In a recent Desert Sun article, Rosalie Murphy wrote that home prices for single family residences and condos in the Coachella Valley rose for the 17th straight month to a median price of $315,000. This, according to data from real estate research firm CoreLogic DataQuick. Across the Coachella Valley, homes sold for a median of $179 per square foot, with median per square foot prices ranging from $124 in the Desert Hot Springs' 92240 ZIP code to $260 and $233 in the Palm Springs' 92262 and 92264 ZIP codes, respectively. 

There were 836 total home sales recorded in August, down about 3.9 percent from August 2016. According to data from the California Desert Association of Realtors® (CDAR) there were 2,695 single-family houses and 1,109 condos on the market in August, down 13 percent from a year earlier.  At the August sales rate, it would take about 4.5 months for all those homes to be sold (with Realtors® generally considering a healthy market to have four to six months of inventory available). 

For comparison, California's statewide median home price reached $565,330 in August, up 7.2 percent from August 2016, according to the California Association of Realtors® (CAR). Statewide median prices have been above $500,000 for six months in a row.  Currently, none of the state's 58 counties has a median home price below $200,000. According to CAR data, statewide, there are currently fewer than three months of inventory on the market.

August 2017 Desert Home Sales At A Glance:

  • Total sales: 836 (down 3.9 percent from August 2016)
  • New construction sales: 21 (down 59.6 percent year-over-year)
  • Resale single-family homes: 561 (down 1.9 percent year-over-year)
  • Resale condos: 254 (up 3.3 percent year-over-year
  • Median sale price: $315,000 (up 6.8 percent year-over-year)
  • Median price per square foot: $179 (up 5.9 percent year-over-year)

Source: CoreLogic DataQuick

To read Rosalie Murphy’s original article, courtesy of The Desert Sun, please visit: Coachella Valley home sales 'strong throughout the summer,' with prices up again in August