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Median price fell 29% and sales decreased 24.5 % compared to the same time a year ago for California statewide. Locally, median price fell 20.1 % & sales declined by 27.1 % from a year ago. However, Desert March sales improved 16.5% over February – a very strong month over month improvement.
"Sales continue to be impacted by problems in the real estate finance sector, which by some measures have eroded since the start of the year," said C.A.R. President William E. Brown. "Sales in 2007 reached their peak last February; going forward, the year-to-year declines in sales should shrink."
In the desert market we see sales continuing to improve as buyers are taking advantage of "bargain prices" (meaning prices must less than the last sale of the home they’re buying). Inventory remains high as the market continues to absorb properties the current owners can no longer afford.
Desert Area MLS Residential For Sale Inventory
| 2006 | 2007 | 2008 |
| Dec: 8,236 | 9,186 | |
| Nov: 8,598 | 9,593 | |
| Oct: 8,076 | 9,170 | |
| Sept: 7,723 | 8,599 | |
| August: 7,285 | 8,417 | |
| July: 7,420 | 8,600 | |
| June: 7,436 | 8,930 | |
| May: 7,497 | 9,108 | |
| April: 7,467 | 9,153 | 9,214 |
| March: 7,351 | 9,005 | 9,300 |
| February: 7,046 | 8,852 | 9,476 |
| January: 6,395 | 8,490 | 9,134 |
The typical (median) single family home for sale in the MLS today is
3 Bdrm. 2 bath 1,806 Sq Ft. listed at 364,900and has been
on the market for 94 days
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Median Price |
% Change Prior Month |
% Change Prior Year |
% Change Sales Prior Month |
% Change Sales Prior Year |
| Calif. (sf) |
413,980 |
-1.3% |
-29.0% |
-6.4% |
-24.5% |
| Calif. (condo) |
361,760 |
-1.6% |
-17.8% |
26.6% |
-45.5% |
| Palm Springs Lower Desert (sf) |
311,540 |
-7.0% |
-20.1% |
16.5% |
-27.1% |
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Median Price
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Mar 08 |
Feb 08 |
Mar 07 |
| United States |
201,700p |
195,900 |
217,400 |
| Calif. (sf) |
413,980 |
419,640r |
582,930r |
| Calif. (condo) |
361,760 |
367,770r |
439,950r |
| Palm Springs Lower Desert (sf) |
311,540 |
334,900r |
389,760 |
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Source: California Association of REALTORS® & National Association of REALTORS®
Prepared By: California Desert Association of REALTORS® r= revised p=preliminary
Desert median prices include Yucca & 29 Palms=lowers median price shown by 40-50K
Sales & Price Report Addendum: January 2008
Median Prices By Region
Current Month vs. Year Ago
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Mar 08 |
Feb 08 |
Mar 07 |
| Calif. (sf) |
$413,980 |
$419,640 r |
$582,930 r |
| Calif. (condo) |
$361,760 |
$367,770 r |
$439,950 r |
| CAR Region |
|
|
|
| Central Valley |
NA |
NA |
$331,450 |
| High Desert |
$210,660 |
$220,380 |
$320,830 |
| Los Angeles |
$431,950 |
$477,650 r |
$580,960 r |
| Monterey Region |
$554,820 |
$619,790 |
$728,000 r |
| Monterey County |
$430,000 |
$500,000 |
$669,000 |
| Santa Cruz County |
$645,620 |
$685,000 |
$751,000 |
| Northern California |
$356,950 |
$347,640 r |
$391,460 |
| Northern Wine Country |
$458,210 |
$449,000 |
$601,560 |
| Orange County |
$591,460 |
$596,520 |
$706,650 |
| Palm Sprs/Lwr Desert |
$311,540 |
$334,900 r |
$389,760 |
| Riverside/S. Bernardino |
$276,630 |
$289,660 |
$394,280 r |
| Sacramento |
$258,460 |
$258,680 |
$363,000 |
| San Diego |
$447,500 |
$450,710 |
$605,950 |
| San Francisco Bay |
$704,580 |
$706,880 |
$784,730 r |
| San Louis Obispo |
$467,310 |
$471,740 |
$550,400 |
| Santa Barbara County |
$576,090 |
$483,330 |
$875,000 r |
| S. Barbara S. Coast |
$1,140,000 |
$1,295,000 |
$1,200,000 |
| No. S. Barbara County |
$327,080 |
$333,930 |
$407,140 |
| Santa Clara |
$810,000 |
$780,000 |
$830,000 |
| Ventura |
$504,210 |
$520,270 |
$672,550 |
The only comparable geographic areas in California with a lower median price than the desert are the High Desert (Victorville, Lancaster) and Sacramento.
na - not available r = revised
Source: CALIFORNIA ASSOCIATION OF REALTORS®
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IMC Inc.