The Springs Real Estate Update

Year End Results 2023

Active Listings

16 Homes are currently on the market. This is up 4 from last month. The average list price per square foot is $384. Prices range from $735,000 to a high of $1,585,000.

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Properties in Escrow

3 Properties are in escrow as of January 1st.. The average price per square foot is $348 vs. $417 last month. The average days on market is 90 compared to 53 last month.

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Closings for December

2 Properties Closed in December 2023 which is the same number as last year. The average price per square foot was $282 this year compared to $430 in 2022. The average days on market was 66 and in 2022 it was 45.

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The Springs Market Recap December 2023

Our average list price has gone down 4.79% in December 2023 compared to December 2022. The average sales price has gone down just slightly while the average days on market has gone up significantly to 88 in December 2023 compared to 18 days on average in December 2022.

Rancho Mirage Market Report

In December 2023, Rancho Mirage had a higher average list price compared to September 2022 by 22%. The average sales price this year is down from what it was in December 2022. Days on market is up and currently at 65.

For the year, the average sales price went down from $1,1148,192 in 2022 to $1,117,193 in 2023. Average days on market for the year increased from 36 to 58.

Tracking Fair Market Value

In the chart below, pricing above the red line would need the property to have something better than the average - location, views, amenities, updates, ect.

You'll notice that the above chart showing the fair market trend line for 2023 had the fair market value of a 3300 square foot home at $1,140,000. Below you will see the fair market chart from 2022 showing the fair market value of a 3300 square foot home was $1,310,000.