Submitted by Naomi M on Fri, 10/05/2007 - 05:00.
Indio Calif. housing market continues to plummet
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Indio home sales fell 54 percent in August compared with the same month a year ago. This follows drops in May, June and July, when sales fell 33 percent, 55 percent and 45 percent, respectively, according to La Jolla-based real estate information firm DataQuick Information Systems.
Area homebuilders have reacted with price cuts and incentives. Del Webb now offer tens of thousands of dollars in buyer discounts and incentives. And with some 8,600 homes on the market across the valley by mid-September, according to the Desert Area Multiple Listing Service, sellers increasingly are warming to the idea of reducing prices to attract a shrinking pool of buyers, area real estate professionals said.
The median price in Indio dipped 1.8 percent to $331,750 during August compared with August 2006, DataQuick reported.
Despite home prices that are in some instances the lowest in years and a vast inventory, many buyers still seem to be trying to time the market, which is "more about being lucky as being good," said Emily DiSimone, president of the California Desert Association of Realtors.
DataQuick's monthly report also showed Indio had a decline in the median price paid per square foot, a trend seen across the valley in August, said Andrew LePage, DataQuick analyst.
The $202 median price per square foot in Indio during August was an 8.7 percent drop from August 2006, DataQuick reported. The valley's overall median price per square foot dropped 4.3 percent to $226.
Source: http://www.mydesert.com/apps/pbcs.dll/article?AID=/20071005/BUSINESS04/710050351/1003/business
Area homebuilders have reacted with price cuts and incentives. Del Webb now offer tens of thousands of dollars in buyer discounts and incentives. And with some 8,600 homes on the market across the valley by mid-September, according to the Desert Area Multiple Listing Service, sellers increasingly are warming to the idea of reducing prices to attract a shrinking pool of buyers, area real estate professionals said.
The median price in Indio dipped 1.8 percent to $331,750 during August compared with August 2006, DataQuick reported.
Despite home prices that are in some instances the lowest in years and a vast inventory, many buyers still seem to be trying to time the market, which is "more about being lucky as being good," said Emily DiSimone, president of the California Desert Association of Realtors.
DataQuick's monthly report also showed Indio had a decline in the median price paid per square foot, a trend seen across the valley in August, said Andrew LePage, DataQuick analyst.
The $202 median price per square foot in Indio during August was an 8.7 percent drop from August 2006, DataQuick reported. The valley's overall median price per square foot dropped 4.3 percent to $226.
Source: http://www.mydesert.com/apps/pbcs.dll/article?AID=/20071005/BUSINESS04/710050351/1003/business
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