Cathedral City home prices for December were down slightly, according to DataQuick, posting $156,000, down 2.8%. The condo market in Cathedral City for the same period was down 12.4% with a median price of $110,000.
Last month's distressed sales, the combination of sales of foreclosed homes and "short sales", accounted for 52.5% of the resale market. 2011 ended much the way it began with drum-tight credit, low new-home sales, and record investor activity.
Riverside County posted a median sales price of $194,000, down 3% from last year, with a total of 3,584 homes and condos sold. The sales volume in Riverside County was also down 3% compared to December 2010.
The median price paid for a Southern California home was $270,000 last month, down 6.9% from December 2010. The peak median was $505,000 in mid 2007.
Southland buyers paying cash accounted for 29% of total December home sales. One out of three homes sold was a foreclosure and one out of five homes was a short sale.
Distressed homes for sale and in the pipeline continue to attract high levels of investor and cash buyers. Some of the economic vital signs have improved lately which has sparked a renewed sense of optimism in housing circles. Coupled with incredibly low mortgage rates, it certainly suggests 2012 pricing might be nearing the bottom. The biggest concern continues to be the high unemployment rates.
Now is the time to invest in a home or condo and maximize profits when the market turns around. Timing in real estate is everything. Take advantage of this opportunity.
Thanks to our strong reliance on tourism, the Coachella Valley has a different economy than most of Riverside County. Most of all, this is a wonderful place to live.
ZIP Code: 92234 Location Characteristics: Cathedral City, nestled between Palm Springs and Rancho Mirage, is the second largest city in the Coachella Valley. The origin of the name of the city dates back to 1850.
Col. Henry Washington of the U.S. Army Corps of Engineers discovered the beauty of the area canyons and felt they resembled the interior of a grand cathedral. In 1925, Cathedral City was named and the first subdivision was developed. Incorporated in 1981, and comprised of mostly young families, the city has been evolving into much more than a small bedrdoom community.
Cathedral City's downtown redevelopment is nearing completion and is expected to quickly become a destination shopping and entertainment hotspot in the west valley.
Cathedral City boasts more than 18 hotels and motels, including the 289-room Doral Hotel and Executive Suites Resor with adjoining 27-hole Desert Princess Country Club. The Desert Oasis Resort within the Cathedral Canyon Country Club offers world-class golfing with a 27-hole championship course.
Popular spots are the Desert IMAX Theater, Mary Pickford Theater, Big League Dreams Sport Park, Boomers Family Fun Park and the Ice Garden skating rink.
