Existing Home Sales and Prices On The Rise In October

www.cdaronline.org

FOR IMMEDIATE RELEASE CONTACT:

November 14, 2018 Diane Busch, CDAR President

(760) 346-5637

With City by City Sales Chart

(Media) John Hussar

PRNewsWorks (760) 567-8073

Start of ‘Desert Season’ Saw Increases In Existing Home, Condo Sales and Median Prices in October, Says California Desert Association of REALTORS®

PALM DESERT (Calif.) – The return of snowbirds for the start of the official desert “season” in October saw a jump in existing Coachella Valley home and condo sales and their respective median prices, the California Desert Association of REALTORS® reported today.

The median existing home sale price was $389,944 in October, up from $363,574 in October 2017. Existing home sales were 541 in October, up from 508 in October 2017, the CDAR report showed. Sales of condominiums rose last month to 251 up from 241 in October. More good news: the median price of condominiums was $264,500 in October, up from $226,875 in October 2017.

“These positive numbers are great news for home sellers and buyers in our beautiful desert. As our season begins and more snowbirds and vacationers come to enjoy the desert’s natural beauty and its resort lifestyle of restaurants, shopping, outdoor recreation and events, we expect continued increases in sales through the end of the year and into 2019, ‘’said Diane Busch, president of the California Desert Association of REALTORS®. “More inventory should become available within the next few months, as sellers want to take advantage of the increase in desert visitors and potential buyers.”

Except for July and September 2017, March, June, August and September 2018 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 October inventory of available existing single-family homes was 2,558 and 899 available condos, compared to 3,051 existing homes and 1,261 condos in October 2017.

The October 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:

	2018 October Single Family Attached and Detached

2017 October Single Family Attached and Detached

Units Sold

Average SP

Median SP

Units Sold

Average SP

Median SP

Bermuda Dunes

12

$479,125

$427,500

14

$412,302

$356,000

Cathedral City

56

$343,639

$308,500

45

$328,672

$317,500

Coachella

14

$251,857

$254,500

14

$255,857

$258,000

Desert Hot Springs

47

$233,467

$219,000

47

$217,774

$225,000

Indian Wells

7

$1,048,571

$1,170,000

11

$1,024,136

$781,500

Indio

99

$358,257

$319,900

105

$321,696

$315,000

La Quinta

105

$645,251

$445,000

88

$545,341

$392,500

Palm Desert

76

$441,836

$404,500

77

$560,797

$435,000

Palm Springs

86

$717,124

$669,500

75

$766,272

$670,000

Rancho Mirage

39

$768,311

$716,000

32

$813,586

$599,000

Combined Cities Weighted

541

$510,661

$389,944

508

$500,197

$363,574

2018 October Condo Attached and Detached

2017 October Condo Attached and Detached

Units Sold

Average SP

Median SP

Units Sold

Average SP

Median SP

Bermuda Dunes

2

$214,250

$214,250

7

$194,214

$140,000

Cathedral City

16

$178,619

$182,500

24

$152,996

$155,000

Desert Hot Springs

7

$54,114

$54,900

2

$49,875

$49,875

Indian Wells

5

$341,800

$379,000

4

$371,750

$333,500

Indio

6

$202,663

$168,238

9

$154,167

$165,500

La Quinta

21

$351,426

$305,000

20

$382,129

$373,000

Palm Desert

74

$322,325

$291,500

68

$292,523

$251,000

Palm Springs

90

$270,568

$233,750

93

$228,346

$185,000

Rancho Mirage

30

$333,750

$318,000

14

$317,714

$294,000

Combined Cities Weighted

251

$288,253

$264,500

241

$254,454

$226,875

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 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 ®, theTrusted 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. ###