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Home Prices Climbing in Palm Desert, Realty Group Says

The average sale price of single family homes climbed $79,000 to $397,000 compared with $318,000 the same month last year, according to the California Desert Association of Realtors.

The sales prices of single-family homes in Palm Desert took a hike this year, even as the number of short sales and foreclosure sales took a dive, a realtors' group announced Wednesday.

According to a news release from the California Desert Association of Realtors, the average sale price of single family homes went up $79,000 to $397,000 -- compared with $318,000 the same month last year.

The price of condominiums also went up, from $158,700 last year to $181,700 this September, the CDAR news release states.

This is in part at least because there are fewer numbers of homes and condos to sell in the Coachella Valley.

"Lack of sufficient inventory is still an issue with putting qualified buyers into homes," said CDAR President Marnie Balog.

The smaller inventory translated to less condo units and homes sold: total sales units for the month were down slightly for condos, with 128 units sold in September compared with 137 in September 2011, CDAR officials indicated.

Sales of single-family homes had a decrease in volume from 564 homes sold in September 2011 to 408 homes sold this year, CDAR figures showed.

"September 2011 there were 3,065 properties on the market; this year our inventory levels dropped to 1,995 available properties," Balog said.

In Palm Desert this September, there were 58 homes sold with a median sales  price of $300,000, according to figures provided by CDAR.

In September 2011, there were 73 homes sold in Palm Desert, with a median sale price of $282,000, figures indicate.

"Multiple offers appear to be the new normal, as even the higher-priced properties are experiencing the competition amongst buyers competing for the reduced inventory."

The trend is also appearing in the sale of distressed properties: short sales and foreclosures.

Distressed property sales accounted for 42 percent of September sales compared with 55 percent in September 2011.

Condo sales also had a significant reduction, with only 24 percent of sales contributing to the total inventory sold -- compared with 42 percent of total sales in September 2011. 

There were 39 condos sold in Palm Desert in September -- with a median price of $185,000; in September 2011 in Palm Desert, there were 40 units sold -- at a median price of $195,000, the table shows.

The September 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.

Attached to this article is a table of sales by city.

Ern Batavia November 29, 2012 at 02:03 PM
Hey, the election's over...so blow this 'good news' smoke up somebody else's behind.
VoiceInThe Desert December 01, 2012 at 03:12 PM
Home prices up, record black Friday sales, Wall street doing well. I blame the President!! Oh wait, that's only for BAD news, eh Ern?? Gloom and Doom ended on November 6th.
Dean December 02, 2012 at 02:38 PM
I just hope I live long enough to see the price of my house be back to what I originally paid for it.

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