Existing House Prices Rise $140,000 in Coachella Valley

Price tags of single-family homes are $481,000 compared to $341,000 last year



An existing home in the Coachella Valley is worth $140,000 more than it was a year ago for June, according to the California Desert Association of Realtors.

Kathy Schowe, California Lifestyle Realty, SchoweProperties.com

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.

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.

Add your comment:
Desert Guide

Related Articles

Lasers Light Up Fantasy Springs Bowling Center

Turn off the lights at Fantasy Springs Bowling Center at Fantasy Springs Resort Casino in Indio, and one of America’s oldest recreational sports literally illuminates a whole new persona - laser bowling.

The Purple Room Audience May Recognize Shelagh Ratner's Voice First

Once she appears Sept. 20 at The Purple Room Restaurant & Stage in Palm Springs, it’s likely audience members will have an “aha!” moment upon hearing Shelagh Ratner’s voice.

Charles Busch Brings His Own Show to Copa Palm Springs

Charles Busch, who has portrayed female characters for most of his theater career, will personify Old Hollywood in his solo desert show debut.

Max Adler Delves into Gay Character Again With 'Saugatuck Cures'

Max Adler, known for his breakout role on 'Glee', has a busy fall in store between three films and two TV shows, but locally he can be seen in 'Saugatuck Cures' during Cinema Diverse Palm Springs.

Sophia Condos Keep Midcentury Design, Add Green Technology

Sophia Condos, set for completion in November in Palm Springs, offers midcentury design with a twist while paying tribute to actress Sophia Loren.

Promotions + Contests

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.
Enter to Win A Celebrate Dance Experience!

Enter to Win A Celebrate Dance Experience!

Enter just once for a chance to win tickets to one of the second annual Palm Desert International Dance Festival performances.