Are you interested in the current state of luxury real estate in Palm Springs and its surrounding areas? Your search ends here! The latest report from the Franklin Loan Center(FLC) Luxury Price Index, provides a detailed overview of the market trends for March. Let's explore the key findings:

Prices

The FLC Luxury Price Index, which reflects the average price of a 4,500 square foot home in fifteen top luxury country clubs, closed March at $3,862,335, showing a monthly increase of $30,077. This represents a significant 5.7% year-over-year growth. Among the individual country clubs, average gains ranged from a remarkable 29.9% for Old Las Palmas to -16.4% for the Tamarisk Country Club.

Sales

March witnessed an uptick in luxury sales, averaging 19.2 units per month, up by an impressive 22% from last year. Dollar sales for luxury homes over the last three months averaged $111 million per month, a substantial increase from $64 million last year, representing a 73% rise.

Inventory

Despite the increase in sales, total inventory in the fifteen luxury country clubs at the end of March stood at 94 units, 4% less than last year. The "months of sales" ratio was 5.0 months, down from 6.2 months a year ago, indicating a slightly faster pace of sales.

Days on Market

The average "Days on Market" for luxury homes in March was 69 days, compared to 59 days a year ago. While this is an increase, it's important to note that it's still significantly lower than the pre-pandemic average of 120 days. The range varies from zero days in the El Dorado Country Club to 211 days in the Vintage Country Club.

Price Discount/Premium

Luxury homes sold in March at an average discount of 4.2%, compared to a discount of 2.7% a year ago. The range is wide, from an average discount of 1.2% in the El Dorado Country Club to an average discount of 14.3% in The Madison.

 

We extend our gratitude to Walter Neil at Franklin Loan Center for allowing us to use the FLC Luxury Price Index report. Walter is available for all your loan needs and can help you navigate the financing process with ease.

 

Stay updated on market conditions and view the full report on our website. Explore available luxury listings and find your dream home in Palm Springs and its surrounding areas. Whether you're buying or selling, our team is here to assist you every step of the way. Contact us today to learn more!