Are you a resident of the 55+ active adult communities in the Palm Springs area? Whether you're considering selling your home or looking to buy a new one, here's a market update to keep you informed:

Prices

The prices in the 55+ active adult market have remained stable. The Franklin Loan Center(FLC) Active Adult Price Index, representing the average price of a 1,900 square foot home in eight active adult communities, was $586,868 in February, down just 0.2% year over year. Average gains ranged from 4% for Heritage Palms Country Club to -4.8% for Trilogy Polo Club.

Sales

In February, sales in all eight communities averaged 66 units per month, unchanged from last year. Dollar sales over the last three months averaged $32 million a month, up 19% from last year.

Inventory

At the end of February, listings in the eight adult communities were 211 units, compared to 192 units last year, which is higher by 9.9%. The February “months of sales” ratio was 3.2 months compared to 3.0 months last year, indicating an equal balance of supply versus demand.

Days on Market

The average number of “Days on the Market” for the active adult communities in February was 60 days compared to 51 days a year ago. Average selling times range from 52 days in Sun City Shadow Hills to 84 days in Trilogy.

Price Discount/Premium

In February, homes in the eight adult communities sold with an average discount of 1.9%, similar to a year ago. Selling discounts range from a low of 0.2% in Four Seasons at Terra Lago to a high of 2.6% in Trilogy Polo Club.

 

We extend our gratitude to Walter Neil at Franklin Loan Center for granting us access to these reports. For those interested in delving deeper, the full report is available on our website. Whether you're considering purchasing a home in these communities or contemplating selling your current residence, our website offers valuable resources. Explore listings, utilize our free valuation tool, and reach out to us for expert guidance. Let us help you navigate the 55+ active adult real estate market in the Palm Springs area with confidence and ease.