Desert home and condo buyers continued to gravitate to the communities of La Quinta, Indian Wells, Palm Desert, Rancho Mirage and Palm Springs during April and May as both unit sales and prices rose.
La Quinta led the way with home sales up 42% in April and 22% in May compared to the same months of ’09. La Quinta’s median sales price also rose 22% to $380,000 in April, up from $310,000 in April ’09. This is in marked contrast to the hard-hit foreclosure zones of Coachella, Desert Hot Springs, Indio, Thermal and Thousand Palms, which saw sales contract over April and May of ‘08.
Luxury Market Continues Improve
Luxury home sales activity also picked up significantly compared to April and May, ’09. Seven sales were recorded in April, ranging from $1.2 million to $6 million. In May the pace continued with a home in Palm Desert selling for $7.8 million.