The Desert Sun’s Rosalie Murphy writes in a recent article that overall home sales slowed across the valley in November, according to real estate research firm CoreLogic Data-Quick. There were 697 house and condo sales recorded in November, down 11.8 percent from November 2015.
However, resales of single family homes, with 491 homes selling in November, were up 23 percent from November 2015. These single family homes sold for a median price for $298,000, or $171 per square foot, close to where prices have been for the last six months. Condo sales fell 48 percent year over year in November and median prices fell 8 percent, according to CoreLogic Data-Quick. In general, condo sales have been mixed in 2016, with sales falling year-over- year in six months and rising in five others. Rosalie also notes that homebuyers still seem to be avoiding new-homes, in light of sales of new homes being down 40 percent year over year for the fourth time in six months, according to data from real estate research firm CoreLogic Data-Quick.
On a city by city basis, per-square-foot prices ranged from $123 in Desert Hot Springs and $130 in Coachella to $222 and $229 in Palm Springs’ 92262 and 92264 ZIP codes, respectively.
There were 3,654 single-family homes and 1,786 condos on the market in November, according to the California Association of Realtors, slightly higher than the previous month.
Across California, home sales climbed 17.7 percent year over year in November. The state’s median price was $501,710, up 4.9 percent year over year, according to the California Association of Realtors.
November 2016 Desert Home Sales At A Glance
- Total sales: 697, down 11.8 percent from November 2015
- New construction sales: 28, down 40.4 percent from 2015
- Resale single-family home sales: 491, up 23.4 percent from 2015
- Resale condo sales: 178, down 48.4 percent from 2015
- Median price: $298,000, up 4.2 percent from 2015
- Median price per square foot: $171, up 2.3 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/2016/12/23/coachella-valley-home-sales-november/95767864/