YOU ASK. WE INVESTIGATE: Home Sales Drop, Prices Rise
Photo: Video by kmir6.com
CREATED Nov. 20, 2013
PALM DESERT - Fewer houses are being sold in the Valley compared to last year, according to the California Desert Association of Realtors (CDAR).
"It's a little bit slower than it could be if there were more homes on the market," said Ann Ritchie, Executive Vice President of CDAR, adding that while there is a shortage of listings, there are plenty of interested buyers.
The latest figures from September 2013 show that sales of single family homes fell about nine percent compared to September of 2012, while condominium sales rose 21 percent.
The median price of a home is $280,000 compared to $220,000 a year ago. Ritchie says that fewer houses on the market is driving prices to go up.
"If you have a really nice listing and you're putting an offer, than you're likely to be competing with other buyers and it makes it harder to be the successful buyer," explained Ritchie.
While the U.S. housing market typically slows as the holidays approach, it's the complete opposite in the Valley. Mainly, Richie says, it's due to a higher population during the winter.
"We are looking for an increase in homes on the market as we get more into season especially as prices have gone up. More people come out from under water and more people feel that it's a good time to sell," said Ritchie in high spirits looking at the housing market ahead.