The Coachella Valley’s housing market closed out 2012 with a nearly 31 percent jump in the median price, marking the sixth straight month of double-digit increases, a new report shows.
The valley’s median price — half sold for more, half for less — for combined houses, condos and newly built homes increased 30.7 percent year-over-year to $227,500 in December, the San Diego-based real estate information firm DataQuick reported.
The median price for a single-family home rose 41 percent to $240,000 in December, DataQuick reported.
Although increases in home prices still vary widely by city and even neighborhood, desert real estate agents and brokers said, the double-digit rise in the median price in recent months is partly due to a dearth of lower-priced and distressed homes on the market that has prompted many buyers to gravitate toward more expensive properties.
The valley-wide median price also rose 21 percent year-over-year in November, 26 percent in October, 19 percent in September, 19.8 percent in August and 20 percent in July, DataQuick reported.
Wendy Formica, president of the California Desert Association of Realtors, said there’s a significant lack of inventory in the $250,000-and under price range, as well as fewer foreclosed properties on the market.
An analysis by CDAR showed 3,768 homes were listed for sale in December, compared with inventories such as 9,485 in December 2007 and 8,753 in December 2008.
“More people are putting their houses on the market, knowing that the inventory has declined,” said Joel Cohen, a Realtor and Premier Director in Rancho Mirage with Windermere Real Estate Southern California. “I have taken on a lot of listings in the last five or six weeks. There’s a tremendous influx of Canadians, and they have driven part of the market here in Rancho Mirage.”
About 1,429 more homes were listed in December, CDAR reported.
Valley-wide, a total of 944 homes sold last month, a 4.8 percent drop compared to December 2011. Across all of Riverside County, 3,248 homes sold, down 9.4 percent from the same month a year ago, DataQuick reported.
The author of this article is: Mike Perrault The Desert Sun
See the original post at: http://www.mydesert.com/article/20130129/BUSINESS/301290033/Palm-Springs-area-median-home-price-up
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