Looking for a GOOD Coachella Valley Realtor?
What do clients want in their Realtor?? OK, let’s clarify here that EVERY agent is a unique individual and EVERY client is a singularly unique human being (or group of humans!) That being said, after 22 years in this business here in the Coachella Valley, there are some things that nearly all of my clients want from me as their agent. If you are looking to buy or sell your home, land, or equestrian farm in any of the 9 Coachella Valley cities, give local resident and agent, Kim Kelly a call at 760-285-3578.
5 Things Clients ALL need in their Realtor!
- Where are you??? I cannot tell you how many times a person became my client simply because I was the only Realtor that returned their phone call! What?? Every single person looking for property needs a responsive Realtor.
- Communicative: I sure wish my fellow realtors would return MY calls or inquiries. Good grief. Just shoot your clients an update..even if all you have to say, text or email is “Nothing new, but don’t worry, I’m on it! I’ll let you know as soon as I hear from the seller.”
- Know the Inventory: This was the very first thing my mentor told me when I switched from New Home Sales into Resales. We cannot know every single home, but we can certainly know the general inventory of a specific property type in a specific valley location.
- What is the correct offer price? It’s my job as your representative to do the research in regards to the property you are interested in, but also in regards to what has sold that is a GOOD comp for that property. Every offer is not only about the offer price, but also about the terms. Each seller may have a very specific reason for selling, and that will influence the terms that best suit them.
- Understand the steps of a purchase or sale: My clients have not done the hundreds of deals over my many years that I have. Each deal is different, each situation is different, so knowing local lenders, appraisers, survey companies, inspectors, county contacts, city contacts. These are the connections you make by experience, and there is no substitute!
- Take a tour of this amazing 77 acre farm in Vista Santa Rosa.
Our popular Coachella Valley real estate market is slower in 2023.
Coachella Valley Housing Market Report: The housing market report for October for our Coachella Valley cities has just been released. It is through October, 2023 and encompasses all the Coachella Valley cities. Basically, yes, sales have slowed. Sales fell to 34.7% below normal by January of 2023, and then began to improve, about 5% by October, 2023. It is believed that this is due to higher interest rates and also digesting the excess demand that was created by low rates during COVID You can check out the entire Housing Report here.
SUMMARY OF THE HOUSING REPORT
PRICES: The median price of a detached home in the Coachella Valley ended October at $642,450, up slightly for the month but down 2.7% year over year. The price decline over the last five months has been primarily seasonal. The median attached price in the Valley was effectively unchanged last month at $435,000 and is now down 4.4% year over year. Year over year price changes for detached homes ranged from an increase of 11% in Bermuda Dunes to a decline of 9% in the city of Coachella. Six cities have gains for their attached homes – Indian Wells, Rancho Mirage, La Quinta, Bermuda Dunes, Cathedral City and Indio.
SALES: Sales continue to decline. The three-month average of sales was 513 units in October, which is 53 units less than last year. The 12-month average of sales, which takes out seasonality, shows sales are averaging 599 units a month. This is 25% below last year. The city with the largest percentage increase is Rancho Mirage, with sales up 17%. The cities with the largest declines are Indio and La Quinta, with sales down 20% each.
INVENTORY & “MONTHS OF SALES” RATIOS: In October, Valley inventory increased 348 units and by November 1st it stood at 2,110 units. While most of this increase is seasonal, we’re struck by the size of the gain, which is larger than most increases in October. The Valley’s “months of sales” ratio was 3.5 months, which is up .5 months from last month and one month more than last year. This fundamental ratio measures supply and demand and, at 3.5 months, is at a level that is somewhat normal.
DIM: The median selling time in the region is relatively stable. At the end of October, the median number of “days in the market” in the Coachella Valley was 37 days, which is one day less than last month and two days more than last year. The city of Coachella continues to have the lowest median selling time for detached homes at 27 days, followed by Palm Springs at 32 days and Cathedral City at 35 days. In the attached market, Desert Hot Springs continues to have the shortest average selling time at 28 days, followed by Palm Springs at 33 days.
PRICE DISCOUNTS/PREMIUMS: In October, 16.5% of sales sold above list price, compared to 21.7% a year ago. Every city continues to average a selling discount for detached homes, which range from .7% in the City of Coachella to 4.1% in Bermuda Dunes. Discounts for attached homes range from 1.6% in Palm Springs to 3.3% in La Quinta. We continue to expect the percent of homes selling at a premium to remain around current levels as we move into fall and winter and inventory grows.
(The Desert Housing Report October 2023 Produced for Valley agents through the sponsorship and cooperation of GPSR and CDAR by Market Watch LLC ©2022 CDAR & GPSR. All rights reserved. Use and distribution by members only. The Desert Housing Report)
This Coachella Valley 2 acre property has a 6400 sf warehouse.
The Housing market continues to be strong! Our local desert housing market for the Coachella Valley continues to remain steady. Our prices for residential properties is a little lower than last year. A home with a good orientation within it’s community, nice floorplan and in good shape will still sell, BUT it is harder for a buyer to qualify for a loan. That means that your home may sit a bit longer than last year. It’s important for sellers to be realistic with their pricing, and open to negotiating with buyers. Vacant land continues to sell and the price/acre has crept up from last year. We are still a valley of good land values, and well kept properties, whether they are residential, vacant land parcels, commercial investments or equestrian properties will sell! If you are looking to buy or list your Coachella Valley property, give local realtor, Kim Kelly a call for a complimentary property consultation at 760-285-3578.
5 reasons there will be no housing market crash (MSN reports)
- Coachella Valley inventories are still very low. In all communities and including land/equestrian properties, there just isn’t a deluge of inventory in any area. We will see the for sale inventory climb as we approach the 2024 season, but it will still be low. This lack of inventory tends to counter the increased mortgage interest rates and keep sales prices pretty steady.
- Home Builders just have not built enough inventory to meet the buyer demand. Our Coachella Valley cities have some new inventory to offer, but there still are not enough homes to meet the demand.
- Demographic trends: The pandemic created more home buyers in areas they hadn’t originally planned to move to! The rise of working from home has driven a certain group to purchase, millenials are a huge group coming into their buying years and the Hispanic population as a whole are keen on homeownership.
- Lending standards remain strict: This is fantastic. We don’t have Liar Loans like we did in 2005-07, no low or zero doc loans and zero down loans. Buyers now have to have stated income, good credit scores (650 or higher), and come in with the standard 20% down for the most part. If lending standards loosen, this could change.
- Finally…good news here..Foreclosure activity is low. After 2007, when foreclosures were flooding the market and depressing prices, there was no way to stop the crash. That’s not the case now. Most homeowners have equity in their homes, lenders aren’t filing default notices, and foreclosures are out there, but not many of them.
As the Coachella Valley season gets closer, look for new listings in all types of properties. The one here is a 2 acre property in Thermal, very near the Thermal Race Club, HITS showgrounds, golf and lots of other east valley amenities, yet very private. Offered for the season at $1,332,000, you get a mid century modern pool home + a 6400 sf permitted warehouse with a multitude of uses. Take the tour here..
Market update for real estate; Coachella valley real estate.
Coachella Valley real estate market update. Time for your market update regarding real estate here in the Coachella Valley. Actually, these updates are in regards to real estate in general. As we all know, loan rates have continued to increase. The increasing rates continue to dampen sales and refinancing, which tends to decrease housing starts. I represent land, farms and residential sales, acquisitions and investment opportunities. If you are looking to buy, sell or just want a free consultation as to the value of your property, give Kim Kelly a call at 760-285-3578.
REAL ESTATE MARKET UPDATE
- Residential construction spending increased .6% in August.
- Private sector spending for single family homes rose 1.7%. Climbing interest rates led to a 6% drop in mortgage applications last week.
- Apps fell to the lowest level since 1996! Lenders denied loan applications due to “insignificant income” more often last year than any time since 2018.
THE ECONOMY IN GENERAL
- The number of job openings jumped unexpectedly in August. Labor market strength seems to continue despite Fed rate hikes
- Manufacturing data improved for the 3rd straight month in September. Is the worst over for this sector?
- But…the services sector slowed in September, as new orders fell to a 9 month low. But..the pace was consistent with solid economic growth.
(The above information is courtesy of Walter Neil with Franklin Loans right here in the Coachella Valley.)
Take this tour of one of the most fabulous remaining large parcels of land in the Coachella Valley. Currently an equestrian layup facility, the seller will let it go for $125,000/acre, so for 77.8 acres the total sale price would be $9,250,000. This is the last remaining large parcel of land in a key area of our coachella valley..located on Avenue 53, just West of Monroe St. Take the tour of this amazing farm below..
20291 Ford Ave., Sky Valley, CA is for sale!
JUST SOLD: 20 acre farm in Thermal. The Eastern Coachella Valley is on fire! With all the negativity from the media about housing, the high interest rates, no inventory..blah, blah, blah. Here’s the thing..all true! But..whenever things are slow in one part of the industry, seems there is always a part of the real estate market that is doing well. Here in the Coachella Valley, it’s the extreme high end of luxury sales, and it’s also land and farms and estate properties that are selling well. If you are looking to buy or sell in the Coachella Valley, give me, Kim Kelly a call at 760-285-3578.
I’ve lived in the Coachella Valley for 40 years. Coachella, Thermal, and cities even further East in the Coachella Valley are coming into their own. Smart development choices, low density housing choices and mixing rural communities with smart housing developments are drawing people to the Eastern end of our valley. Thermal consists of approximately 17,000 acres, and is home to date production farms, equestrian developments including the HITS show, Jacqueline Cochran airport, and the enormously popular Thermal Car Club. The 20 acre farm just sold is just over the sound barrier from the car races. The new owner is a car competitor, and he bought himself a smashing farm where he can keep his cars, land the helicopter, host parties, build an estate, or build large garages to work on the cars! I have more! Take a tour of this farm located at 85501 61st avenue, Thermal. $1,850,000.
Luxury rental/event site SOLD in Indio, CA.
Coachella Valley Short Term Vacation Rental Info. I show alot of property. Most buyers now, whether it’s a residential buyer, Estate buyer, Equestrian property buyer, or investment buyers, want to know if they can use the property as a short term vacation rental. That is not a Yes or no answer! Many issues come into play regarding short term vacation properties. Each City, and the County of Riverside has it’s own rules. For example, the City of Indio short term vacation rental rules differ greatly from La Quintas’! If you are looking to buy or sell a short term vacation rental property or event site, give local realtor Kim Kelly at 760-285-3578.
A Coachella Valley investment property can be a lucrative asset to any real estate portfolio. If you’re thinking about the ROI (Return on Investment) of a particular property, be sure to do your homework before writing that offer! The Coachella Valley can be lucrative for owners renting out their properties. There are several different ways to rent your property. Short Term, which is a contract less than 30 days, and seasonal rentals, which are over 30 days. Then of course there are event sites, corporate sites, wedding sites.
Be sure to check with the City websites, and even give them a call to verify the rules and regulations specific to that community or City with regards to the property you are considering. If you are buying in an HOA controlled community, you must check directly with that HOA as they can dictate their rules pertaining to short term rentals within their boundaries. Believe them and honor their rules! Take a tour of this gorgeous home at the gated Rancho Mirage community, Victoria Falls. No rentals of less than 29 days!
Buying or selling in the Coachella Valley?
What about this coachella valley market? Here in the Coachella Valley, the bidding wars of 2 years ago have pretty much quieted down. A year ago, you could count on a full price offer if your property was priced right. Now, it’s pretty up and down. The market isn’t bad, but buyers are more cautious. Because interest rates are high right now (6-7% for a conventional loan), compared to I rates of a couple years ago, which were at an all time low of 2-3%, some buyers are finding they can no longer afford that home’s price point, and they are dropping down into a lower tier sales price. If you are considering buying or selling your property here in the Coachella Valley, give Kim Kelly, local realtor, a call at 760-285-3578.
There are several things to remember as a seller in this market. High competition and low inventory can turn into a sellers’ gain. Pricing is important, but also keeping your agents’ on top of the market is imperative. No matter what the comps say, buyers actually set the market. Here in the Coachella Valley, buyers, especially if they are patient, can afford to wait. Sellers on the other hand should be willing to negotiate..even if their neighbors house right next door, which wasn’t as nice, sold for MORE than you are listed at! Believe the market. If you really want to sell your property, respond to all offers; do NOT get insulted.
Especially for sellers of higher priced homes, we are seeing year over year price declines, though not huge. There is less competition, so your house may not sell as fast. Be patient, and be realistic.
Take a tour of this new listing at Victoria Falls in Rancho Mirage, CA. Offered at $1,249,000.
25 Victoria Falls Dr. at Victoria Falls in Rancho Mirage, CA
Just Listed in Rancho Mirage: Beautifully maintained single family home located at the gated non-golf community of Victoria Falls. Originally built by Peter Soloman, Victoria Falls is centrally located in our desert valley, near the 10 Freeway, at the corner of Bob Hope Dr. and Gerald Ford. The city of Rancho Mirage offers upscale dining, parks and walking paths, a beautiful library, and is right in the middle of our valley. If you are looking to buy or sell in the beautiful Coachella Valley, give Kim Kelly a call at 760-285-3578.
Built in 2002, and coming in at just over 3,000 sf with 4 bedrooms and 3 bathrooms, this Duchess floorplan at 25 Victoria Falls Dr., is the perfect size. The West facing back yard offers great light over the Pool and spa. The rock waterfall cascades into the pool, creating a soothing sound and sparkling light affect; this is resort style living in the desert! The back yard is an oasis of carefully chosen plants, full grown trees, desert scape mixed with grass, multiple walking paths and conversation areas, an in ground fire pit and an outdoor cook station.
Covered outdoor cook station with BBQ, granite countertop!
The covered outdoor cook station includes a built in gas BBQ, granite topped counter, over head heaters, ceiling fan, and an electronic shade for dining as the sun sets.
The home has been remodeled with new flooring throughout and new carpet in the bedrooms, lighting, newer A/C units, pool heater and pump, water heater, and new cabinets in the kitchen and powder room. The kitchen has gorgeous granite counter tops, new refrig., new Bosch dishwasher and direct access to the 2 car garage. There is also a golf cart garage.
Low HOA’s of only $370/month include basic cable, gated entrance, front yard maintenance to the courtyard and basketball, tennis and pickleball court maintenance. Victoria Falls is a lovely community! Call Kim to make your appointment to tour this property today! 760-285-3578. Take the video tour below..
Coachella Valley real estate is adjusting to a new economic reality.
Coachella Valley real estate update: As everyone knows, the real estate market everywhere is going through a crazy time. After a huge run up in prices over the past 2 years, caused by low inventory and high demand, the sellers were pretty much able to choose between their multiple offers, or accept a full price offer very quickly after list. Times they are a changing here in the Coachella Valley! Properties are still selling..under the right conditions, and if sellers list their properties at the right price.
Inventory is still fairly low, especially for homes that have the desirable South or West orientation that buyers love here in the sunny Coachella Valley. A great floorplan, and a killer location will still create plenty of demand, but pricing is critical. Just because your neighbor got $550/sf. a year ago, does NOT mean your home will garner the same amount.
Land is selling in the Coachella Valley. Interesting that demand has increased in the further Eastern areas of the valley, our more rural cities like Coachella, Thermal, and Mecca are seeing sales, and strong demand. Developers are purchasing land for estate home developments and multiple residential developments. Equestrians are investing in both land and farms, and event sites on multi acre properties are in high demand. Demand remains in our 9 desert cities IF sellers are in tune to the market and price their property correctly! Take a tour of this 108 acre parcel of land on 64/Pierce.
Our popular Coachella Valley real estate market is shifting..
Coachella Valley market update July. Just in the last 24 hours, I’ve seen a number of price reductions on our local Coachella Valley MLS. There are even some reductions in long and short term rentals! Haven’t seen that in awhile. This article from the New York Times notes the slowing real estate market nationally. If you are looking to buy or sell your Coachella Valley property, give me a call at 760-285-3578.
Here in the Coachella Valley, we are still seeing increasing prices and property values due to low inventory and the fact that we are a destination resort location. Sellers that price their properties right, and are open to negotiating a bit will still sell their properties, but the hot buyers market from 4 months ago is done. Great sun orientation, floorplans and views still demand the top prices in the Coachella Valley, but now there are not multiples for most properties.
Median Sales price: $590,000 down 1.7 % since last month but up 18% from last year.
Days on Market: 34. Up 26% from last month and up 3% from 2021
Active Listings: 1,489 Up 7% from June and up 99% from last year!
Closed Sales: 544 Down 28% from June and down 39% from last year.
Months of Inventory: 2.7 up 50% from June and up 237% from 2021!
If you’re a buyer, it sure feels like the market is switching from a sellers market to more of a buyers market. Mortgage Interest rates seem pretty stable right now at about 5%, which is MUCH higher than last years rates, but still historically very manageable. As rates go up, prices tend to come down..that’s the good news for buyers. Take a tour of this incredible 10 acre equestrian property in Thermal, CA. $2,995,000