Market to fair better in 2011

In a recent article in the Desert Sun, Robert Kleinhenz, deputy chief economist for the California Association of Realtors predicted a 2 percent increase in both sales and median prices statewide for 2011. According to Kleinhenz, the main driver in growth for the coming year will derive from favorable mortgage rates and increased affordability.

Another important factor that could effect near term pricing is the current inventory level. In September, statewide inventory under $500,000 continued to be very lean, with inventory in the Coachella Valley standing at 5,969. 

Kleinhenz also predicts foreclosures will continue to have a big impact on the real estate market for three or four more years, with 13,000-15,000 bank-owned properties being added to the inventory statewide every month.

In August bank owned properties and short sales made up 65% of sales in Riverside and San Bernardino counties.

Check out 2010 sale trends below...

Home sales, price trends across the valley

Valleywide one-year sales trend: Down 17 percent

Valleywide two-year sales trend: Flat

Valleywide one-year average price trend: Up 12 percent

Valleywide two-year average price trend: Down 11 percent

Tracking sales, prices

Home sales and price trends by city:

BERMUDA DUNESOne-year sales trend: Up 6 percent

Two-year sales trend: Up 65 percent

One-year price trend: Down 5 percent

Two-year price trend: Down 21 percent

Cathedral CityOne-year sales trend: Down 15 percent

Two-year sales trend: Up 6 percent

One-year price trend: Up 10 percent

Two-year price trend: Down 19 percent

Indian WellsOne-year sales trend: Down 5 percent

Two-year sales trend: Up 60 percent

One-year price trend: Up 2 percent

Two-year price trend: Down 38 percent

Indio ZIP Code 92201One-year sales trend: Down 14 percent

Two-year sales trend: Down 15 percent

One-year price trend: Up 26 percent

Two-year price trend: Down 9 percent

La Quinta ZIP Code 92253One-year sales trend: Down 11 percent

Two-year sales trend: Up 3 percent

One-year price trend: Up 13 percent

Two-year price trend: Down 2 percent

Palm Desert ZIP Code 92211One-year sales trend: Up 4 percent

Two-year sales trend: Up 18 percent

One-year price trend: Down 4 percent

Two-year price trend: Down 24 percent

Palm Springs ZIP Code 92262One-year sales trend: Down 29 percent

Two-year sales trend: Down 12 percent

One-year price trend: Up 5 percent

Two-year price trend: Down 22 percent

Rancho Mirage ZIP Code 92270One-year sales trend: Up 19 percent

Two-year sales trend: Up 23 percent

One-year price trend: Down 14 percent

Two-year price trend: Down 6 percent

Information provided by Real Data Strategies Inc.