Palm Desert, CA
The California Desert Association of REALTORS reported today that 2017 started off with fireworks in January with a rise in Coachella Valley’s existing home sales and median price, and in condominium sales and median price.
The median existing home sale price was $357,500 in January, up from $332,115 in January 2016. There were 433 existing homes sold in January, compared to 404 in January 2016, the CDAR report showed. Sales of condominiums also rose last month to 217 from 161 in January 2016. The median price of condominiums was $245,000 in January, up from $235,000 in January 2016.
There have been monthly increases in existing home sales since May 2016, the CDAR said in its monthly report.
"A stronger residential market driven by residents exiting the foreclosure market penalty period is forecast for Coachella Valley in 2017," said Diana Bernardi, President of the California Desert Association of REALTORS. "The primary residential and second home and investor markets are anticipated to have gains this year with continued low mortgage rates and the increase in minimum wage."
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.