In an on-going effort to keep our clients and associates updated on the Palm Springs and surrounding desert area real estate market and trends.

Home Prices Stabilizing, Sales Spiking In 2nd Quarter, Desert Realtors Say

John Hussar/PRNewsWorks • Reader Submitted • July 24, 2009, The Desert Sun

PALM DESERT (Calif.) - Coachella Valley home sales rose to 2,898 in the second quarter, up from 2,010 in first quarter with an average sales price of $257,427, the California Desert Association of REALTORS reported today.

"The trend we are seeing is that prices are stabilizing and sales are spiking so buyers are getting the message that this is not a time to linger if they are in the hunt to buy a home," said Greg Berkemer, executive director of the California Desert Association of REALTORS. "There was a slight tick up of the average sales price in the 2nd quarter and people are starting to notice that."

The Multiple Listing Service data analysis from Real Data Strategies, also showed that the average seller got 97 percent of the price the home sold for but 85 percent of the original asking price, Berkemer said.

The analysis also indicated that 89 percent of all home sold from July 1, 2008 through June 30, 2009, were purchased for under $500,000 while 6 percent of sales were in the $500,000 to $749,000 range, 2 percent in the $750,000 to $999,999 range and 3 percent were more than $1 million.

Desert Hot Springs led other Coachella Valley with most homes sold at 1,123 from July 1,2008 to June 30,2009, according to the Real Data Strategies, followed by La Quinta at 1,014; Indio (92201), 998; Cathedral City, 886; Palm Springs (92262), 698; Palm Desert (92211), 575; Indio (92203); Coachella, 524; Palm Springs (92264), 485; Rancho Mirage, 447; Palm Desert (92260), 440; Yucca Valley, 219; Salton City, 168; and Thermal, 165. Thousand Palms had the lowest number of sales for the same time period at 107 while Indian Wells weighed in at 129 home sales.

The Desert Area Multiple Listing Service (MLS) is the real estate industry's consumer-oriented standard for existing and some new home sales throughout the Coachella Valley and high desert.

The California Desert Association of REALTORS, The Voice for Real Estate for the Coachella Valley, represents more than 3,500 real estate professionals from Palm Springs to Coachella.