$997,603
76
16
11
0
Buyer's
FL
Miami
$1,399,000
$975,000
1,387
249
85
108
Buyer's
Median prices represent properties priced above respective city benchmark prices.
– LUXURY MONTHLY MARKET REVIEW – SINGLE-FAMILY HOMES State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
FL
Naples
$1,850,000
$1,744,000
1,324
163
158
59
Buyer's
FL
Palm Beach Towns
$3,047,500
$3,160,661
394
47
50
101
Buyer's
FL
Sarasota & Beaches
$1,657,500
$1,600,000
542
59
61
66
Buyer's
GA
Atlanta
$1,199,900
$927,500
1,398
431
162
20
Buyer's
HI
Maui
$3,300,000
$1,699,000
201
24
12
157
Buyer's
IL
Chicago
$1,282,450
$1,050,000
2,024
746
299
77
Buyer's
MA
Greater Boston
$2,995,000
$2,600,000
135
44
25
31
Balanced
MD
Montgomery County
$1,799,000
$1,379,000
415
141
71
12
Balanced
MI
Oakland County
$750,000
$590,000
1,028
384
153
20
Buyer's
MO
St. Louis
$799,950
$684,128
196
66
43
8
Seller's
NC
Raleigh-Durham
$725,000
$655,000
982
268
213
3
Seller's
NV
Las Vegas
$739,000
$635,000
1,209
379
267
30
Seller's
NY
Brooklyn
$1,488,500
$1,162,500
182
47
10
114
Buyer's
NY
Long Island
$1,497,000
$1,200,000
3,137
892
247
92
Buyer's
NY
Staten Island
$1,199,900
$969,000
163
54
15
65
Buyer's
ON
Toronto
$3,295,000
$3,112,500
425
260
80
10
Balanced
TN
Nashville
$950,000
$875,000
336
120
91
24
Seller's
TX
Austin
$1,095,000
$882,500
774
282
228
16
Seller's
TX
Collin County
$708,375
$667,500
902
286
126
25
Buyer's
TX
Dallas
$1,145,000
$830,000
788
282
154
25
Balanced
TX
Houston
$845,000
$750,000
1,876
618
309
39
Balanced
TX
The Woodlands & Spring
$775,000
$692,450
543
188
65
91
Buyer's
UT
Park City
$3,399,000
$2,577,000
237
28
21
128
Buyer's
VA
Fairfax County
$1,599,900
$1,436,650
577
211
72
31
Buyer's
WA
Seattle
$1,950,000
$1,520,000
140
67
125
7
Seller's
Median prices represent properties priced above respective city benchmark prices.
– LUXURY MONTHLY MARKET REVIEW – ATTACHED HOMES State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
AB
Calgary
$839,900
$800,250
296
107
40
31
Buyer's
AZ
Phoenix
-
-
-
-
-
-
-
AZ
Scottsdale
$680,000
$595,000
159
27
41
55
Seller's
AZ
Tucson
-
-
-
-
-
-
-
BC
Vancouver
$1,998,000
$1,754,900
642
338
82
11
Buyer's
BC
Victoria
$910,000
$750,000
135
79
40
14
Seller's
CA
Los Angeles Beach Cities
$1,575,000
$1,304,000
71
31
42
10
Seller's
CA
Los Angeles City
$1,699,000
$1,294,500
261
89
82
35
Seller's
CA
Los Angeles The Valley
$699,000
$680,000
111
62
70
34
Seller's
CA
Marin County
$1,222,500
$1,343,000
16
11
7
25
Seller's
CA
Napa County
-
-
-
-
-
-
-
CA
Orange County
$1,079,000
$925,000
378
162
129
18
Seller's
CA
Palm Springs & Palm Desert
-
-
-
-
-
-
-
CA
Sacramento
-
-
-
-
-
-
-
CA
San Diego
$1,127,000
$851,000
434
181
146
20
Seller's
CA
San Francisco
$2,817,500
$2,300,000
96
40
35
13
Seller's
CA
Santa Barbara
$2,000,000
$1,488,000
34
7
4
35
Buyer's
CA
Silicon Valley
$1,468,000
$1,450,000
43
40
118
9
Seller's
CO
Boulder
$859,500
$900,708
58
15
18
53
Seller's
CO
Denver
$700,000
$658,750
397
168
176
13
Seller's
CO
Vail
$3,037,500
$3,324,500
72
4
8
21
Buyer's
DC
Washington
$1,850,000
$1,575,000
150
74
45
7
Seller's
FL
Boca Raton & Delray Beach
$850,000
$900,000
406
62
52
47
Buyer's
FL
Jacksonville Beaches
$859,900
$770,000
1,201
185
97
90
Buyer's
FL
Miami
$1,295,000
$933,500
31
2
3
39
Buyer's
FL
Jacksonville Beaches
$995,000
$1,000,000
2,730
282
85
170
Buyer's
Markets with dashes do not have a significant luxury market for this report. Median prices represent properties priced above respective city benchmark prices.
– LUXURY MONTHLY MARKET REVIEW – ATTACHED HOMES State Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
FL
Naples
$2,000,000
$1,710,000
332
26
30
74
Buyer's
FL
Palm Beach Towns
$1,399,500
$1,360,000
234
29
27
84
Buyer's
FL
Sarasota & Beaches
$1,177,500
$1,100,000
228
39
34
66
Buyer's
GA
Atlanta
$699,000
$615,000
495
120
70
41
Buyer's
HI
Maui
$1,689,000
$1,680,000
133
13
25
158
Balanced
IL
Chicago
$1,249,839
$970,000
910
333
169
58
Balanced
MA
Greater Boston
$2,399,000
$1,950,000
215
72
51
26
Seller's
MD
Montgomery County
$849,900
$700,000
183
75
61
8
Seller's
MI
Oakland County
$934,500
$596,100
64
15
10
24
Balanced
MO
St. Louis
-
-
-
-
-
-
-
NC
Raleigh-Durham
-
-
-
-
-
-
-
NV
Las Vegas
-
-
-
-
-
-
-
NY
Brooklyn
$964,000
$1,165,000
64
26
5
99
Buyer's
NY
Long Island
$928,944
$905,250
254
69
20
108
Buyer's
NY
Staten Island
-
-
-
-
-
-
-
ON
Toronto
$1,288,000
$1,159,000
318
296
151
8
Seller's
TN
Nashville
$711,950
$607,500
102
36
12
23
Buyer's
TX
Austin
$750,000
$636,750
179
48
34
24
Balanced
TX
Collin County
-
-
-
-
-
-
-
TX
Dallas
$699,000
$632,500
203
47
34
49
Balanced
TX
Houston
$620,000
$619,250
217
68
34
100
Balanced
TX
The Woodlands & Spring
-
-
-
-
-
-
-
UT
Park City
$2,035,000
$2,305,000
156
6
15
70
Buyer's
VA
Fairfax County
$699,950
$650,000
132
75
67
5
Seller's
WA
Seattle
$1,474,950
$992,500
85
28
36
10
Seller's
Markets with dashes do not have a significant luxury market for this report. Median prices represent properties priced above respective city benchmark prices.
Luxury is in each detail. Hubert de Givenchy
PALM SPRINGS & PALM DESERT
SINGLE - FAMILY HOMES
LUXURY INVENTORY VS. SALES | APRIL 2018 Inventory
Sales
Luxury Benchmark Price 1: $1,015,000 $5,000,000+
0
$4,500,000 - $4,999,999
0 0
Total Inventory: 656
$4,000,000 - $4,499,999
0 0
Total Sales: 94
$3,500,000 - $3,999,999
0
$3,000,000 - $3,499,999
0
$2,500,000 - $2,999,999
0
$2,250,000 - $2,499,999
0 0
$2,000,000 - $2,249,999
0
3
Buyer's Market
3
Total Sales Ratio2: 14%
4 8
8
$1,750,000 - $1,999,999 $1,500,000 - $1,749,999 $1,400,000 - $1,499,999 $1,300,000 - $1,399,999
$1,200,000 - $1,299,999 $1,100,000 - $1,199,999 $1,015,000 - $1,099,999
76
12
108
12
60
6
100
9
128
10
130
10
54
9
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 2,999
$1,267,500
3
NA
12
116
10%
3,000 - 3,999
$1,289,657
4
NA
32
284
11%
4,000 - 4,999
$1,800,000
4
NA
29
196
15%
5,000 - 5,999
$2,675,000
4
NA
14
44
32%
6,000 - 6,999
$2,500,000
4
NA
5
10
50%
7,000+
$5,850,000
4
NA
2
2
100%
The luxury threshold price is set in July of each year by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's = up to 14%; Balanced = 15 to 20%; Seller's = 21% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory. 1
PALM SPRINGS & PALM DESERT
SINGLE - FAMILY HOMES
13 - MONTH LUXURY MARKET TREND 4 Median Sales Price
Inventory
$1,639,500 $1,422,500
340
$1,397,500
337
$1,355,000
68
62
Apr-17
May-17
61
Jun-17
45
Jul-17
$1,392,500
28
31
Aug-17
Sep-17
$1,525,000
$1,467,500
651
523
408
344
319
317
$1,420,000
$1,346,589
38 Oct-17
Solds
$1,625,000
$1,615,000
722
630
35
40
Nov-17
Dec-17
713
41
Jan-18
$1,450,000
707
$1,575,000
656
64
70
94
Feb-18
Mar-18
Apr-18
MEDIAN DATA INVENTORY March
April
707
SOLDS March
SALES PRICE April
656 VARIANCE: -7 %
94 VARIANCE: 34 %
SALE PRICE PER SQFT.
SALE TO LIST PRICE RATIO
March
$
April
398
403 VARIANCE: 1 % $
70
March
April
94.21%
96.11% VARIANCE: 2 %
March
1.45m
$
April
1.58m VARIANCE: 9 % $
DAYS ON MARKET March
April
97
72 VARIANCE: -26 %
PALM SPRINGS & PALM DESERT MARKET SUMMARY | APRIL 2018 • The Palm Springs & Palm Desert single-family luxury market is a Buyer's Market with a 14% Sales Ratio. • Homes sold for a median of 96.11% of list price in April 2018. • The most active price band is $1,015,000-$1,099,999, where the sales ratio is 17%. • The median luxury sales price for single-family homes has increased to $1,575,000. • The median days on market for April 2018 was 72 days, down from 97 in March 2018. Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Historical data before August 2017 does not account for listings taken off the market.
3
P ALM SP R I NGS&P ALM DESER T
P ALM SP R I NGS&P ALM DESER T
P ALM SP RI NGS&P ALM DESERTMARKETSUMMARY|AP RI L201 8 ThePal m Spr i ngs& Pal m Deser tat t achedl uxur yi saBuyer ’ sMar ketwi t ha1 0% Sal esRat i o.
Thank you for taking time to view this report. For more information about this report and the services I can offer you and your luxury property, please give me a call at 310.383.2466.
- Lucio Bernal
LUCIO BERNAL
310.383.2466 | Lucio.Bernal@camoves.com | www.BernalSmithGroup.com