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Summer Heat Wilts Existing Home Sales, Not Median Price In June
California Desert Association of REALTORS® Say It's A Sellers' Market
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:
July 17, 2018 Diane Busch, CDAR President
(760) 346-5637
With City by City Sales Chart
(Media) John Hussar
PRNewsWorks (760) 567-8073
Summer Heat Wilts Existing Home Sales But Not Median Price In June, Says California Desert Association of REALTORS®
PALM DESERT (Calif.) – Existing home sales, but not the median price, wilted in June, the onset of the summer season, the California Desert Association of REALTORS® reported today.
The median existing home sale price was $399,000 in June up from $370,000 in June 2017. However, there were 622 existing homes sold in June, down from 726 in June 2017, the CDAR report showed. Sales of condominiums dropped last month to 320 from 332 in June 2017. The median price of condominiums was $267,500 in June, up from $250,000 in June 2017.
“With the seasonal monsoonal weather here in the desert and phenomenal sales this year to date, these numbers are an indication of a sellers’ market as we move into the ‘dog days of summer’ said Diane Busch, president of the California Desert Association of REALTORS®. “We are still seeing multiple offers on well-priced properties and therefore we expect an overall strong market through the rest of the year.”
The June inventory of available existing single-family homes was 2,967 and 1,144 available condos, compared to 3,008 existing homes and 1, 376 condos in June 2017.
The June 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 June Single Family Attached and Detached | 2017 June Single Family Attached and Detached | ||||||
Units Sold
Average SP
Median SP
Units Sold
Average SP
Median SP
Bermuda Dunes
8
$409,375
$393,000
17
$415,929
$390,000
Cathedral City
57
$344,249
$325,000
63
$319,997
$295,000
Coachella
19
$247,816
$260,000
19
$236,621
$230,000
Desert Hot Springs
54
$227,705
$224,500
57
$193,256
$195,000
Indian Wells
26
$1,328,231
$1,025,000
25
$1,146,320
$865,000
Indio
125
$337,832
$325,000
123
$324,275
$299,500
La Quinta
96
$608,050
$472,500
124
$649,292
$436,250
Palm Desert
95
$567,874
$450,000
126
$502,838
$378,000
Palm Springs
89
$726,760
$579,000
117
$681,467
$585,000
Rancho Mirage
53
$810,721
$585,000
55
$732,777
$550,000
Combined Cities Weighted
622
$541,215
$399,000
726
$516,791
$370,000
2018 June Condo Attached and Detached
2017 June Condo Attached and Detached
Units Sold
Average SP
Median SP
Units Sold
Average SP
Median SP
Bermuda Dunes
5
$258,900
$255,000
5
$137,900
$129,000
Cathedral City
21
$171,637
$157,000
25
$155,332
$152,500
Desert Hot Springs
0
$0
$0
0
$0
$0
Indian Wells
11
$414,318
$410,000
14
$386,386
$362,500
Indio
6
$162,183
$151,500
5
$198,031
$160,000
La Quinta
24
$372,650
$360,250
31
$339,957
$339,000
Palm Desert
107
$323,119
$290,000
103
$282,542
$265,000
Palm Springs
118
$248,544
$228,500
113
$234,819
$212,000
Rancho Mirage
28
$334,143
$346,750
36
$284,369
$274,500
Combined Cities Weighted
320
$289,472
$267,500
332
$263,207
$250,000
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 2,727 / CONDO 1,079
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. ###
