Average Home Sales Dip 10 Percent in February, While Average Home Prices Continue to Rise, Say California Desert Association of REALTORS®
PALM DESERT, CA – March 29, 2013 – (RealEstateRama) — Existing homes sales dipped 10 percent in February 2013 over February 2012 while the average sale price continues to rise, the California Desert Association of REALTORS® reported today.
The average sale price of single family homes was $405,000 in February up from $365,000 for the same month last year. Condos also saw a price boost from $193,000 last year to $219,000 in February 2013. Total sales units for the month were up for condos with 222 units sold in February compared to 196 in February 2012. Single family homes saw a slight decrease in volume from 592 homes sold in February 2012 to 534 homes sold last month.
The inventory of single family homes continued to decline in February over January. There were 2,671 single family homes and 1,212 condos for sale in February, compared to 2,800 single family homes and 1,228 condos in January.
“The February numbers continue to support the notion that our real estate market is still in recovery mode,” said Ann Ritchie, executive vice president of California Desert Association of REALTORS® . “Inventory of available homes for sale is tight and agents are seeing multiple offers on quality, well-priced properties.”
Distressed properties including both short sales and foreclosures continued to fall. They accounted for 23 percent of February sales this year compared to 42 percent in February 2012. Condos also saw a reduction in distressed sales with only 17 percent falling into this category in February of this year compared to 24 percent in February 2012.
The February 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 Bermuda Dunes, Cathedral City, Coachella, Desert Hot Springs, Indio, Indian Wells, La Quinta, Palm Desert, Palm Springs and Rancho Mirage.
Here is the City by City breakdown of February sales of existing homes and condos:
The California Desert Association of REALTORS®, The Voice for Real Estate® for the Coachella Valley, represents more than 3,200 real estate professionals from Palm Springs to Coachella. For more information, please call (760) 346-5637 or visit online at www.CalDesertRealtors.com
CONTACT:
Ann Ritchie, Executive Vice President
(760) 346-5637
(Media) John Hussar
PRNewsWorks (760) 567-8073
