Media Releases

Release Date
September 14, 2011

FOR IMMEDIATE RELEASE

Home, Condo Sales Up In August Over August 2010, Says California Desert Association of REALTORS(r)

PALM DESERT (Calif.) - The dog days of summer saw a slight uptick in the sales of existing homes and condos in the Coachella Valley in August over August 2010, the California Desert Association of REALTORS(r) reported today.

Sales of existing homes in nine Coachella Valley cities totaled 597, up from 520 a year ago, while condominium sales totaled 167 in August, up from 155 in August 2010.

Fifty-four percent of the existing home sales were banked owned or from short sales in August, compared to 62 percent in August 2010.

"Single family median sales price fell but the condo median sales price was up slightly August over August. In both cases this has more to do with the mix of price categories that are selling and the number of sales in each category," said Greg Berkemer, executive vice president of the California Desert Association of REALTORS(r).

"It is a matter of what you buy where you buy," Berkemer said of the local real estate market. "Even in the same city, what you buy price-wise and where you buy can make a difference."

The median price for a single family home in August was $177,000, a drop from $209,000 in August 2010.

Condominiums, meanwhile, saw a median price of $144,000 in August, up from $141,000 in August 2010.

The August statistics, including median and average sale prices, are based on the industry standard Multiple Listing Service in tracking sales for buyers and sellers. This report reflects sales in Bermuda Dunes, Cathedral City, Coachella, Desert Hot Springs, Indio, Indian Wells, La Quinta, Palm Desert, Palm Springs and Rancho Mirage.

"The desert summer is not necessarily a good gauge for the future in any market - good or bad," Berkemer said. "The 'season' is working itself into place. As the weather cools and the seasonal population begins to reappear there is cause to be hopeful. For desert dwellers and businesses of all types, this is our time."

Here is the city by city breakdown of August sales of existing single- family homes and condominiums:

The California Desert Association of REALTORS(r), The Voice for Real Estate(r) for the Coachella Valley, represents more than 3,200 real estate professionals from Palm Springs to Coachella.

For more information, please call (760) 346-5637 or visit online at www.CalDesertRealtors.com