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Friday, December 05, 2008
Dropping price of houses in Palm Springs driving sales
5:40 AM | 
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The Desert Real Estate Blog
Palm Springs could be an example of how price is driving Coachella Valley real estate sales.
One area of the city, where the median price of housing fell by 11.5 percent in October to $250,000, reported an 8.8 percent increase in sales: 62 new and resale homes and condos closed escrow.
The other area of the city — within the 92264 zip code — had 41 sales, representing a year-over-year drop of more than 16 percent. There, the median price rose by 1.8 percent to $290,000.
Valleywide, the theory played out.
The median price of homes in the Coachella Valley fell 34 percent in October to $225,000, a level not seen since 2003, while sales were up significantly from a year ago for the second month in a row. October housing sales stood at 853, up 32 percent from 2007.
“The rise in sales indicates that buyers continue to take advantage of bargains in the marketplace, as the inventory continues to trend upwards and as more properties with troubled loans contribute to the number of properties for sale,'' said Greg Berkemer, executive vice president of the California Desert Association of Realtors.
Fifty-one percent of the homes that closed escrow in October across southern California had been foreclosed on at some point during the year, according to MDA DataQuick, which has provided The Desert Sun local housing data back to 1988.
DataQuick spokesman Andrew LePage said the percentage of all resales in Riverside County that have been foreclosed on in the prior 12 months was higher. It stands at 67.7 percent, he said.
“We've had a huge jump in sales over the last two months, but we're seeing a market where foreclosures and short sales are bolstering the numbers,'' said Sam Schenkl, executive officer of the Palm Springs Regional Association of Realtors.
“I (also) think consumers are holding the better properties off the market until the spring.”
Locally, there have been big ticket sales: The highest priced property in the city sold for $1.6 million.
“All of this is playing out against a global backdrop of tough economic times,'' Berkemer said.
“The good news is buyers are responding to the best deals I've seen in real estate in the last several years,'' he said, remarking that it will be tough to see these kinds of prices again.
“I think buyers have gotten the message and have gotten into the marketplace.”
The Desert Sun December 5, 2008
One area of the city, where the median price of housing fell by 11.5 percent in October to $250,000, reported an 8.8 percent increase in sales: 62 new and resale homes and condos closed escrow.
The other area of the city — within the 92264 zip code — had 41 sales, representing a year-over-year drop of more than 16 percent. There, the median price rose by 1.8 percent to $290,000.
Valleywide, the theory played out.
The median price of homes in the Coachella Valley fell 34 percent in October to $225,000, a level not seen since 2003, while sales were up significantly from a year ago for the second month in a row. October housing sales stood at 853, up 32 percent from 2007.
“The rise in sales indicates that buyers continue to take advantage of bargains in the marketplace, as the inventory continues to trend upwards and as more properties with troubled loans contribute to the number of properties for sale,'' said Greg Berkemer, executive vice president of the California Desert Association of Realtors.
Fifty-one percent of the homes that closed escrow in October across southern California had been foreclosed on at some point during the year, according to MDA DataQuick, which has provided The Desert Sun local housing data back to 1988.
DataQuick spokesman Andrew LePage said the percentage of all resales in Riverside County that have been foreclosed on in the prior 12 months was higher. It stands at 67.7 percent, he said.
“We've had a huge jump in sales over the last two months, but we're seeing a market where foreclosures and short sales are bolstering the numbers,'' said Sam Schenkl, executive officer of the Palm Springs Regional Association of Realtors.
“I (also) think consumers are holding the better properties off the market until the spring.”
Locally, there have been big ticket sales: The highest priced property in the city sold for $1.6 million.
“All of this is playing out against a global backdrop of tough economic times,'' Berkemer said.
“The good news is buyers are responding to the best deals I've seen in real estate in the last several years,'' he said, remarking that it will be tough to see these kinds of prices again.
“I think buyers have gotten the message and have gotten into the marketplace.”
The Desert Sun December 5, 2008
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