If you're contemplating selling your home in the Coachella Valley, it's crucial to stay informed about the dynamic real estate market. As we close the chapter on November, let's delve into the latest Desert Housing Report brought to us by the California Desert Association of Realtors (CDAR) and the Greater Palm Springs Realtors (GPSR).
1. Pricing Trends:
- The median price for detached homes in the Coachella Valley concluded November at $635,000, witnessing a monthly decrease and a 1.6% dip compared to the previous year.
- Attached homes, on the other hand, saw a positive shift, with the median price rising to $457,000, marking a 2.7% increase year over year.
- Price fluctuations in detached homes vary widely, with La Quinta experiencing an impressive 11.9% gain, while the city of Coachella saw a decline of 12%. Attached homes in six cities, including Indio, Rancho Mirage, Indian Wells, Bermuda Dunes, Palm Desert, and Cathedral City, have all shown year-over-year gains.
2. Sales Insights:
- November's three-month average for sales stands at 480 units per month, a decrease of 20 units compared to the previous year.
- The recovery chart, comparing current sales against seasonal averages, reveals a 30.6% decline over the last four months compared to the norm.
- Rancho Mirage stands out with a 23% increase in sales, while Indio and Cathedral City experience the largest declines at 23% and 12%, respectively.
3. Inventory & “Months of Sales” Ratios:
- November saw a notable increase of 150 units in Valley inventory, reaching 2,260 units by December 1st – the highest since the onset of the pandemic in 2020.
- The Valley's "months of sales" ratio is at 3.8 months, a one-month increase from the previous year, indicating a return to normal levels of supply and demand.
4. Days in the Market (DIM):
- The median "days in the market" for the Coachella Valley was 36 days at the close of November, just one day less than the previous month but one day more than the previous year.
- Coachella, Desert Hot Springs, and Indian Wells boast the shortest selling times for detached homes at 25, 31, and 32 days, respectively. In the attached market, Indio leads with an average selling time of 26 days.
5. Price Discounts/Premiums:
- In November, 15.9% of sales closed above the list price, a slight decrease from 17.5% the previous year.
- Anticipating around 16% of homes to sell at a premium (one out of every six sales), each city maintains an average selling discount for detached homes, ranging from 0.9% in Coachella to 5.7% in Bermuda Dunes. Attached homes see discounts from 0.4% in Bermuda Dunes to 3.4% in La Quinta.
In this ever-changing real estate landscape, staying informed is key to making the right decisions for your home. For more in-depth information on the Coachella Valley housing market take a look at the entire Desert Housing Report. And to explore the current value of your home, visit our website. Empower yourself with knowledge as you embark on this exciting journey in the vibrant Coachella Valley real estate market.