According to new stats released by the California Desert Association of REALTORS, the Coachella Valley's real estate market closed 2015 on a positive note with a slight increase in the sales of existing homes in December. However, the median price of existing single-family home sales dropped to $307,750, down from $396,500 in December of 2014.
Agents said single-family home sales were at 496 this past December, compared to 488 the same month a year ago. In addition, condo sales were at 179 in December 2015, down from 233 in December of 2014.
"So many economic factors drive the real estate market," said Beverly Fitzgerald, immediate past president of the California Desert Association of REALTORS®. "What we know for sure is the foundation of the Coachella Valley's housing market remains strong and we will continue to improve in 2016 seeing the median price of existing homes continue to increase."
According to the release, 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.