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Why do Q'3 2009 Palm Springs property values show a 15.99% decline from the same period in 2008?

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4pinkhouse

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Please consider this explanation:  Under the terms of CA Prop 13, the Riverside County Treasurer's Office entitled homeowners to petition their most recent property assessments, probably to offer 2010 tax relief. 
     The County sent out petition forms for all homeowners who requested them, but specified a 09/01/2009 deadline and required that all petitioners provide two "comps" of nearby houses that had sold prior to 03/31/09.
     In preparing my own petition I used data from zillow.com to gather the two required "comps." I am extremely grateful to zillow, as I could find no other source for this information.  
     But in searching zillow's data base I detected an interesting fact: Many Palm Springs properties sold after 03/31/2009 had actually increased in value from Q'3 2008 levels. From this I can only deduce that the Palm Springs market may now be on the rebound, and that the Riverside County Assessor's Office is aware of this very recent trend. 
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August 25 - Palm Springs
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Katie Curnutte, "Katie_C"

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Hi pinkhouse -- I'm glad you found Zillow helpful when looking for your comps. I looked into some of our Palm Springs data. The latest we have is from Q2, which ended in June (although July numbers will be out very soon). Looking at aggregate data of all the homes in the area, it doesn't looking like we're registering a rebound quite yet. Check out the section of the site with Palm Springs data.
The good news, however, is that sales across California have been picking up lately, and the rate of home value decline in some of these areas has slowed. This doesn't point to a rebound quite yet -- we're predicting a long, flat bottom of the real estate market before we really see prices turn a corner. We're hopeful we'll reach that bottom sometime next year.
That said, this all varies by city and ZIP code. It's entirely possible that some places will reach the bottom sooner than others. Now that we're reporting our data monthly, we'll be able to see sooner when that happens. Maybe you're seeing a trend in Palm Springs that hasn't yet been reflected in our aggregate-level data, but be sure to keep checking back -- we update the data every two weeks.
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August 25
 

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