Neighbor News
March Existing Home Median Price Rises
California Desert Association of REALTORS® Says Still A Sellers Market With Low Interest Rates
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:
May 6, 2019 Scott Newton, CDAR President
(760) 346-5637
With City by City Sales Chart
(Media) John Hussar
PRNewsWorks (760) 567-8073
Deja Vu Again: March Existing Home Median Price Rises, Says California Desert Association of REALTORS®
PALM DESERT (Calif.) – There was no March Madness for existing home sales in the Coachella Valley, with a slight increase in the median price and just two sales short compared to March 2018 totals, the California Desert Association of REALTORS® reported today.
The median price of existing home sales was $425,000, up from $385,000 in March 2018. Existing home sales were 667 in March, down from 669 in March 2018, the CDAR monthly report showed.
Sales of condominiums also were down last month at 298 compared to 351 in March 2018. But for the positive news: the median sales price of condominiums was $307,500 in March up from $261,000 in March 2018.
“We are still seeing a slight rise in prices as the market appears to be slowing,” said Scott Newton, president of the California Desert Association of REALTORS®. “However, it is still a seller’s market with low interest rates and high demand. As we enter the summer season, it looks like the market should be a steady one.”
The March inventory of available existing single-family homes was 3,615 and 1,225 available condos, compared to 3,639 existing homes and 1,709 condos in March 2018.
The March 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. ###
