Coachella Valley home sales rose 9.4 percent in September compared to September 2010, outpacing Riverside County and Southern California, a new report shows.
The valley's strength as a second-home market continued to help drive sales, desert real estate brokers and agents said.
One positive sign was that the percentage of distressed sales continues to fall, said Greg Berkemer, executive vice president of the California Desert Association of Realtors.
Bank-owned and short sales accounted for half of all single-family home sales in September — down from 62 percent in September 2010, Berkemer said.
The valley's $168,000 median price — half sold for more, half for less — rose $500 more than in August. That price, though, was 7.3 percent lower than in September 2010. The median price in September in the valley was $175,000, according to CDAR.
That compares to a $165,400 national median price for an existing home in September, which marked a 3.5 percent drop from September 2010.
Many potential home-buyers are skittish about the economy and unsure about whether prices have bottomed out, Realtors said. They're willing to making low-ball offers.
Monday, November 7, 2011
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