Median Price Rises, Says California Desert Association of REALTOR

www.cdaronline.org

FOR IMMEDIATE RELEASE CONTACT:

October 15, 2018 Diane Busch, CDAR President

(760) 346-5637

With City by City Sales Chart

(Media) John Hussar

PRNewsWorks (760) 567-8073

Existing Home Sales Dip Again in September While Median Price Rises, Says California Desert Association of REALTORS®

PALM DESERT (Calif.) – September like August saw a slight decline in existing home sales in the Coachella Valley, although the median price of existing homes and condos rose again, the California Desert Association of REALTORS® reported today.

The median existing home sale price was $390,000 in September, up from $349,000 in September 2017. However, existing home sales were 461in September, down from 497 in September 2017. the CDAR report showed. Sales of condominiums rose last month to 224, up from 203 in September 2017. More good news, the median price of condominiums was $259,000 in September up from $228,00 in September 2017.

“After a brutally hot and humid summer, I am pleasantly surprised by these numbers,” said Diane Busch, president of the California Desert Association of REALTORS®. “As the autumn weather arrives, and the snowbirds and vacationers return to our beautiful desert, I expect real estate sales activity and sales to increase through the end of the year and into our high season in January.”

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 September inventory of available existing single-family homes was 2,415 and 913 available condos, compared to 2,795 existing homes and 1,151 condos in September 2017.

The September 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 September Single Family Attached and Detached

2017 September Single Family Attached and Detached

Units Sold

Average SP

Median SP

Units Sold

Average SP

Median SP

Bermuda Dunes

10

$478,850

$379,500

4

$507,250

$525,000

Cathedral City

32

$359,372

$309,500

55

$305,108

$295,000

Coachella

15

$262,104

$285,000

15

$229,860

$240,000

Desert Hot Springs

42

$228,870

$219,900

42

$226,492

$223,000

Indian Wells

10

$1,211,400

$955,500

19

$984,101

$780,000

Indio

88

$356,691

$329,500

99

$334,650

$313,990

La Quinta

81

$549,441

$490,000

89

$551,767

$425,000

Palm Desert

72

$474,873

$410,288

73

$421,962

$365,000

Palm Springs

72

$712,320

$617,500

66

$568,975

$505,000

Rancho Mirage

39

$819,372

$710,000

35

$916,983

$620,000

Combined Cities Weighted

461

$509,032

$390,000

497

$469,127

$349,000

2018 September Condo Attached and Detached

2017 September Condo Attached and Detached

Units Sold

Average SP

Median SP

Units Sold

Average SP

Median SP

Bermuda Dunes

3

$273,333

$272,000

2

$216,000

$216,000

Cathedral City

15

$147,615

$150,000

10

$150,940

$137,000

Desert Hot Springs

3

$60,600

$65,000

2

$46,750

$46,750

Indian Wells

10

$304,340

$323,750

8

$408,063

$377,000

Indio

7

$214,557

$185,000

9

$152,333

$102,000

La Quinta

20

$366,288

$348,500

19

$289,707

$240,000

Palm Desert

65

$315,308

$269,000

55

$276,314

$265,000

Palm Springs

74

$254,836

$250,000

79

$242,181

$208,000

Rancho Mirage

27

$340,633

$345,000

19

$297,711

$310,000

Combined Cities Weighted

224

$284,094

$259,000

203

$256,950

$228,000

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 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. ###