Local Home Prices Jump In First Quarter

The California Desert Association of Realtors says prices are up 16 percent.

The organization says 2,400 homes and condos were sold the first quarter of this year, compared to 2,100 the same period last year.

It says people are buying the less expensive homes and the more expensive properties are driving up the average price.

The average price for a home in the Coachella Valley is now about $300,000.

For years, Realtors have said low prices mean now is the time to buy.

But, with prices on the rise, does that mean the time is over? Robbin Ruiz says no.

He started buying and fixing up homes in the Coachella Valley to sell 2 years ago, just as the market tanked. He said there will be enough homes at the right price for years to come.

“It’s a combination of everything. You have your group that buys the high-end homes and you also have your group that are first time buyers or buying the $100,000 range to $200,000 range,” said Ruiz.

David Mace is looking to buy a home, again. He said he bought his first home a few years ago in Desert Hot Springs.

Even though prices are going up, that won’t stop him from buying again. He recently put a bid on a home in Palm Desert.

“Even if it takes 10 years for the value to come back up, as an investment a home, you can’t go wrong,” said Mace.

Both Mace and Ruiz said increased home prices are encouraging.

“Even if you have a pessimistic outlook on the economy, the real estate is a good investment,” said Mace.

“It is a good sign. Home values are steadily increasing, but we’re still able to find buyers to put them in those homes,” said Ruiz.