Indian Wells median home prices for March 2012, per DataQuick reports, were up 53.8% to $950,000. The median sales price for condos was up 19.3%, $448,000.
For 2012, the market in general is improving with higher sales, lower inventory, prices rising in desirable neighborhoods, and fewer foreclosures for investors to find.
A total of 19,953 new and resale homes and condos sold in Southern California this March. That was up 2.8% from last year. Southern California home median sales price was $280,000, flat from last year when the median was $280,500.
Riverside County posted a median sales price of $200,000, up 1% from last year, with sales volume down 2.3%.
Last month 19.1% of all sales were for $500,000 or more. The low point for $500,000-plus sales in this cycle was in January 2009. Foreclosure resale activity, properties foreclosed in the prior 12 months, made up 31.1% of March sales, down from 36% a year earlier.
Some of the economic vital signs have shown improvement lately and that has renewed optimism in the housing circles. Coupled with incredibly low mortgage rates, it suggests 2012 pricing might be near the bottom. The biggest concern is the high unemployment rates.
This is the time to invest in a beautiful home to maximize profits when the market turns around. Take advantage of it.
ZIP Code: 92269 Location Characteristics: Indian Wells, often referred to as California's Premier Desert City, is the home of some of the country's wealthiest retirees who flock to world-class golf courses and four star luxury resort hotels.
The BNP Paribas Open, formerly the Pacific Life Open, the world's sixth largest and most prestigious tennis event in the world, is held each year at the Indian Wells Tennis Garden. The 16,000-seat stadium is filled to capacity each year for the event.
Located in the heart of the beautiful Coachella Valley, Indian Wells is home to world-class resorts and restaurants, championship golf courses and events like the Bob Hope Chrysler Classic.
The city was originally nicknamed "The Water Hole" by early prospectors before the now Indian Wells name caught on. The city was an actual Indian well community documented as early as 1823 by explorer Capt. Jose Romero. The community was incorporated as a city in 1967.
Before Indian Wells was a city, it was the last stop before Palm Springs along the Bradshaw stagecoach line, started in 1863. It served as the watering point for prospectors, pioneers and passengers traveling by stage coach.
Gated communities make up 90% of the city, with a total of 16 different communities in the city's 15 square miles, according to Community Development Director Corrie Kates.
With comedian wife Lucille Ball by his side, actor/singer Desi Arnaz helped build the city's first hotels. The Indian Wells Resort Hotel was originally the Desi Arnaz Hotel. He also helped build the Indian Wells Country Club.
