Prices up and Coachella Valley home sales rise in early 2010

Debra Gruszecki • The Desert Sun • May 17, 2010

The California Desert Association of Realtors today reported that the average home price in the Coachella Valley rose 16 percent in the first three months of 2010. Sales rose 17 percent.

Greg Berkemer told The Desert Sun that's a sign the market continues to show a gradual improvement toward recovery.

He believes prices rose because the lowest price houses are selling first, making remaining inventory a little more pricey.

"It means sellers with higher value homes are moving into a better position in the market,'' he said.

The first quarter data shows 2,471 homes and condos sold, compared with 2,111 in the first part of 2009.

The average sale price was $290,952, up from $250,864 in the first part of 2009, according to a report from Real Data Strategies.

The positive news though isn't meant to be construed that prices will sizzle soon.
Berkemer says in a story we'll report Tuesday, "We're on the right path ... but it's still a rocky road."

Prices still are a long way off from where they were in 2008.

While it is an improvement, the average sale price in the first part of 2008 was $486,694.