Good News! Recently released statistics show that home sales in Riverside County have increased by more than 28 percent in May when compared to the same month a year ago.
However, the statistics also reveal that home prices have dropped by nearly 38 percent since last year. In May 2008, the median price of a home in Riverside County was $290,000 compared to $180,000 median price in May 2009. This figure should come as no surprise to everyone who’s been living in the civilized world, as we all know that times are tough and the economy has changed drastically over the past year.
When you look at the entirety of Southern California, home sales have increased by nearly 23 percent from May 2008 to May 2009 while home prices fell about 33 percent.
These statistics seem to be showing that we are currently in the early stages of the market returning to a more normal balance of home sales across the entire price spectrum.
Interested in buying or selling property in Coachella Valley? Contact Patrick Stewart Properties today.