Palm Desert Market Trends for the time period August 1, 2007 through February 29, 2008
The Real Estate market today in Palm Desert is now comparable to the year 2005. If you compare Palm Desert current data to
the figures in 2005, the current market value has not changed much in comparison.
Aug 2007- Feb 2008
537 homes sold in Palm Desert during the seven month periodof August 1, 2007 to February 2008.
A total dollar amount of $285,493,432
The average home was built in 1986, and stays at 3 bedroom, 2 bath
The average lot size is 6291 square feet
Of the 537 homes sold, the average square footage of homes was 1,957 sq ft.
The average price per square foot was $254.39
2005
244 homes sold in North Palm Desert from January 1, 2005 to June 2005. A total dollar amount of $109,086,800.00
The average home was built in 1985, and stays at 3 bedroom, 2 bath
The average lot size was 6548 square feet
Of the 244 homes sold, the average square footage of homes was 1,846 sq ft.
The average price per square foot was $243
2004
In the year 2004, 561 homes sold in North Palm Desert, a total dollar amount of $197,629,409.00
The average home was built in 1984 and is 3 bedroom, 2 bath
The average lot size was 5,666 square feet
Of those 561 homes sold, the average square footage was 1,738 sq ft.
The average price per square foot was $205
According to DataQuick, the median price of residential homes in Los Angeles in May 2005 was $459,000. Orange County was
$590,000, San Diego was $488,000 and Ventura County was $569,000. Coachella Valley was at $385,000 (when you include
all the cities).
Now in 2008, median price of homes has fallen since 2005, see chart below.
Palm Desert median price for February 2008 was $405,000. In the last 6 months, the median price has risen 7%. This increase
may be due to an increase in high end home sales. 15 homes have sold over $2mil since August 2007, 3 of which were over
the $5,000,000 mark.
From the period August 1, 2007 through February 29, 2008, 537 homes had sold in the Palm Desert area. At this time last
year, from August through February 2007 587 homes were sold, an 8.5% decrease.
The total dollar amount sold during this period through February 2008 was $285,493,432. At this date last year, the total
sold for this seven month period was $315,833,836, this year shows a decrease of 9.6%.
For the period August – February, 2008, in comparison to the previous year, sales were down in Palm Desert,
and the dollar value sold has decreased.
Average Price per Square Foot of homes sold in Palm Desert…
Based on data supplied by the Desert Area Multiple Listing Service and its member Associations of Realtors, who are not responsible for its accuracy