Valley sees 70% jump in home sales

The Desert Sun, 3/26/09

Home sales jumped about 70 percent in the Coachella Valley in February over the same period a year ago, a continuation of a trend that one analyst says might indicate a market stabilization.

The high volume of sales -- while spurred by dismal economic conditions that caused prices to fall drastically -- indicates the market is repairing itself, said Greg Berkemer, executive director of the California Desert Association of Realtors.

“There are good values,'' he said. “Buyers are taking advantage of them in increasing numbers.”

The median price of homes sold was $156,000, down 53.4 percent from $334,900 in February 2008, according to the California Association of Realtors.

“We are now in the third consecutive month in the desert with year-over-year sales increases,'' Berkemer said. “While we still won't say the market is turned around, and is headed back, we see what could be the beginning of a legitimate trend.”

If the trend continues, Berkemer said the association might be able to say with assurance that the market has turned, and that price reductions have bottomed. More...