It has been a long time coming, but it does look like
La Quinta and the Desert Area housing market is making a recovery – and this time, it may stick around.
January, the median price for all
existing Desert area condos and newly built homes increased 32.9% to $220,000 from last year, San Diego-based
DataQuick recently reported.
This continues the upward trend we started to see last year of 31% in December; 21% in November; 26% in October; 19% in September; 19.8% in August; and 20% in July, DataQuick reported.
Existing homes prices increased 22% year-over-year in January to $365,000 from $286,000, according to the
California Desert Association of Realtors, based solely on the Desert Area Multiple Listing Service.
The average sale price of a condo rose to $215,000 in January from $192,000 in January 2012, CDAR reported.
Out of the 2,800 single-family homes and 1,228 condos listed in January, a total of 789 homes sold in the Desert in January, about the same as in January 2012, DataQuick reported.
Inventory in the Desert area is considerably less now than January 2009 when 8,188 homes were listed or 9,134 homes listed in January 2008.
There are fewer distressed homes on the market in the Desert as well. Approximately 23% of single-family home sales in January were bank-owned or short sales, down from 45% in January 2012, CDAR reported. Only 15% of condo sales were distressed properties, down from 38% the same month a year ago.
Riverside County on the whole had a 6.5% increase in sales volume in January with 2,858 sales, and the median price rose 25% to $226,000, DataQuick reported. Across Southern California, sales rose 10.6% in January, and the median price jumped 23.5% to $321,000.
All this shows the real estate market in the Desert is making a solid recovery. John Walsh, DataQuick president commented, “Let’s not forget, that we’re still climbing out of a deep hole from the housing downturn.
Prices in many areas are at least 30 to 40% below their peaks.”
But our area market is getting better and fewer homes in the Desert area are so far under water and many are now at the water line or above. If you want to know the market value of your home and how it compares to the other homes listed in La Quinta or others in the area, call me at
760-567-7282.
All this shows the real estate market in the Desert is making a solid recovery. John Walsh, DataQuick president commented, “Let’s not forget, that we’re still climbing out of a deep hole from the housing downturn. Prices in many areas are at least 30 to 40% below their peaks.”
But our area market is getting better and fewer homes in the Desert area are so far under water and many are now at the water line or above. If you want to know the market value of your home and how it compares to the other homes listed in La Quinta or others in the area, call me at 760-567-7282.
