In a recent Desert Sun article, Rosalie Murphy notes that there were 1,048 home sales (a combination of resales of single-family homes, resales of condos and new construction sales) recorded in the Coachella Valley in May, an increase of 1.6% year-over-year, according to data from real estate research firm CoreLogic. Homes fetched a median price of $320,000, an increase of 8.5% year-over-year. The California Desert Association of Realtors® association counted 3,356 houses and 1,552 condos on the market in May, a drop of about 16.5 percent year over year.
Across the state, the median home sold for $550,200, up 5.8 percent year over year, according to the California Association of Realtors®. Statewide home sales rose 2.6 percent from May 2016 to May 2017. In the Inland Empire, sales in Riverside and San Bernardino Counties jumped 9 percent year over year, faster than the Bay Area or Los Angeles. Statewide, it took a median of just 22 days to sell a home in May.
Desert May 2017 Home Sales At A Glance:
- Total sales: 1,048, up 1.6 percent from May 2016
- New construction sales: 46, up 35.3 percent year over year
- Resale single-family homes: 659, up 0.9 percent year over year
- Resale condos: 343, down 0.6 percent year over year
- Median sale price: $320,000, up 8.5 percent year-over-year
- Median price per square foot: $180, up 5.4 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/2017/06/26/desert-home-prices-and-sales-kept-climbing-may-median-houses-above-300-k/410292001/