The Desert Sun’s Rosalie Murphy writes that according to real estate research firm CoreLogic DataQuick, Coachella Valley home sales got a strong start in 2017, with 724 total sales recorded in January, an increase of 10 percent over total sales in January 2016. Of this figure, 460 were sales of existing homes (an increase of 12.5 percent year-over-year) and 229 were sales of existing condos (an increase of 13.4 percent year-over-year).  There were 35 sales of new homes (a decrease of 6% year-over-year). 

Prices increased too, with the Desert’s median home sales price increasing by roughly 4 percent year-over-year to $304,000 (or $174 per square foot). There were 5,583 properties on the market in January, a 2 percent drop from January 2016, according to the California Desert Association of Realtors. Across the desert's nine cities, prices ranged from just $117 per square foot in Desert Hot Springs to a high of $231 per square foot in Palm Springs. 

Statewide, home sales slipped to 420,100 in January (a decrease of about 4 percent year-over-year), according to the California Association of Realtors. California's median price was $489,580, falling below $500,000 for the first time since March 2016, but still up nearly five percent year-over-year. 

January Desert Home Sales At A Glance

  • Total sales: 724 (up 10.4 percent from January 2016)
  • New construction sales: 35 (down 6 percent year-over-year)
  • Resale single-family home sales: 460 (up 12.5 percent year-over-year)
  • Resale condo sales: 229 (up 13.4 percent year-over-year)
  • Median sale price: $304,000 (up 4.1 percent year-over-year)
  • Median price per square foot: $174 (up 3.1 percent year-over-year)

Source: CoreLogic DataQuick

To read Rosalie Murphy’s original article, courtesy of The Desert Sun, please visit: http://www.desertsun.com/story/money/real-estate/2017/02/23/coachella-valley-real-estate-market/97352000/