Coachella Valley Existing Home Sales, Median Price Higher In May

www.cdaronline.org

FOR IMMEDIATE RELEASE CONTACT:

June 13, 2018 Diane Busch, CDAR President

(760) 346-5637

With City by City Sales Chart

(Media) John Hussar

PRNewsWorks (760) 567-8073

Higher Sales And Prices Of Coachella Valley’s Existing Homes Make It A Happy Month of May, Says California Desert Association of REALTORS®

PALM DESERT (Calif.) – Higher existing home sales and median prices made it a happy month of May, the California Desert Association of REALTORS® reported today.

The median existing home sale price was $415,000 in May up from $375,000 in May 2017. There were 731 existing homes sold in May, up from 701 in May 2017, the CDAR report showed. Sales of condominiums dropped slightly last month to 360 from 366 in May 2017. The median price of condominiums was $257,000 in May, up from $240,000 in April 2017.

“Our desert real estate market remains hot, hot, hot as we move into the summer months,’’ said Diane Busch, president of the California Desert Association of REALTORS®. “Though the number of homes sold remains pretty much constant year over year, we are seeing the prices increase in all sectors throughout the Coachella Valley. Additionally, we are seeing numerous multiple offers for well price properties in various price points even as we enter the hot summer months.” She said, ‘’It appears that we can expect a very robust summer of sales activity.”

Except for the March, September and July 2017 totals, the good news for home sellers and buyers is that there have been monthly increases in existing home sales since May 2016, CDAR said in its monthly report.

The May inventory of available existing single-family homes was 3,182 and 1,333 available condos, compared to 3,356 existing homes and 1,152 condos in May 2017.

The May 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:

Median SP

Units Sold

Average SP

Median SP

Bermuda Dunes

13

$511,000

$400,000

17

$390,191

$349,000

Cathedral City

54

$319,379

$320,750

57

$302,546

$290,000

Coachella

18

$242,183

$242,450

10

$224,180

$210,950

Desert Hot Springs

52

$225,042

$222,500

53

$210,912

$205,000

Indian Wells

30

$1,127,400

$1,055,000

34

$937,016

$701,500

Indio

128

$337,882

$317,995

115

$313,432

$281,000

La Quinta

147

$737,912

$585,000

118

$594,864

$445,000

Palm Desert

115

$612,289

$425,000

128

$512,420

$374,500

Palm Springs

110

$758,529

$648,813

112

$746,899

$592,500

Rancho Mirage

64

$873,178

$665,000

57

$766,346

$589,000

Combined Cities Weighted

731

$595,390

$415,000

701

$525,421

$375,000

2018 May Condo Attached and Detached

2017 May Condo Attached and Detached

Units Sold

Average SP

Median SP

Units Sold

Average SP

Median SP

Bermuda Dunes

7

$203,214

$185,000

2

$134,500

$134,500

Cathedral City

28

$199,796

$192,500

21

$185,083

$176,000

Desert Hot Springs

2

$67,500

$67,500

5

$50,780

$44,900

Indian Wells

12

$611,083

$448,750

14

$349,732

$360,500

Indio

5

$151,650

$135,000

11

$130,918

$118,000

La Quinta

31

$344,192

$299,000

40

$381,098

$345,500

Palm Desert

119

$311,462

$285,000

107

$274,074

$247,500

Palm Springs

115

$259,821

$235,000

115

$237,777

$205,000

Rancho Mirage

41

$330,846

$319,900

51

$293,692

$272,000

Combined Cities Weighted

360

$295,614

$257,000

366

$266,772

$240,000

Active Inventory 2018

Active Inventory 2017

JAN. SFR 3,641 / CONDO 1,485

JAN. SFR 3,804 / CONDO 1,779

FEB. SFR 3,522 / CONDO 1,382

FEB. SFR 3,996 / CONDO 1,865

MARCH SFR 3,400 / CONDO 1,347

MARCH SFR 3,866 / CONDO 1,828

APRIL SFR 3,639 / CONDO 1,709

APRIL SFR 3,639 / CONDO 1,709

MAY SFR 3,182 / CONDO 1,333

MAY SFR 3,356 / CONDO 1, 552

JUNE SFR 2,967 / CONDO 1 ,144

JUNE SFR 3,008 / CONDO 1,376

JULY SFR 2,804 / CONDO 1,248

AUG. SFR 2,695 / CONDO 1,109

SEPT. SFR 2,795 / CONDO 1,151

OCT. SFR 3,051 / CONDO 1,261

NOV. SFR 3,252 / CONDO 1,373

DEC. SFR 2,918 / CONDO 1,216

Compiled by California Desert Association of REALTORS® -- Desert Area MLS

Information herein has not been verified and is not guaranteed.

Copyright © California Desert Association of REALTORS®

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. ###