Average Home Prices Slip in Coachella Valley
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.
Homes
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.
Condos
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.
Click to Image Enlarge
Category: Real Estate
About the Author (Author Profile)
Ed Brophy is the Co-Owner/REALTOR® of Desert Realty and Newport Beach Realty. He's been in the real estate and mortgage industry over 10 years and has helped thousands of homeowners buy, sell, and refinance their homes both in Palm Springs and Newport Beach. Ed helps clients navigate today's complicated real estate process with his knowledge of the current real estate and mortgage markets. +Ed Brophy E-Mail: e...@g...l.comSubscribe
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