North Palm Desert

Median Price of Homes

According to DataQuick, the median price of residential homes in Los Angeles in May 2005 was $459,000. Orange County was $590,000, San Diego was $488,000 and Ventura County was $569,000. Coachella Valley was at $385,000 (when you include all the cities).

Coachella Valley is still below our surrounding communities. North Palm Desert median price for the year 2004 was $329,500. For the first half of this year, the median price jumped to $404,750. An increase of 22.84%.

As of June 30, 2005, 244 homes had sold in the Northern Palm Desert area. At this time last year, 314 homes were sold, a decrease in the number of sales by 28.69%.

The total amount sold this year though June, 2005 was $109,086,800. At this date last year, the total sold for the first six months was $103,450,349, an increase of 5%.

For the period January – June, 2005, sales were down in North Palm Desert, but the dollar value has increased significantly. If you take the average selling price for each period, you’ll find that the first 6 months of last year, homes were averaging $329,459, whereas the same period this year (Jan-June), homes were averaging $447,077. An increase of 35.7%.

Average Square Footage has increased in North Palm Desert…
If you are interested in the newly approved and completed residential projects in Palm Desert, visit the City Council website, click on the Residential Projects under the planning section.

The average year the residential homes that sold in 2004 were built was 1984. The first six months of2005, the year homes were built, were averaging the year 1985. Of the 244 homes sold this year through June, 2005, 39 were built after the year 2000, these new homes had an average square footage of 2,636.
Homes sold in the first six months of 2004 averaged 1,738 feet with an average price of $205 per square foot.

In 2005, the average square footage increased to 1,835 and the price per square foot was increased to $243. That’s an increase of 18.5%

Days On Market…
When you look at the averages for the days a home stays on the market, you need to add to it the time it takes for escrow to close, which is normally 30-45 days. (that’s only if everything goes as planned). The average Days on Market (DOM) for the year 2004 in North Palm Desert was 33 days, so far this year,they’re averaging 59 days.

Based on data supplied by the Desert Area Multiple Listing Service and its member Associations of Realtors, who are not responsible for its accuracy