Coachella Valley Home Prices Increase For 7th Straight Month

Price jumps $80,000 in July over July 2012 even during summer off-season



The median price of an existing home in the Coachella Valley increased $80,000 in July over July 2012.

George Gutenberg

Even during the real estate off-season, the median price of an existing home in the Coachella Valley has increased for the seventh consecutive month.

The price jumped $80,000 in July over July 2012, according to the California Desert Association of Realtors (CDAR).

The median sale price of single-family homes was $310,000 in July up from $230,000 for the same month last year. Condos also saw a median price boost from $199,000 last year to $210,000 in July 2013. Total sales units for the month were up for condos with 251 units sold in July compared to 208 in July 2012, according to CDAR.

As in recent months, single-family homes saw a decrease in volume from 603 homes sold in July 2012 compared to 522 homes sold last month.

“Prices continue to rise and sales numbers to fall, mainly due to the shortage of homes for sale which fell to an inventory of 1,950 in July. That’s a 3.75 month’s supply which by tradition would make it a seller’s market,” said Ann Ritchie, executive vice president of California Desert Association of Realtors. “Prices have softened a little from May, but that is normal in the summer here because summer traditionally is our off season.”

The inventory of single-family homes continued to decline in July over June. There were 1,950 single-family homes and 866 condos for sale in July compared to 2,046 single-family homes and 923 condos in June, according to CDAR.

Distressed properties including both short sales and foreclosures continued to fall. They accounted for 13 percent of July sales this year compared to 36 percent in July 2012. Condos also saw a reduction in distressed sales with only 11 percent falling into this category in July of this year compared to 28 percent in July 2012, according to CDAR.

The July statistics, including median and average sale prices, are based on the industry standard Multiple Listing Service in tracking sales for buyers and sellers. 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.

For more information, call 760-346-5637 or visit www.CalDesertRealtors.org

Add your comment:
Edit Module
Desert Guide
Edit ModuleShow Tags

Related Articles

Modernism Week Peaks Interest in Palm Springs Midcentury Home Market

With Modernism Week swiftly approaching, this is the ideal time to spotlight some classic midcentury modern homes on the market starting with a 1959 home in Palm Springs designed by Charles Dubois along with William Krisel and Dan Palmer.

Michael Childers Will Tell the Stories Behind his Hollywood Star Photos

Michael Childers built a career photographing portraits of Hollywood stars, but it was the stories behind the photos that audiences will have privy to when the Rancho Mirage resident speaks Jan. 25 at the Annenberg Theater.

Tommy Shaw, Styx Rekindle Connection to Palm Springs Area

Coming to Palm Springs rekindles a lot of good memories for Styx leader Tommy Shaw, who after a long absence from the desert has started a new chapter.

Salton Sea Plays Host to Pelican Days Birding Festival

The Salton Sea & Desert Interpretive Association’s Third Annual Birding Festival, Jan. 23-25, offers an array of field trips, seminars, expert speakers, workshops and bird-watching experiences.

La Quinta Artist Creates Colorful Splash for Southwest Arts Festival Poster

Dennis Nagatani’s cascade of colors falling from different directions will be the eye-catching cover for the 29th Annual Southwest Arts Festival, Jan. 23-25, at the Empire Polo Club in Indio.
Edit ModuleShow Tags

Promotions + Contests

Fashionista Friends

Fashionista Friends

Experience the glitz and glamour of Fashion Week El Paseo 2015.
2014/15 Best of the Best

2014/15 Best of the Best

Palm Springs Life’s annual Best of the Best. Readers tell us who their choice is for the “Best of the Best” of the Coachella Valley in over 40 categories.
GuestLife Magical Monterey Bay Experience

GuestLife Magical Monterey Bay Experience

Food + Wine Festival Grand Experience

Food + Wine Festival Grand Experience

Enter for a Chance to Win a Food + Wine Festival Palm Desert 2015 Grand Experience
Cartoon Caption Contest

Cartoon Caption Contest

Each month, we provide a vintage 1950’s cartoon illustrated by Alice Rovinsky. You are invited to submit a caption or vote for your favorite caption.
Edit ModuleShow Tags