Coachella valley market update
Coachella valley real estate market: Buyers are still active, and the inventory is low, so both buyers and sellers can get their property IF they are reasonable and the price is right! Local agent and resident, Kim Kelly 760-285-3578.
Through our Coachella Valley, a total of 570 single family homes have been sold since this time last year, that’s an increase over last year. Homes take longer to sell, averaging 75 days on the market, which is a bit slower than last year.
The median price is $675,000 which is down about 7%, which gives buyers more negotiating power, but also slowing the pace of appreciation. Remember that the median price means the number that half of the homes sell above and half sell below.
Sellers who priced correctly received 95% of their list price, but only 28% of homes sold over ask. Price/sf dipped to $347/sf, about a 2% drop.
Inventory dropped alot..about 22% to approx 2,697 homes actively listed for sale.
There are approx. 6 months of housing supply which is down approx 25% which indicates a more stable market.
What this means for SELLERS is that if priced right, you will sell your property. Condos are still selling well and demand is strong. Priced right, your condo will sell. For BUYERS, you have breathing room in single family homes, while condos are selling quicker so don’t mess around too much with the price! The house below is in La Cantera, La Quinta. I listed and sold this in just over 30 days. There are several homes available in this community today, so if you’re looking to buy or sell in the Coachella Valley, give me a call at 760-285-3578.
