Coachella Valley Annual Trends

Home and condo sales continued to fall in 2007. Single-family home sales fell 24.6% and condo sales decreased 15.1%. Nevertheless, home prices continued rising with the median price for single-family homes up 6.9% to $449,000 and the average price was up 4.4% to $644,997. The median price for condos fell 6.1% to $328,500, and the average price dropped 5.3% to $363,529.

These numbers are deceptive because the market has split with the median price for single-family homes under $500,000 losing 1.6% to $339,900. The median price for homes between $500,000 and $999,999 rose 1.5% to $675,000. The median price for homes of one million dollars and up rose 1.8% to $1,436,000.

The tale here is that the under $500,000 market now comprises only 56.7% of total sales. The $500,000 to $999,999 segment is 29.2% of the market, while the million dollar plus market is at 14.1%. The increase in the number of sales over $500,000 is skewing the median price upward.

SINGLE-FAMILY HOMES  
(< $500,000)  
        Change from Year Before  
Year Sales Median Price Average Price Sales Median Price Average Price % of Market
1999 4,034 $135,950 $164,591       91.6%
2000 4,366 $154,925 $183,777 8.2% 14.0% 11.7% 89.4%
2001 3,624 $175,000 $203,500 -17.0% 13.0% 10.7% 88.6%
2002 4,557 $210,000 $230,186 25.7% 20.0% 13.1% 87.1%
2003 5,116 $239,000 $256,615 12.3% 13.8% 11.5% 82.0%
2004 5,797 $295,000 $300,730 13.3% 23.4% 17.2% 71.5%
2005 4,735 $345,000 $344,904 -18.3% 16.9% 14.7% 63.4%
2006 3,239 $345,500 $346,999 -31.6% 0.1% 0.6% 61.2%
2007 2,264 $339,990 $337,121 -30.1% -1.6% -2.8% 56.7%

SINGLE-FAMILY HOMES  
($500,000 - $999,999)  
        Change from Year Before  
Year Sales Median Price Average Price Sales Median Price Average Price % of Market
1999 287 $625,000 $665,262       6.5%
2000 381 $630,000 $669,999 32.8% 0.8% 0.7% 7.8%
2001 363 $640,000 $669,704 -4.7% 1.6% 0.0% 8.9%
2002 537 $615,000 $657,036 47.9% -3.9% -1.9% 10.3%
2003 914 $635,000 $666,201 70.2% 3.3% 1.4% 14.7%
2004 1,848 $650,000 $679,981 102.2% 2.4% 2.1% 22.8%
2005 2,032 $665,000 $691,031 10.0% 2.3% 1.6% 27.2%
2006 1,374 $664,950 $696,799 -32.4% 0.0% 0.8% 26.0%
2007 1,164 $675,000 $696,705 -15.3% 1.5% 0.0% 29.2%

SINGLE-FAMILY HOMES  
($1,000,000+)  
        Change from Year Before  
Year Sales Median Price Average Price Sales Median Price Average Price % of Market
1999 84 $1,450,000 $1,560,958       1.9%
2000 134 $1,450,000 $1,777,776 59.5% 0.0% 13.9% 2.7%
2001 101 $1,425,000 $1,832,837 -24.6% -1.7% 3.1% 2.5%
2002 140 $1,397,500 $1,582,041 38.6% -1.9% -13.7% 2.7%
2003 207 $1,351,500 $1,539,754 47.9% -3.3% -2.7% 3.3%
2004 465 $1,370,000 $1,530,030 124.6% 1.4% -0.6% 5.7%
2005 699 $1,350,000 $1,627,856 50.3% -1.5% 6.4% 9.4%
2006 678 $1,410,488 $1,749,637 -3.0% 4.5% 7.5% 12.8%
2007 563 $1,436,000 $1,776,159 -17.0% 1.8% 1.5% 14.1%
   

The table below takes a look at how each city fared in comparison to the others.

2007 Coachella Valley Home Sales
        Change from Year Before
  Sales Median Price Average Price Sales Median Price Average Price
Combined 3,991 $449,000 $644,997 -24.6% 6.9% 4.4%
La Quinta 813 615,000 838,158 -12.5% 4.2% 2.0%
Indio 475 345,000 391,492 -36.6% -5.0% -0.7%
Desert Hot Springs 372 259,250 261,587 -48.8% -10.6% -9.8%
Palm Springs 621 540,000 683,838 -6.5% -4.0% 0.3%
Palm Desert 431 512,400 701,265 -24.8% -8.5% -11.7%
Cathedral City 385 350,000 367,776 -28.8% -7.9% -7.6%
Rancho Mirage 381 810,000 1,030,902 -4.0% -9.9% -6.6%
Sun City 201 400,000 438,477 -12.2% -3.0% -5.5%
Indian Wells 142 950,000 1,382,300 -6.0% -3.1% 0.9%
Thousand Palms 34 257,000 275,962 -53.4% -19.7% 3.8%
Bermuda Dunes 51 459,000 547,065 -27.1% -2.3% -1.3%

The following charts and tables reflect combined statistics for Palm Springs, Palm Desert, Indian Wells, Rancho Mirage, La Quinta, Cathedral City, Indio, Desert Hot Springs, Bermuda Dunes, Coachella, Thousand Palms and Thermal.

SINGLE-FAMILY HOMES Change from Year Before
Year Sales Median Price Average Price Sales Median Price Average Price
1999 4,410 $145,000 $224,493      
2000 4,886 $166,530 $266,243 10.8% 14.8% 18.6%
2001 4,094 $191,000 $285,983 -16.2% 14.7% 7.4%
2002 5,238 $230,000 $310,477 27.9% 20.4% 8.6%
2003 6,243 $267,000 $359,709 19.2% 16.1% 15.9%
2004 8,129 $355,000 $458,884 30.2% 33.0% 27.6%
2005 7,476 $415,000 $559,814 -8.0% 16.9% 22.0%
2006 5,291 $420,000 $617,574 -29.2% 1.2% 10.3%
2007 3,991 $449,000 $644,997 -24.6% 6.9% 4.4%
FusionCharts
CONDOS     Change from Year Before
Year Sales Median Price Average Price Sales Median Price Average Price
1999 3,876 $129,000 $159,778      
2000 3,793 $150,000 $180,204 -2.1% 16.3% 12.8%
2001 2,639 $161,000 $191,315 -30.4% 7.3% 6.2%
2002 3,512 $179,900 $200,688 33.1% 11.7% 4.9%
2003 3,870 $195,000 $218,742 10.2% 8.4% 9.0%
2004 4,194 $259,950 $283,402 8.4% 33.3% 29.6%
2005 3,336 $325,000 $353,274 -20.5% 25.0% 24.7%
2006 2,155 $350,000 $383,786 -35.4% 7.7% 8.6%
2007 1,830 $328,500 $363,529 -15.1% -6.1% -5.3%
FusionCharts

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