Rosalie Murphy of The Desert Sun writes in a recent article that home sales and prices continued their year-over-year climb in April. According to data from real estate research firm CoreLogic DataQuick, there were 998 homes sold in the Coachella Valle in April for a median price of $305,000 and a median per square foot price of $174, the highest valley-wide median per square foot price since May of 2014.
While sales in April were down 6 percent compared to April 2015, for the first four months of 2016, 3,406 homes sold, an increase of about 1 percent over this time last year. Based on data from the California Desert Association of Realtors (CDAR), inventory levels remain high, with 4,328 houses and 2,001 condos on the market in April. At current sales rates, it would take about 8.4 months to sell all those homes. While a healthy market generally has four to six months of inventory, Rosalie notes that according to Judy Horn, CDAR’s president, it doesn’t appear that the high level of inventory has resulted in reduced prices on the valley-wide level.
Rosalie notes that five valley cities, Indian Wells, La Quinta, Palm Desert, Palm Springs and Rancho Mirage, saw million-dollar-plus transactions in April. Indian Wells led prices, with a median sale price of $625,000. Homes in South Palm Springs, specifically the 92264 ZIP code, collected $227 per square foot, topping Indian Wells' rate of $226 per square foot. Desert Hot Springs' 92240 ZIP code trailed with a median price of $152,500 and a price per square foot of just $106.
Across Southern California, median prices rose year-over-year in April for the 49th month in a row, according to CoreLogic DataQuick, to $458,000. For comparison, the peak median price of $505,000 was reached in 2007.
As a quick summary of desert home sales in April 2016:
- Total sales: 998, down 6 percent from April 2015
- New construction sales: 56, down 13.8 percent from 2015
- Resale single-family home sales: 610, down 5 percent from 2015
- Resale condo sales: 332, down 6.5 percent from 2015
- Median price: $305,000, up 1.7 percent from 2015
- Median price per square foot: $174, up 0.6 percent from 2015
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/2016/05/27/corelogic-dataquick-april-prices-sales/84513510/