Prices for homes, condos rise again in February

The average price for an existing home sold for $94,000 more in February compared to the same time in 2013, according to the California Desert Association of REALTORS.

Also, the average price for single-family homes was $429,200 in February, up from $335,200 in February 2013. The median price of condominiums rose $37,556 in February over the same time last year as well.

“We are seeing a positive uptick in the mid to higher end homes, when you look at the median prices in cities like Rancho Mirage and Indian Wells, said Sharon Rogers, president of the California Desert Association of REALTORS. “Earlier we were seeing the market activity in the $200,000 up to $300,000 range.”

Rogers also said we are moving in a positive direction, noting the continued drop in the percentage of bank-owned homes in 2014 compared to last year.

There were 2,753 single homes and 1,186 condos for sale in February compared to 2,948 single family homes and 1,289 condos for sale in January, according to a release.

Distressed properties including both short sales and foreclosures continued to fall drastically, accounting for 12% of February sales this year compared to 33% in February of last year.

Distressed sales of condos also dropped in February from 21% last year to 7% in 2014.

These statistics reflect sales in Bermuda Dunes, Cathedral City, Coachella, Desert Hot Springs, Indio, Indian Wells, La Quinta, Palm Desert and Rancho Mirage.