Palm Springs December 2012 Market Report

Sales and Prices Inch Up – Single Family Attached Home Sales Jump –  Sales Remain Strong

Palm Springs December 2012 Market Report

 

Pending home sales rose in July to the highest level in over two years and remain well above year-ago levels, according to the National Association of REALTORS®

In our market report this month, the Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 2.4 percent to 101.7 in July from 99.3 in June and is 12.4 percent above July 2011 when it was 90.5. The data reflect contracts but not closings.

Lawrence Yun , NAR chief economist, said the index is at the highest level since April 2010, which was shortly before the closing deadline for the home buyer tax credit. “While the month-to-month movement has been uneven, more importantly we now have 15 consecutive months of year-over-year gains in contract activity,” Yun said.

Limited inventory is constraining market activity. “All regions saw monthly increases in home-buying activity except for the West, which is now experiencing an acute inventory shortage,” Yun added.

Existing-home sales should to rise 8 to 9 percent in 2012, followed by another 7 to 8 percent gain in 2013. Home prices will to increase 10 percent cumulatively over the next two years.

“Falling visible and shadow inventories point toward continuing price gains. Expected gains in housing starts of 25 to 30 percent this year, and nearly 50 percent in 2013, are insufficient to meet the growing housing demand,” Yun said.

And numbers aside, we can verify our market is still moving strong and up.

 

 

Palm Springs median sales prices

 

Palm Springs average property price

 

Palm Springs – number of properties

 

 

Number of sold homes in Palm Springs

Palm Springs Real Estate News and Happenings- Palm Springs Homes For Sale
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About Victor Yepello

BIO~
Vic Yepello has been a Palm Springs resident since 2005.  He moved here at a time in his life when a change was necessary to get away from a high-pressure job and the weather back in Philadelphia. That proved to be the right decision in so many ways. Coming to Palm Springs began a new chapter in his life like never before.

Vic obtained his Real Estate license in February of 2006 working hard to establish a name and trade.  In 2010, he began a business partnership with Ron Jesser. Together, they have enjoyed much success in helping their clients achieve their goals of buying, selling and investing in Real Estate across the desert communities.  To them, they believe an agent should not disappear after Escrow.

Vic also works as a city commissioner on the Palm Springs Sustainability Commission.  He co-chairs the Non-Motorized Transportation Subcommittee; he has worked on the water conservation task force and takes part in many other community activities.  

When not doing any of the above, he can be seen around town quite often on his bike enjoying the scenic beauty of the desert.  Vic has used his bike to raise money for his favorite charity AIDS Lifecycle because giving back is a part of what he does everyday.
As Vic says: “If you want to learn about the city, it’s best done on two wheels!"