Home Sales Pick Up In The Coachella Valley

PALM DESERT – Existing home sales in the Coachella Valley rose by 8.7% in October from September, according to the California Desert Association of Realtors.

Overall for the entire Coachella Valley and the high desert, the median price was $164,390 in October, down from $206,050 in October 2008. Prices dropped 20.2 percent in October over the same period a year ago and sales rose 3.2 percent over the year period.

“Prices and sales will most likely continue to adjust up and down some in the months ahead,” said Greg Berkemer, executive director of the California Desert Association of Realtors. “However, it does appear that buyers are stepping in and taking advantage of market prices and inventory choices.”

The overall inventory of homes for sale has dropped over the past three years, according to Berkemer.

The typical (median) single-family home sold in October in the Desert MLS (Multiple Listing Service) is three bedrooms, two and a half baths, 2,007 square feet; sold for $227,750 and was on the market for 64 days, according to Berkemer.

“As the desert moves forward into its ‘seasonal market’ property sales should continue to show strength,” he said.