La Quinta Area Bank Owned Home Sales Drop – Market In Recovery?

The percentage of single-family, bank owned and short sales compared to fair market sales fell by 7% in July 2011 while condominium distressed sales were one percent higher in July 2011 over July 2010, the California Desert Association of REALTORS® recently reported.

Sales of existing homes in nine Coachella Valley cities totaled 556, down from 632 a year ago, while condominium sales totaled 171 in July, down from 176 in July 2010. 51% of the existing home sales were bank owned or from short sales in July, compared to 58% in July 2010.

“Although distressed sales remain a major player, the trend line indicates that each month was a little less affected that the same month the prior year. The percentage of distressed sales may bounce up and down some: but an improving market recovery depends to a large degree upon this trend of fewer distressed sales to continue over the next several months,” said Greg Berkemer, executive vice president of the California Desert Association of REALTORS®.

Condominiums, meanwhile, saw a slight decrease in sales in July at 171 with a median price of $168,000, from July 2010 with sales at 176 and a median price of $190,350.

The July 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.

“It is summer in the desert and the market continues to be both up and down depending on which city you’re looking at and mix of properties and prices that sold in a given month,” said Berkemer.

About the Author
Brad Schmett is La Quinta’s Real Estate Market Specialist. Brad and his team provide sellers with information and resources that help them best position their real estate for sale and they work with buyers to maximize their residential real estate investment. Brad can be reached at (760) 880-5845 or www.LaQuintaRealEstateInfo.com.

About Brad Schmett

La Quinta Real Estate Market Specialist. Brad and his team provide sellers with information and resources that help them best position their real estate for sale and they work with buyers to maximize their residential real estate investment.
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Brad Schmett Real Estate Group
eXp Realty of California, Inc.
78065 Main Street, Suite 204
La Quinta CA 92253
760-880-5845
Brad@BradSchmett.com

Disclaimer: Brad Schmett Real Estate Group and eXp Realty of California, Inc. are not affiliated with or endorsed by the residential communities presented in this website. Information provided is deemed reliable but not guaranteed and should be independently verified.

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