More signs of a recovering market here in the california desert !

here is a article that was published in the desert Sun last week.

by: Desert Sun

Real Estate sales were in the triple-digits in February across areas hit hard by foreclosure and unemployment in 2008, but the median price for Coachella Valley homes held pat at $180,000 for two consecutive months, according to new figures from MDA DataQuick.

Median prices have trended down since the recession began in late 2007.

All told, DataQuick noted 723 sales in February. That represents a 19 percent increase over the year before when atypical foreclosure activity began and the economy hit the skids.

Bargain-basement buying activity in February was hottest in:

Coachella, where the sale of 52 homes represented an increase in 478 percent over the same time last year.

Desert Hot Springs, where 102 transactions in the 92240 ZIP code area represented a sales volume increase of 292 percent and had the largest volume of sales. The median price paid there: $80,250. The highest priced home: $260,000.

Other locales noting sales gains of 100 percent or more were Bermuda Dunes, Cathedral City and Thousand Palms.

Statistics also showed double-digit sales decreases in February in Indian Wells, Palm Desert and Rancho Mirage. The median price in Indian Wells and Rancho Mirage dropped 77 percent and 48 percent, respectively, to $340,000 — primarily due to the rise in condo sales there.

The $340,000 price was about what a small condo in a great location could fetch valley-wide in February 2006, when the economy was steaming.

Anecdotally, Real Estate agents are saying resale supply in the lower-priced categories is being scooped up at a rapid pace, and that foreclosure resales account for more than 56 percent of February's resale activity.

Trend could be a good sign here

Greg Berkemer, executive director of the california desert Association of Realtors, has pointed out that buyers are taking advantage of the affordable home prices in increasing numbers.

The valley has seen year-over-year sales increases for several consecutive months, he has pointed out.

If that trend continues, it could signal a turn in the market and a bottom on prices.

www.DesertRealEstatePrices.com