PRICES RISE year over year in the Coachella Valley
Market statistics for May 2014 have been compiled and published. It shows some interesting facts and a decided change in the Real Estate market in Palm Springs. If displayed on a graph it would also show a steady line up. The trends we are about to discuss below have been steadily developing this entire year, with no retreat.
- First, the number of homes being sold as foreclosures or short sales has taken another big drop. This category is down 50% from May 2013 when 18% of homes were in this category.
- Secondly, the number of available homes is rising with about 90 more condos and 90 more homes on average – available each month. This is a wake- up call for sellers because the number of homes selling is dropping in each category and each city.
- Third and most important however is the marked increase in price. The median sales price for single family homes is now $455,100 whereas in 2013 it was $368,100 and for condos the median price is now at $232,222 VS. the 2013 figure of $182,000.
With these type numbers Pam Springs and the Coachella Valley are outpacing the Riverside County wide statistics, where a higher percentage of homes are still in foreclosure or short sale and the median price remains over $100,000 less than Pam Springs.
Obviously, the number of properties selling will drop as prices rise. The prices will rise as the supply of foreclosed and short sale homes drops. Notwithstanding that obvious equation – there is no doubt that the market in Palm Springs has returned to a more stabilized mode.