Single Family Home, Condo Prices Rise Again In March, Says California Desert Association of REALTORS®
PALM DESERT (Calif.) – The median price of an existing home sold for $35,000 more in March compared to the same month in 2013, the third consecutive monthly price increase this year, the California Desert Association of REALTORS® reported today.
The median price for single-family homes was $410,000 in March up from $375,500 in March 2013 while the median price of condominiums rose $24,555 in March over March 2013, the CDAR report showed.
There were 235 condo sales in March, down from 240 the same month in 2013. Condos also saw a median price boost from $195,556 last year to $220,211 in March 2014.
"There are homes for first-time home buyers, but as values creep up, those opportunities could slip away,” said Sharon Rogers, president of the California Desert Association of Realtors in Palm Desert. “We’re seeing multiple offers of homes under $300,000.”
“There’s a dramatic drop in distressed sales . There are many more equity sales.” Rogers said. “We have a good inventory of single-family homes.”
The inventory of single family homes increased in March compared to February. There were 2,799 single homes and 1,178 condos for sale in March compared to 2,753 single family homes and 1,186 condos for sale in February.
Distressed properties including both short sales and foreclosures continued to fall drastically. They accounted for 9 percent of March sales this year compared to 23 percent in March 2013. Condos saw a reduction in distressed sales with only 6 percent falling into this category in March of this year compared to 14 percent in March 2013.
The March 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.
The California Desert Association of REALTORS®, The Voice for Real Estate in the Coachella Valley, represents more than 3,000 real estate professionals from Palm Springs to Coachella. REALTORS® hold themselves to a higher standard yet only about a quarter of California licensed real estate agents are REALTORS®. You can be sure you’re working with a REALTOR® by visiting us online at www.CDARonline.org. For more information, please call (760) 346-5637 or visit online at www.CDARonline.org