A mid-sized city of about 50,000 in the inland, desert Coachella valley, Indio, California, is in Riverside County about 125 miles east of L.A. After the credit crisis set in and began pummeling real estate markets across the country, the market for Indio real estate was dragged into the mess. It was hurt in 2008 and continued to see struggles throughout 2009, with prices nearly a quarter of what they were in the previous year. Nonetheless, 2010 shows plenty of room for improvement and early signs show this year may be the time for the market to slowly dig out of the hole its in.
In 2009, Indio saw 1,262 homes sold, the most of any city in the Coachella Valley, according to The Desert Real Estate Report’s statistics. The sales volume was encouraging, up 10% from 2008′s activity levels as the lower home prices allowed many buyers who were previously priced out of the market to seize up the lower-priced Indio real estate. The prices of Indio’s homes, however, showed continued signs of struggle. The yearly median price was $180,000, a full 20% lower than 2008′s median and the third-lowest median in the valley area. The annual average price, at just over $188,000, was off more than 25% year-over-year. This was typical of the Coachella Valley, as other cities saw prices fall by anywhere from 11% to 32%.
Despite those factors, early 2010 showed improvement in the Indio market. The month of February saw the city’s median price rise to $188,000, an increase over the same period last year, when it was just $180,000. February also accounted for a healthy number of sales, with 165 homes sold, according to MDA DataQuick Information Systems’ state statistics.
The condo market in Indio remained stuck with falling prices in February, however. The median price for an Indio condo in February was $50,000, down 10.6% from a year ago and down 16.7% from January. The average price for condos, however, was $80,300, a 17.1% improvement on the year prior. The condo statistics were based on nine condos sold in the month, an increase in activity of 28% from a year ago and besting January’s sales figures my 80%.