Media Releases

RELEASE DATE:
December 4, 2006

CONTACT:
Greg Berkemer
760) 346-5637
(Media Only) John Hussar
PRNewsWorks (760) 567-8073

PALM DESERT (Calif.) - While sales of existing homes in the Coachella Valley dropped in October compared to October 2005, sales actually increased 10 percent over September's figures, the California Desert Association of REALTORS® reported today.

"The market is slow, but the slowness is definitely lessening as we go into our winter selling season," Greg Berkemer, CDAR executive vice president said

"Consumers will understand this is a national housing shift where in other parts of the country, sales tend to slow in the winter, but we are just getting into our hot selling market," he said. "This is why it's important to rely on your Realtor to analyze your particular market."

He said part-time winter residents who have leased homes in the desert in the past will see home prices have declined to the point it could spur them to purchase a winter season home.

Existing home sales declined 29.8 percent in October, compared to October 2005 sales, according to statistics compiled from CDAR's Multiple Listing Service.

The median price of a home in the Coachella Valley in October was $340,830, 2.2 percent lower than October 2005, but 1 percent lower than September 2006.

"When you look at our median home price, we are about $84,000 lower than the median price of a condominium in California," Berkemer said. "Only the Central Valley and the High Desert areas of Victorville have lower median home prices."

Statewide, the median price for an existing home in October was $548,680.

He said that sales of luxury homes in the Coachella Valley's "have begun to kick in" and that mean the median price of all existing homes will rise as a result.

Berkemer pointed out that across the Coachella Valley, there were 8,076 homes on the market in October and almost 8,600 by mid-November, Berkemer said. By comparison, there were 5,384 home listings in November 2005 and 2,800 listings in November 2004.

The California Desert Association of REALTORS®, The Voice for Real Estate® for the Coachella Valley, represents more than 4,000 estate professionals from Palm Springs to Coachella. For more information, please call (760) 346-5637 or visit online at www.CalDesertRealtors.com