The value of homes in the Coachella Valley continues to rise over the same period of a year ago
As of June, an existing home in the Coachella Valley is worth $140,000 more than it was a year ago in the same month, according to the California Desert Association of Realtors (CDAR).
Price tags of single-family homes are $481,000 for June. Last year, those same homes sold for $341,000. Condos also made an incremental jump from $207,000 last year to $232,000 in June 2013. The number of condo units sold in June has also risen from 285 in 2013 from 242 in June 2012, according to CDAR.
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The June statistics are based on the industry standard Multiple Listing Service in tracking sales for buyers and sellers, according to CDAR. This report reflects sales in Bermuda Dunes, Cathedral City, Coachella, Desert Hot Springs, Indio, Indian Wells, La Quinta, Palm Desert, Palm Springs and Rancho Mirage.
The inventory of available single-family homes continues to dwindle in June over May. In June, there were 2,046 single-family homes and 923 condos for sale compared to 2,181 single-family homes and 1,029 condos in May.
In terms of sales, 711 homes sold in June 2012 compared to 624 homes sold last month, according to CDAR.
“We continue to see the shortage of homes on the market pushing prices up,” said Ann Ritchie, executive vice president of CDAR. “What we need is an increase in the number of homes on the market to help stabilize prices.”
The number of short sales and foreclosures is also declining, representing 14 percent of June sales this year compared to 37 percent in June 2012, according to CDAR. Same is true for condos. Distressed sales fell to 13 percent for June compared to 27 percent in June 2012.