I’ve been reading a lot of information lately about our current market conditions from other REALTORS® who are claiming an increase is sales price and number of homes sold. I would scratch my head and ask where they were getting their numbers. Turns out their numbers are coming from national statistics. Real estate sales are very much geographically specific, vary from state to state and as you can see from the chart below city to city. Just because one city sees a twenty-plus percent increase in their median sales price, it doesn’t mean that’s true for the entire area.
As you can see the numbers don’t lie folks! With the exception of Indian Wells and La Quinta we have seen a slip in the average sold price of homes. Although La Quinta did see a downturn in the median sales price, Palm Springs, Rancho Mirage, Indian Wells and Bermuda Dunes realized an increase in median sales price.
With the exception of Bermuda Dunes the average sold price of condos has also fallen. Bermuda Dunes, India Wells and La Quinta did see an increase in the median sales price.
REO and Short Sale
The number of bank owned (REO), and short sale proprieties sold have decreased, a drop of 9% for single family homes and 8% for condos.
Take a look at the info graph from California Desert Association of REALTORS® the numbers are taken directly from what’s reported in our local MLS.