The market for real estate in the inland area of Indian Wells, California, is typical of the larger U.S. housing market. Though prices have fallen steeply from their peaks around 2006 and 2007, the market seems to be slowly stabilizing and was helped last year by the government’s stimulus program offering up to $8,000 in tax credits to qualified home buyers. The Indian Wells real estate market saw increasing signs for optimism in 2009, and unlike most California markets, it has even seen a recent rise in prices.
In February 2010, the Indian Wells market saw 19 homes sell, according to DQ News. The homes sold during the month had a median price of $525,000, a staggering 54.4% increase from the median price of homes sold back in February of 2009, which saw a median price of just $340,000.
According to the Desert Real Estate report, which has a slightly smaller scope of what it defines as Indian Wells, February saw the community with a median price of $730,000 for single-family homes, an increase of 139% from a year ago and up more than 11% from January prices. The average price for Indian Wells homes for sale came to $818,818, a slight dip of 9.3% from February of 2009 and a fall of 18% from January’s figure. The report said there were 11 homes sold in Indiana Wells in February, up more than 266% from last year’s sales figure but down 15% from higher sales activity in January.
Likewise, the Indian Wells condo market saw increases in prices as well. There were five condos sold during the month of February for a median price of $425,000. That figure was up 21.4% from a year earlier and up 19% from January figures. The average price for condos sold was $433,000, up 24.9 on a yearly basis and 22.7% on a monthly basis. The volume figure of five condos sold accounted for a 66.7% rise in activity from February of 2009 and a 25%
increase from the month prior.