Desert Real Estate Market for July 2013

Desert Real Estate Market ready for Busy Fall!IMG_0466

In today’s Desert Sun, the July stats from 2 separate reports indicate that sellers are now in the drivers seat!

California Desert Association of Realtors stats showed that the year-over-year prices have climbed for houses and condos, compared to last July.

San Diego based, DataQuick uses public records to provide a monthly overview of the Coachella Valley’s housing market. The local Realtors’ association tracks the trends on the multiple listing service.

DataQuick’s report for July found:

• Valleywide, 894 homes were sold in July. That’s a 2.5 percent jump from last year, but a nearly 14 percent drop from the 1,036 homes sold in June.

• Median prices rose in all three property categories: resale single family homes, resale condos and new construction homes.

New construction, with just 28 sales in July, saw a 78.4 percent year-over-year leap in the median price. It hit $454,000 last month.

• The most expensive transaction was a $5.4 million single-family resale in Indian Wells.

What does this mean?  

  • Inventories will remain low until sellers decide to get their homes listed
  • Buyers need to get aggresive with their home seaches before prices rise further.
  • Homes that are priced correctly are SELLING!