Coachella Valley Home Sales Rise
The latest report from MDA DataQuick shows that home values and sales prices across the Coachella Valley have increased during April and May.
This trend continues the consecutive six month increase we’ve seen in positives sales across the valley. The market turnaround is very good for buyers and sellers, said JoAnne Gilliam of Desert Realty, Inc.
DataQuick reported that sales of new and existing homes rose in April by 8.1% for a total of 1,029 sales resulting in a median price of $215,000 which is a 23% increase in price from 2009.
May saw a 7.8% increase for a total of 1,021 homes sold and a median price of $210,000 a 15.7% increase from May of 2009.
The April and May median price is still way below those of 2008, the median price was $310,000 in April and $309,000 in May of 2008. February of 2006 saw the highest median price of $410,000; however since December of 2009 median home prices have continued to stay above $200,000.
For the first time in 20 months the median home price across Southern California hit $300,000 in May. DataQuick attributes this growth to the California Home buyers Tax Credit and low interest rates which inched up slightly to a national average of 4.75% for a 30 year fixed rate loan.
As sales sputtered in the Valleys hardest hit foreclosure communities of Coachella, Desert Hot Springs, Indio, Thermal and Thousand Palms buyers gravitated to Indian Wells, La Quinta, Palm Desert, Palm Springs, and Rancho Mirage. The Indian Wells median sales price rose 4.9% increasing to $524,500. Home sales in La Quinta were up 42% in April and 22% May bringing the median price to $380,000. In Rancho Mirage 65 homes sold raising the median price 23% to $440,000 up from $355,000 in April of 2009.
Looking at sales in Palm Springs from January through May of 2009 the home sales count is up 41% for the same period in 2010. In 2010 there were 24 properties that sold for over a million dollars, more than doubling the 10 sold for the same period in 2009, said JoAnne Gilliam of Desert Realty, Inc.
Foreclosure activity also continues to hamper the market. RealtyTrac is reporting that foreclosure filings are down 3 percent across the country from April, although foreclosures have not completely subsided, foreclosure filings increased one percent from 2009.
With interest rates hovering below five percent and home price at an affordable level now is the time to look into purchasing your desert oasis.
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