La Quinta / Palm Springs CA Area Home & Condo Sales Up Over 2010

The dog days of summer saw a slight uptick in the sales of existing homes and condos in the La Quinta / Palm Springs, California area in August over August 2010, the California Desert Association of REALTORS® recently reported.

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®.

“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 La Quinta, Palm Springs, Bermuda Dunes, Cathedral City, Coachella, Desert Hot Springs, Indio, Indian Wells, Palm Desert 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.”

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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