When comparing the most recent 3 month period with the same period last year the median $/Sqft of properties in the city of Palm Desert, CA zip code of 92027 decreased from $161.70 to $159.50 which is a 1.4% decrease but indicates a stable property values trend. There are currently 8.5 months of housing inventory indicating a balanced supply and demand trend. Over the past month, properties sold after a median marketing period of 105 days and an average marketing time of 155 days, indicating a marketing time trend of 3-6 months.
Statistics indicate historically high foreclosure activity which suggests that future declines from bank sales and other potentially distressed selling activity, such as short sales, are possible. They also suggest that banks may be withholding inventory from the market, presumably to promote property value stabilization and increases, and that property value statistics may not reflect natural market forces and may not be reliable. A continuing supply of potential foreclosures indicate that the risk of property value declines will continue into the near future.
Foreclosure / Short Sale Related Statistics:
Past 30 Days (MLS)
* 68 Total Sales
* 22% of all sales were bank sales
* 13% of all sales were short sales
1 Year Ago (MLS)
* 65 Total Sales
* 35% of all sales were bank sales
* 2% of all sales were short sales
Currently:
* 287 Bank owned homes (CoreLogic)* 305 Properties in foreclosure (CoreLogic)
* 229 Properties with mortgages 60+ days late but not in foreclosure (CoreLogic)
* 61 Bank listings in MLS (active, in escrow, and awaiting bank approval)
* 79% of bank owned homes not actively listed in the MLS
* 34 Months of current and potential bank sale and short sale inventory from bank owned properties, properties in foreclosure, and properties with mortgages 60+ days late and based on last months sales in the local MLS.
Brian Ward
Real Estate Appraiser
brianwardappraisal@gmail.com
brianwardappraisal@gmail.com
http://www.palmdesertappraiser.com
