Business & Tech
Palm Desert Housing Market Continues Growth
Latest May-to-May statistics show growth in Palm Desert and valley-wide.
The desert housing market is strong, with boosts in total sales of existing homes, along with median and average prices in May 2012.
“The desert market strength continuing out of high season, January through March, through the spring and heading into summer is a very positive sign for Coachella Valley’s real estate picture,” said Greg Berkemer, executive vice president of the California Desert Association of REALTORS.
Palm Desert numbers look especially good, with 108 sales of single family homes in May 2012 against 100 in 2011.
Find out what's happening in Palm Desertfor free with the latest updates from Patch.
The average sale was $422,479 in 2012, up from 417,535 a year earlier. The median price rose 7.4% from $289,500 in 2011 to $310,885 last month.
Sales of Palm Desert condos reported a slight gain in units sold and median price.
Find out what's happening in Palm Desertfor free with the latest updates from Patch.
The number of condos sold rose to 89 in May 2012, against 86 in May 2011.
The median price of each sale jumped from $166,500 in 2011 to $225,000 this year.
Average price of sale dropped almost 10%, from $266,624 in May 2011, to $241,682 in May 2012.
The May statistics, including median and average sale prices, are based on the industry standard Multiple Listing Service in tracking sales for buyers and sellers.
