Private Pools are popular in the Coachella Valley

Coachella Valley home prices???  What’s going on here in the Coachella Valley with regards to the end of the second quarter in 2022.  While our market has slowed to a more normal pace, it is still going pretty fast.  Properties still receive multiple offers, but it’s not a charge.  The mortgage rate increases, inflation, and the war in Ukraine are weighing heavy on economics in general, and has slowed our home selling market down.

A large percentage of our Coachella valley home buyers are cash, and our local inventory is still very low.  I have seen less activity over the past few months in the 1 to 3 million dollar price point.  Most of the homes sold last year were $600,000 or higher, while 35% were sold in that price point last year, the rest were lower.  As prices have gone up, cash buyers have continued to pave the way for a large percentage of our valley buyers.

The economic impact on home prices is covered in this breakdown from Corelogic.  Take a tour of this amazing 35 acre date farm in Coachella.  Three parcels, two homes, date packing facility, great zoning, hard signalized corner location at 52/Van Buren.  $8,500,000.  If you are looking to buy or sell a home, equestrian property, or land, give me a call at 760-285-3578.

Land and equestrian properties need curb appeal too!!

What’s ahead for real estate in 2022?  So, we’re half way (almost) through the year and the coachella valley real estate is still smokin hot..but are there signs that it’s ending??  I don’t have a crystal ball, and I personally am very aware of the increased Mortgage rates, the increasing Inflation, and hugely fluctuating stock market, BUT I have no insight as to what’s going to happen in the future, so I thought I’d write a blog on exactly that from some different sources.  Decide for yourself!  Kim Kelly, local realtor for over 20 years 760-285-3578.

It’s been a red hot housing market from East Coast to West Coast.  Why?  COVID allowed buyers to work remotely, Interest rates were insanely low, and years of more demand than supply in the housing market all helped to create that storm.  Fortune reviewed seven industry forecast models to help us PERHAPS see what’s coming..

US home price growth:  Since 1980 Fortune calculates average price growth of 4.6%/year.  Over the past year price growth (19 % +) is four times that level.

Rising Mortgage Rates:  Even though we are still at good MI rates of 3.4-3.6% by the end of the year, it will cut out many buyers.

More or less mobile workers?  CoreLogic states that as we head into 2022, moderation in the current flight pattern may be changing.  IF corporate America pushes harder to bring staffers back into the office, that may slow buyer demand.

Take a tour of this amazing property, 20 acre working farm for $1,775,000

Multi acre estates are in high demand in the Coachella Valley!

March real estate update:  The Coachella Valley continues, like most of California to notch record breaking sales, and increasingly depleted listing inventories.  Sellers continue to be in the drivers seats, especially with residential properties.  The land values are continuing to bring increased prices/acre, and developed equestrian properties that can double as event sites are much in demand.

Overall, sales are staying swift, and residential properties are being purchased faster than they can be replaced.  Here are some statistics pertaining to our local market..

• Approx. .6 month inventory (stable market is considered at about 6 months inventory)
• 1,079 homes sold in March, 2022, with a sales volume exceeding $677 million
• Sales volume increased 11.6% from last year.
• March saw 1116 new listings, a 9.9% decrease from March last year, but an increase from February of approx. 10%.
• Median sales price increased 23.9% from last year to $607,000
• Average price/sf is $426 a 35% leap from last year.

I rates are rising, that’s true, but here in the Coachella Valley, most property purchases are cash deals, so it remains to be seen how much of an impact I rates will have.  Take the tour below of a 9.4 acre estate in Indio..

The Eastern Coachella Valley city of Thermal has land, ranches & gorgeous homes!

Thermal has some new projects going on.  Thermal, CA. is an East Valley city that is generating alot of interest as we head into 2022.  There was the Thermal Beach Club that we heard about over a year ago.  What’s going on with that?  Now, there’s recent talk about a private golf course..very private near the southern tip of Thermal.  For local real estate information or a free property consultation, call Kim Kelly at 760-285-3578.

The Thermal Beach Club is proposed to be just south of the Jacqueline Cochran airport and just North of Ave. 66 in a corner of Kohl Ranch.  It was to have a surf club, various housing, but..the local residents raised the issue that this club in no way helps the locals.  Thermal needs more low income or at least moderate income priced homes.  Have a Beach Club wouldn’t be something that the local community feels would benefit many of the locals.

Coachella and the other Eastern cities of our beautiful Coachella Valley..Thermal, Indio, Mecca, are all drawing new interest.  I have lived here in the Coachella Valley for about 40 years now, and the East Valley was always considered “way out there!”.  Now, Indio is practically central valley, and Coachella and Thermal have become THE cities to invest in.  Take a tour of this beautiful farm in Thermal, offered for sale for $1,775,000.