Single Family Home Sales Dip, Median Price Up In December Says California Desert Association of REALTORS(R)

Single Family Home Sales Dip, Median Price Up In December, Says California Desert Association of REALTORS®

PALM DESERT (Calif.) –Sales of existing home sales and the median price of those homes closed out 2014 in a familiar trend, prices slightly up and sales slightly down, the California Desert Association of REALTORS® reported today.

There were 397 sales of single family homes last month, down from 453 in December 2013. Condo sales rose to 196 in December from 194 in December 2013, CDAR said in its monthly report.

The median price for single-family homes was $482,600 in December up from $405,000 from December 2013 while the median price of condominiums was $215,333 in December up from $198,000 in December 2013, the CDAR report showed.

“Realtors are always optimistic and we’re looking for prices to increase in high end properties. Interest rates have remained strong since 2013 at 4.3 percent and we may see it move to 4.5 percent. We look for a steady rebound in 2015,” said Beverly Fitzgerald, president of the California Desert Association of REALTORS®

Distressed properties including both short sales and foreclosures continued to fall in December. They accounted for just 6 percent of existing home sales this year compared to 8 percent in December 2013. Condos saw same percentages of distressed sales with 8 percent falling into this category in December of this year compared to 6 percent in December 2013.

The inventory of single family homes available for sale dropped slightly in December compared to November. There were 2,930 single homes and 1,233 condos for sale in December compared to 3,018 single family homes and 1,270 condos for sale in November

The December 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.

The California Desert Association of REALTORS®, The Voice for Real Estate in the Coachella Valley, represents more than 3,000 real estate professionals from Palm Springs to Coachella. REALTORS® hold themselves to a higher standard and a code of ethics, yet only about a quarter of California licensed real estate agents are REALTORS®. You can be sure you’re working with a REALTOR® by visiting us online at www.CDARonline.org. For more information, please call (760) 346-5637 or visit online at www.CDARonline.org ###

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