Coachella Valley single family homes and condo median home price increased to $265,000 from $249,000 in November, a 6.4% increase over October and 23.5% increase over last year.
745 homes sold in the Desert 7.7% fewer than last year.
Single family home sales were down 18.8% from last year.
Median price for homes in the Desert:
La Quinta - $380,500
Palm Springs - $287,000
Coachella Valley - $250,000
Riverside County - $275,000
Inventory was low throughout the Desert area in November contributing to the decline of home sales. Generally during the summer months, inventory consists of a three month inventory. However, inventory generally lasts about 5.5 months during the winter months.
According to a recent article on MyDesert.com, John Burge, president of the Palm Springs Regional Association of Realtors, expects the high end of the market to pick up in January.
During the summer, the desert hovered around three months of inventory. In November, the inventory increased to about five and a half months, according to the California Desert Association of Realtors.
Inventory increased from 2,418 single-family homes and 1,070 condos in October to 2,671 single- family homes and 1,238 condos for sale in November, according to the REALTOR® Association.
Whether you are buying or selling in La Quinta and surrounding area, give me a call. There Really IS Something About Mary! Call me today to find out!!