Average Home Sales Dip 10 Percent in February, While Prices Continue to Rise, Realtors Say

The following was submitted for publication by the California Desert Association of REALTORS®:

Sales of existing homes sales dipped 10 percent in February 2013 over February 2012  while the average sale price continues to rise, the California Desert Association of  REALTORS® reported Friday.

The average sale price of single family homes was $405,000  in February up from $365,000 the same month last year. Condos also saw a price boost from $193,000 last year to $219,000 in February 2013.  Total sales units for the month were up for condos with 222 units sold in February compared to 196 in February 2012.  Single family homes saw a slight decrease in volume from 592 homes sold in February 2012 to 534  homes sold last month.

[see attached .pdf which breaks down the sales]

The inventory of single family homes was 2,671 and for condos it was  1, 212 in February, compared to 2,800 single family homes and 1,228 condos in January.

"The February numbers continue to support the notion that our real estate market is still  in recovery mode," said Ann Ritchie, executive vice president of California Desert Association of  REALTORS® . "Inventory of available homes for sale  is tight and agents are seeing multiple offers on quality, well-priced properties."

Distressed properties including both short sales and foreclosures accounted for 23 percent of February sales this year compared to 42 percent in February  2012.  Condo sales saw a  reduction of  17 percent distressed sales compared to 24 percent in February 2012. 

The February 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.