Average Valley Home Prices Jump 22 Percent in January, Distressed Property Sales Continue Dropping, Realtors Say

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

The average sales price of existing homes jumped 22 percent in January over January 2012 to begin 2013 on a upbeat note for the Coachella Valley's real estate market, the California Desert Association of  REALTORS® reported this week.

The average sale price of single family homes was $365,000  in January up from $286,000 the same month last year.

Condos also saw a price boost from $192,000 last year to $215,000 in January 2013 Total sales units for the month were down for condos with 170 units sold in January compared to 180 in January 2012. Single family homes saw a slight decrease in volume from 532 homes sold in January 2012 to 495 homes sold last month.

"We’re seeing local home prices trending up for two reasons, an increase in buyer interest and a marked decrease in inventory of available homes for sale," said Ann Ritchie, executive vice president of the California Desert Association of  REALTORS®.  "The result is today’s market of multiple offers on properties and across the board price increases for homes throughout the valley." 

The inventory of single family homes was 2,800 and for condos it was 1,228 in January of this year, compared to 3,671 single family homes and 1,489 condos in January 2012.

Distressed properties including both short sales and foreclosures accounted for 23 percent of January sales this year compared to 45 percent in January 2012.  Condo sales saw a huge reduction with only 15 percent distressed sales contributing to the total inventory sold compared to 38 percent of total sales in January 2012. 

The January 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.