Neighbor News
Coachella Valley Existing Home Sales, Median Price Higher In May
Read California Desert Association of REALTORS® Latest Real Estate Report
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:
June 13, 2018 Diane Busch, CDAR President
(760) 346-5637
With City by City Sales Chart
(Media) John Hussar
PRNewsWorks (760) 567-8073
Higher Sales And Prices Of Coachella Valley’s Existing Homes Make It A Happy Month of May, Says California Desert Association of REALTORS®
PALM DESERT (Calif.) – Higher existing home sales and median prices made it a happy month of May, the California Desert Association of REALTORS® reported today.
The median existing home sale price was $415,000 in May up from $375,000 in May 2017. There were 731 existing homes sold in May, up from 701 in May 2017, the CDAR report showed. Sales of condominiums dropped slightly last month to 360 from 366 in May 2017. The median price of condominiums was $257,000 in May, up from $240,000 in April 2017.
“Our desert real estate market remains hot, hot, hot as we move into the summer months,’’ said Diane Busch, president of the California Desert Association of REALTORS®. “Though the number of homes sold remains pretty much constant year over year, we are seeing the prices increase in all sectors throughout the Coachella Valley. Additionally, we are seeing numerous multiple offers for well price properties in various price points even as we enter the hot summer months.” She said, ‘’It appears that we can expect a very robust summer of sales activity.”
Except for the March, September and July 2017 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 May inventory of available existing single-family homes was 3,182 and 1,333 available condos, compared to 3,356 existing homes and 1,152 condos in May 2017.
The May 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 May Single Family Attached and Detached | 2017 May Single Family Attached and Detached | ||||||
Units Sold | Average SP |
Median SP
Units Sold
Average SP
Median SP
Bermuda Dunes
13
$511,000
$400,000
17
$390,191
$349,000
Cathedral City
54
$319,379
$320,750
57
$302,546
$290,000
Coachella
18
$242,183
$242,450
10
$224,180
$210,950
Desert Hot Springs
52
$225,042
$222,500
53
$210,912
$205,000
Indian Wells
30
$1,127,400
$1,055,000
34
$937,016
$701,500
Indio
128
$337,882
$317,995
115
$313,432
$281,000
La Quinta
147
$737,912
$585,000
118
$594,864
$445,000
Palm Desert
115
$612,289
$425,000
128
$512,420
$374,500
Palm Springs
110
$758,529
$648,813
112
$746,899
$592,500
Rancho Mirage
64
$873,178
$665,000
57
$766,346
$589,000
Combined Cities Weighted
731
$595,390
$415,000
701
$525,421
$375,000
2018 May Condo Attached and Detached
2017 May Condo Attached and Detached
Units Sold
Average SP
Median SP
Units Sold
Average SP
Median SP
Bermuda Dunes
7
$203,214
$185,000
2
$134,500
$134,500
Cathedral City
28
$199,796
$192,500
21
$185,083
$176,000
Desert Hot Springs
2
$67,500
$67,500
5
$50,780
$44,900
Indian Wells
12
$611,083
$448,750
14
$349,732
$360,500
Indio
5
$151,650
$135,000
11
$130,918
$118,000
La Quinta
31
$344,192
$299,000
40
$381,098
$345,500
Palm Desert
119
$311,462
$285,000
107
$274,074
$247,500
Palm Springs
115
$259,821
$235,000
115
$237,777
$205,000
Rancho Mirage
41
$330,846
$319,900
51
$293,692
$272,000
Combined Cities Weighted
360
$295,614
$257,000
366
$266,772
$240,000
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 2,804 / 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. ###