Breathing “new life” into the housing market, home prices in Southern California maybe on the rebound as reported by MDA DataQuick.  Median prices for home sales rose to $280,000 from September to October, a 1.8% increase,  although in Riverside County comparing year to year median prices in October 2009 as to October 2008 are down by 17.4% as reported by DataQuick.

  

According to information gathered from The Desert Area Multiple Listing Service, single family homes in Palm Springs had a median price of $280,000 in October, 2009 as compared to a median price of $340,000 in September, 2009.  This would be a decrease in median home values  of approximately 14% from September to October.  The average price for single family homes for October in Palm Springs was $370,000 as compared to an average price of $377,000 in September, 2009, a much smaller decrease of approximately 2%.

   

Probably the average price in a smaller market sample like Palm Springs is more reflective of actual price issues than a median price comparison.  In Palm Springs the comparisons for median and average sales prices was based on  66 single family homes while in Southern California the sample was based on 4197 sales in Riverside County alone, and 22,132 sales in Southern California.

  

No matter how one views these statistics, it seems that it is a good time to buy in Palm Springs.  Prices seem to be holding fairly steady in Palm Springs and may soon start experiencing increases as the rest of Southern California  which may be a sign that the real estate market in Palms Springs is showing signs of a “new life”.  Inventories in Palm Springs have fallen dramatically as reported in an earlier blog.

  

Further, The Desert Sun reported today, “Sales down for first time in over a year”.  Coachella Valley home prices fell 3 per cent in September.  Statistics for October are not yet available.

 

Tags: Gary Carlson, Palm Springs Market Watch, Palm Springs Real Estate, Prudential, The Moore Carlson Group

This entry was posted on Wednesday, November 18th, 2009 at 3:09 pm and is filed under Gary's Real Estate Blog. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.