According to the latest statistics released by MDA DataQuick, home sales in the Coachella Valley surged in March, rising about 27 percent over the previous year.
The federal government’s $8,000 tax credit, which expires at the end of June, likely spurred many prospective home buyers to jump into the market.
There were approximately 1,065 sales of single-family homes, condos and new construction in the Coachella Valley during March, according to the report. The regional median home price was steady at about $205,000, an approximate $20,000 increase from 2009.
The best sales performances in March were recorded in Palm Desert, Palm Springs, Rancho Mirage, Indian Wells and La Quinta. Median prices ranged from $235,000 to $555,000.
Condos saw the greatest sales increases with a 124 percent increase over 2009. There were a total of 260 condo sales for the month.
Although some analysts believe home sales across the nation will fall in coming months due to the expiration of the tax credit, Californians still have a home buyer tax credit to take advantage of.
California’s $200 million home-buyer credit, which is available to first-time buyers of existing and new homes, could keep the statewide market strong through 2010. The program offers up to $10,000 to buyers.
Interested or buying or selling property in Palm Springs or the Coachella Valley area? Contact Patrick-Stewart Properties today.