Palm Desert is an inland city in the Palm Springs area of California. Over the past couple of years, the city saw its market – like many others nationwide – plummet, and has since seen its real estate market rise and fall, plagued by lower prices, rising foreclosures and struggling to make it back to where it was before the financial crisis set in in America.
According to the Desert Real Estate Report, in January and February of this year, average and median prices were on the rise, a trend that began in December. Average prices of Palm Desert homes for sale were up around $$500,000, while the median price actually remained mostly steady from January, and was down slightly from December.
Sales volume in February was at 49, up slightly from January, continuing a gradually rising trend in the Palm Desert real estate market that began around summer of 2009. The condo market in Palm Desert showed a similar rise in sales volume. In February, there were 43 sales, up from the month prior and continuing a slowly rising trend that began to set in around June or July 209.
Despite the rise in volume, however, the median price for condos has followed a downward trend. Since January 2009, when it was over $350,000, the median price has fallen to less than $250,000. The average price, too, has shown a generally downward sloping trend. Much of the rise in activity can be attributed to the simultaneous fall in prices, prompting many who were on the fence of getting into the condo market to jump in and buy while prices are still low.