Media Releases

Release Date
November 23, 2011

FOR IMMEDIATE RELEASE

Existing Homes Sales Down Slightly In October Says California Desert Association of REALTORS®

PALM DESERT (Calif.) - The number of sales and average sales price for single-family homes and condos retreated in Oct. 2011 compared to October a year ago, the California Desert Association of REALTORS® reported today.

Sales of existing homes in nine Coachella Valley cities and the unincorporated community of Bermuda Dunes totaled 502, down from 519 a year ago, while condominium sales totaled 128 in October, down from 147 in October 2010.

The average price for a single family home in October was $281,360, a drop from $282,997 in October 2010.

Condominiums, meanwhile, saw an average price of $162,936 in October, down from $192,031 in October 2010. The medium selling price of homes and condos is largely due to the number of sales in a particular price range.

"Even so, the valley wide average sales price if $281,360 is more than the average sales price only in Cathedral City, Coachella, Desert Hot Springs and Indio. All other desert cities have an average sales price greater than the valley wide of $281,360," said Greg Berkemer, executive vice president of the California Desert Association of REALTORS®.

Berkemer also noted that 54 percent of the existing home sales were banked owned or from short sales in October compared to 60 percent in October 2010.

"The percentage of total sales of distressed properties for single family houses and condos continues to be a smaller share of the market compared to a year ago," he said. "This is a sign that the market is slowly stabilizing itself."

He said "buyers still retain a market price advantage over sellers, however, housing choices such as location, size, age, amenities naturally shrink as the market absorbs the distressed properties via prior sales."

The October 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.

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

The California Desert Association of REALTORS®, The Voice for Real Estate® 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