April Existing Home Median Price Rises, CDAR Reports

www.cdaronline.org

FOR IMMEDIATE RELEASE CONTACT:

June 4, 2019 Scott Newton, CDAR President

(760) 346-5637

With City by City Sales Chart

(Media) John Hussar

PRNewsWorks (760) 567-8073

April Existing Home Median Price Rises, Says California Desert Association of REALTORS®

PALM DESERT (Calif.) – The median existing home sales price again trended upward in April while existing home sales in the Coachella Valley dipped compared to April 2018 totals, the California Desert Association of REALTORS® reported today.

The median price of existing home sales was $446,500, up from $425,000 in April 2018. Existing home sales were 690 in April, down from 779 in April 2018, the CDAR monthly report showed.

Sales of condominiums also were down last month at 333 compared to 347 in April 2018. Interestingly, the median sales price of condominiums was $280,000 in April, the same median sales price in April 2018.

April 2019 single family home sales and available inventory are both down from 2018, with median sales price rising to about $21,500. Fewer choices may account in part for price increases.

“April 2019 condo sales and available inventory are down from 2018 with prices remaining more stable at the same level,” said Scott Newton, president of the California Desert Association of REALTORS®. “Both single-family and condo sales and price numbers in a single month are always affected more by unit size and location than the broader market over a calendar quarter or year.”

Furthermore, he said, “the desert like most of the country has experienced a wetter and colder winter and spring which may also affect market activity.”

The April inventory of available existing single-family homes was 3,480 and 1,225 available condos, compared to 3,639 existing homes and 1,709 condos in April 2018.

The April 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. Here is the City by City breakdown of sales of existing homes and condos:

The California Desert Association of REALTORS ®, The Trusted Source for Real Estate in the Desert Communities, represents more than 3,700 real estate professionals from Palm Springs to Blythe. REALTORS® hold themselves to a higher standard via the National Association of REALTORS®’ Code of Ethics, yet only about a quarter of California licensed real estate agents are REALTORS®. For more information – or to verify you’re working with a REALTOR® – visit www.CDARonline.org or call (760) 346-5637. ###