This is the Coachella Valley's real estate market update. We'll be reviewing the most up-to-date data regarding home prices, sales and inventory, days on market, price discounts/premiums, and other pertinent info.
Let's start with prices. Last month, the median price for a detached property in Coachella Valley increased by $7,210 to $689,000 - an increase of 4.4% over last year. Although this was the third consecutive monthly rise, it was expected as prices are still in their strong seasonal period. Attached prices rose $26,000 to $460,000 in March from their May peak and have seen slight year-over-year gains as well. Cathedral City and Desert Hot Springs experienced the largest increases year over year at 6.6% and 6.2% respectively; every city except Indio and La Quinta experienced growth since 2012.
Let's now turn our attention to sales. Last month saw over 700 transactions and the three-month average of monthly sales increased to 545 units from 449 the month before, up from 449 the prior month. However, these figures remain 30% below March's average of 788 units sold before the pandemic began. Cathedral City experienced the greatest decrease in sales at 57% followed by Desert Hot Springs (47%), Indio (44%), Palm Desert and Coachella with smaller decreases at 23% and 19%, respectively).
Let's now examine inventory levels and "months-of-sales" ratios in the Valley. As of April 1st, inventory stood at 1,976 units - nearly identical to last month but 1,298 more than one year earlier. Although we had hoped inventory would reach 2,500 by April end, it appears unlikely given how low new listings remain at historic lows. The Valley's "months-of-sales" ratio stood at 3.2, slightly higher than last month but still reflecting lower inventories rather than higher sales numbers.
At the end of March, the Valley experienced a median day on market of 48 days - this is unchanged from last year but 25 days longer than its attached market counterpart in Palm Springs (37 days). At 37 days, detached homes in both cities experienced the shortest median selling time at 27 days; Palm Springs boasted 28 days as its attached median sale time.
Let's examine price discounts/premiums: in comparison to 50.3% last year, 13.4% of March sales were above list price this month - still close to the historical norm of 10%. Detached homes experienced average selling prices close to 10% across all cities except Coachella at 2.2% and Bermuda Dunes at 5.4%; attached home discounts averaged 1.8% in Cathedral City and 5.5% in Indio respectively.
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