Single Family Home, Condo Prices Rise Fourth Consecutive Month In April, Says California Desert Association of REALTORS®

Single Family Home, Condo Prices Rise Fourth Consecutive Month In April, Says California Desert Association of REALTORS®

PALM DESERT (Calif.) –  For the fourth consecutive month, the  median price of existing  single family homes and condos rose in April compared to the same month in 2013, the California Desert Association of  REALTORS® reported today.

The median price for single-family homes was $442,300 in April up from $420,300  in April 2013 while the median price of condos was  $208,667 in April over  $199,667 in April 2013, the CDAR report showed.

There were 277 condo sales in April, up from 272 the same month in 2013. Sales of single family homes were 548 in April, down from 572 in April 2013.

"We continue to see the same story each month of this year with home prices creeping up, but a good steady  inventory of homes for sale,” said Sharon Rogers, president of the California Desert Association of REALTORS in Palm Desert. "The percentage of bank owned home sales continues to drop dramatically from last year."

The inventory of single family homes increased in April over March.  There were 2,811single homes and 1,314 condos for sale in April compared to  2,799 single family homes and 1,178 condos for sale in March.

Distressed properties including both short sales and foreclosures continued to fall drastically.  They accounted for 9 percent of April single family sales this year compared to 18 percent in April 2013.  Condos saw a  reduction in distressed sales with only 6 percent falling into this category in April of this year compared to 13 percent in  April 2013. 

The April 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