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.
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).
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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