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Fewer Homes for Sale Driving Prices Up

Latest numbers show more people chasing after fewer homes across the desert, pushing prices

For the second consecutive month, average selling of homes valley-wide was on the rise; while in Palm Desert specifically, the numbers appear mixed.

Across the desert, the average selling price of a home in September 2012 was $397,000.  This is a $79,000 boost from the September 2011 figures.  The numbers are boosted by an average sale price in Indian Wells of $914,000 (for 5 sales) and $749,000 in Rancho Mirage (on 23 sales).

The figures for Palm Desert itself aren't so cheery.  Last month, 58 homes were sold with an average price of $326,000 and a median selling price of $300,000.

The number of sales and average price are both down from September 2011, when 73 Palm Desert homes sold with an average price of $370,000.  

"Lack of sufficient inventory is still an issue with putting qualified buyers in to homes," said Marnie Balog, president of the California Desert Association of REALTORS®. "September 2011 there were 3,065 properties on the market, this year our inventory levels dropped to 1,995 available properties. 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." 

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