Desert Realtors Say Single Family Home, Condo Prices Rise $94K Since Last Year

The median price of an existing home in the Valley sold for $94,000 more in February compared to the same month in 2013, the California Desert Association of Realtors reported Monday.

The median price for single-family homes was $429,200 in February up from $335,200  in February 2013 while the median price of condominiums rose $37,556 in February over February 2013, the CDAR report showed.

There were 160 condo sales in February, down from 185 the same month in 2013. Condos also saw a median price boost from $188,222 last year to $225,778  in February 2014.

"We are seeing a positive uptick in the mid to higher end homes, when you look at the median prices in cities like Rancho Mirage and Indian Wells," said Sharon Rogers, president of the California Desert Association of Realtors.  "Earlier we were seeing the market activity in the $200,000  up to $300,000 range."

Rogers also noted the continued drop in the percentage of bank-owned homes in 2014 compared to 2013.  "We are definitely moving in a positive  direction." 

For the first time in 2014, the inventory of single family homes decreased in February compared to January.  There were 2,753 single homes and 1,186 condos for sale in February compared to  2,948 single family homes and 1,289 condos for sale in January.

Distressed properties including both short sales and foreclosures continued to fall drastically.  They accounted for 12 percent of February sales this year compared to 33 percent in February 2013.  Condos saw a  reduction in distressed sales with only 7 percent falling into this category in January of this year compared to 21 percent in February 2013. 

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.