June Statistics for Coachella Valley/Palm Springs Area

Some interesting figures for our valley. Its a great time to buy, don't wait till the market prices head up. Call me for information on whats available.

Regional Sales & Price Activity - June 2008             

Median price fell 37.7% and sales increased 17.5% compared to the same time a year ago for California statewide. Locally, median price fell 29.4 % & sales rose by 19.0 % from a year ago.  The rise in sales also accounts for the drop in overall inventory - the July inventory is the lowest since September 2006.  January 08 sales rate & inventory yielded 22.4 months of unsold inventory.  July 08 sales & inventory stands at 13.1 months of unsold inventory.

"The significant declines in the median price over the past several months are largely due to a dramatic shift in the sales mix since the onset of the credit crunch and the increase in the share of distressed sales, said C.A.R. Chief Economist Leslie Appleton-Young.  A year ago, the under $500,000 price range accounted for 40 percent of sales, the middle segment made up about 45 percent, and the over $1 million segment captured 15 percent of the market. As of June 2008, the shares had shifted to 67 percent, 24 percent, and 9 percent, respectively."

In the desert market buyers continue to take advantage of lower prices and reasonable interest rates, such that for June single family homes sold were only on the market for (median) 69 days down from 72 in May. 

2006                                  2007             2008    Desert Area MLS Residential For Sale Inventory

Dec.         8,236                    9,186      

Nov:         8,598                    9,593                   The typical (median) single family home for sale in the MLS   

Oct.          8,076                    9,170                   3 Bdrm. 2 bath 1,887 square feet listed at $325,000 and has

Sept:        7,723                    8,599                   been on the market for 96 days.

August     7,285                    8,417                                                        

July:         7,420                    8,600     7.935

June:        7,436                    8,930     8,314

May:         7,497                    9,108     8,469

April:         7,467                    9,153     9,214

March:      7,351                    9,005     9,300  

February   7,046                    8,852     9,476

January:    6,395                   8,490      9,134

              Median    % Change      % Change    %Change Sales   %Change Sales

              Price     Prior Month   Prior Year  Prior Month      Prior Year

Calif.(sf)    368,250    -4.3%         -37.7%            -0.7%       17.5%

Calif.(condo) 343,500    -4.0%         -23.4%            -0.6%      -20.8%

Palm Springs  277,970    -1.9%         -29.4%            -4.0%       19.0%

Lower Desert(sf)

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                             Median Price

                June 08          May 08             June 07__

United States  215,100p         207,900r           229,000r

Calif. (sf)    368,250          384,840            591,280r                 

Calif. (condo) 343,500          357,970            448,500r

Palm Springs   277,970          283,480            393,750

Lower Desert(sf)

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Source: California Association of REALTORS® & National Association of REALTORS®

Prepared By: California Desert Association of REALTORS®  r= revised  p=preliminary 

Desert median prices include Yucca & 29 Palms=lowers median price shown by 40-50K

Median Prices By Region - Current Month vs. Year Ago

Only areas in Calif. with a lower median price; High Desert (Victorville), Sacramento and Riverside County as a whole.

na - not available

r - revised

Source: CALIFORNIA ASSOCIATION OF REALTORS®