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Existing Home Sales and Prices On The Rise In October
Calif. Desert Association of Realtors Says Season Influences Home Sales And Prices
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:
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:
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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. ###