Home affordability in the desert has come a long way in the last six years thanks to lower home prices and low mortgage rates. See how much you can afford with my mortgage calculator.
Palm Desert Real Estate Market Report
The Desert Sun reported last week that Coachella Valley home sales rose 9.4% in September compared to September 2010, outpacing Riverside County and Southern California, which posted a 0.3% increase according to DataQuick Information Systems.
In brief, the report found that:
- Distressed sales - foreclosures and short sales - accounted for half of September’s sales of single family homes, down from 62% in 2010. Distressed condo sales fell to 43% from 53% in 2010.
- Totals home sales are 5% higher so far this year with 8,399 homes and condos sold in the Coachella Valley.
- The Coachella Valley’s median sales price was $168,000, which was $500 higher than August 2011 but 7.3% lower than September 2010. The national median price for a home was reported to be $165,400.
Community Zip Code Sales Count Change from 2010 Median Price Change from 2010
Palm Desert 92211 74 60.9% $246,000 20.0%
Palm Desert 92260 55 10.0% $200,000 17.6%
La Quinta 92253 110 34.1% $234,000 -25.1%
More people are arriving in the desert daily for our summer like fall temperatures of 80 degrees. Snowbirds and Canadians will add to the purchasing base of the Coachella Valley, which is more affordable now than ever. As the percentage of distressed sales continues to fall, prices should stabilize and a recovery can begin.
It would be my pleasure to assit you with your next home purchase or sale in the Coachella Valley. Contact me now to get started today!