Are you curious about the latest real estate trends in the Coachella Valley? Whether you're considering selling your home or simply staying informed, our May market report provides key insights into price trends, sales activity, and more. Read on to discover how the market is performing and how you can leverage this information to make the best decisions for your real estate needs.
Price Trends
In May, the median price of a detached home in the Coachella Valley slightly decreased to $710,000 after reaching an all-time high the previous month. Despite this dip, prices have still risen 3.6% year over year. The median price for attached homes also saw an increase, ending May at $494,000, up 1.9% from the previous year. Yearly price changes for detached homes varied significantly, with Coachella experiencing a notable 14.1% increase, while Bermuda Dunes saw a 10% decline. For attached homes, Bermuda Dunes saw a substantial gain of 23.7%, whereas Desert Hot Springs experienced a 7% decrease.
Sales Activity
The three-month sales average is slightly behind last year's numbers by fourteen units, with May recording 763 units per month compared to 777 units last year. Sales are currently 20.2% below historical norms. Palm Desert leads in unit sales with 172, followed closely by Palm Springs with 164. Interestingly, four cities—Palm Springs, La Quinta, Desert Hot Springs, and Indian Wells—have higher sales compared to the previous year.
Inventory and “Months of Sales” Ratios
As of June 1st, the Valley’s inventory stood at 2,610 units, the highest in four years. Despite this improvement, the inventory is still about 1,000 units below pre-pandemic levels. The “months of sales” ratio, which indicates how long it would take to sell the current inventory, was 4.2 months on June 1st, an increase of 1.2 months from last year. Most cities maintain ratios between three and four months, suggesting a balanced market.
Days on Market (DIM)
The median number of days a home stayed on the market in May was 45 days, five days longer than the same period last year. Coachella had the shortest average selling time at 27 days, followed by Desert Hot Springs at 36 days and Indian Wells at 39 days. Rancho Mirage had the longest average selling time at 51 days.
Price Discounts and Premiums
Detached homes are currently selling at an average discount of 2.1%, while attached homes are selling at a 2.6% discount. Desert Hot Springs boasts the lowest selling discount at 0.2%, whereas Rancho Mirage has the highest at 3.4%. In May, 15.3% of homes sold above their list price, slightly lower than the previous year.
Find Out What Your Home Is Worth
Curious about what your home is worth in today’s market? Use our home valuation tool to get an instant estimate. Our tool provides an accurate assessment based on current market trends, helping you make informed decisions whether you're looking to sell or just curious about your home's value.
For more detailed information on current market trends and to stay updated on the latest real estate news in the Coachella Valley, visit our website. Explore our comprehensive reports and find out how the market is performing in your area. If you're considering selling, now is the perfect time to understand your home's potential and take advantage of the current market conditions.