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December Existing Home Sales, Median Price Dip, according to CDAR
Robust Sales Expected During Season, Says California Desert Association of REALTORS® President Scott Newton
Find out what's happening in Palm Desertwith free, real-time updates from Patch.
Find out what's happening in Palm Desertwith free, real-time updates from Patch.
FOR IMMEDIATE RELEASE CONTACT:
January 22, 2019 Scott Newton, CDAR President
(760) 346-5637
With City by City Sales Chart
(Media) John Hussar
PRNewsWorks (760) 567-8073
December’s Existing Home Sales, Median Price Dip, Says California Desert Association of REALTORS®
PALM DESERT (Calif.) – December 2018 existing home sales and median price dropped slightly compared to December 2017 totals, the California Desert Association of REALTORS® reported today.
Existing home sales were 441 in December, down from 553 in December 2017, the CDAR monthly report showed. The median price of existing home sales was $375,000, down $384,000 in December 2017. Sales of condominiums also were down last month at 218 compared to 273 in December 2017. But for the positive news: the median sales price of condominiums was $270,000 in December up from $240,000 in December 2017.
“Our season is just beginning, and we still have low inventory, and low interest rates,’’ said Scott Newton, president of the California Desert Association of REALTORS®. “With that and a strong economy we expect to see robust sales. The Coachella Valley continues to bring in more and more potential buyers with major events like Coachella, BNP Tennis Tournament and myriad entertainment events and golf tournaments."
Except for eight months, including December 2018, since May 2016, the good news for home sellers and buyers is that there have been monthly increases in existing home sales.
The December inventory of available existing single-family homes was 3,086 and 1,063 available condos, compared to 2,918 existing homes and 1,216 condos in December 2017.
The December 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:
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| 2018 December Single Family Attached and Detached | 2017 December Single Family Attached and Detached | ||||||
Units Sold
Average SP
Median SP
Units Sold
Average SP
Median SP
Bermuda Dunes
3
$503,633
$557,000
15
$579,420
$571,400
Cathedral City
43
$346,247
$325,000
51
$345,623
$314,000
Coachella
16
$231,866
$237,450
11
$230,636
$248,000
Desert Hot Springs
36
$227,922
$226,450
57
$217,774
$220,000
Indian Wells
15
$882,420
$840,000
24
$1,024,479
$850,000
Indio
94
$322,906
$317,500
105
$326,631
$316,990
La Quinta
78
$944,757
$494,500
83
$587,545
$435,000
Palm Desert
62
$769,224
$394,500
86
$474,723
$424,500
Palm Springs
64
$766,348
$608,000
80
$790,056
$625,150
Rancho Mirage
30
$737,438
$635,379
41
$791,024
$658,000
Combined Cities Weighted
441
$599,674
$375,000
553
$516,059
$384,000
2018 December Condo Attached and Detached
2017 December Condo Attached and Detached
Units Sold
Average SP
Median SP
Units Sold
Average SP
Median SP
Bermuda Dunes
3
$134,000
$125,000
1
$200,000
$200,000
Cathedral City
11
$183,409
$157,000
16
$155,775
$145,500
Desert Hot Springs
2
$94,500
$94,500
1
$62,000
$62,000
Indian Wells
5
$452,800
$435,000
6
$370,500
$390,500
Indio
10
$178,750
$187,000
9
$226,889
$188,000
La Quinta
20
$332,290
$290,000
21
$401,800
$420,000
Palm Desert
66
$304,106
$278,500
92
$286,797
$255,000
Palm Springs
76
$312,817
$275,450
92
$250,255
$209,000
Rancho Mirage
25
$352,155
$330,000
35
$327,700
$299,000
Combined Cities Weighted
218
$302,545
$270,000
273
$279,617
$240,000
Active Inventory 2018
Active Inventory 2017
JAN. SFR 3,804 / CONDO 1,779
JAN. SFR 3,804 / CONDO 1,779
FEB. SFR 3,996 / CONDO 1,865
FEB. SFR 3,996 / CONDO 1,865
MARCH SFR 3,866 / CONDO 1,828
MARCH SFR 3,866 / CONDO 1,828
APRIL SFR 3,639 / CONDO 1,709
APRIL SFR 3,639 / CONDO 1,709
MAY SFR 3,356 / CONDO 1, 552
MAY SFR 3,356 / CONDO 1, 552
JUNE SFR 3,008 / CONDO 1,376
JUNE SFR 3,008 / CONDO 1,376
JULY SFR 2,804 / CONDO 1,248
JULY SFR 2,804 / CONDO 1,248
AUG. SFR 2,407 / CONDO 948
AUG. SFR 2,695 / CONDO 1,109
SEPT. SFR 2,415 / CONDO 913
SEPT. SFR 2,795 / CONDO 1,151
OCT. SFR 2,558 / CONDO 899
OCT. SFR 3,051 / CONDO 1,261
NOV. SFR 2,719 / CONDO 985
NOV. SFR 3,252 / CONDO 1,373
DEC. SFR 3,086 / CONDO 1,063
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. ###
