Coachella Valley First Quarter round up. So, here we are starting into the second quarter of 2021, and it’s time to look back at what happened in the first quarter here in the desert’s 9 Coachella Valley cities. What trends are we seeing? Is the Inventory really that low? Is it a good time to sell..to buy?? What’s happening with the loan rates? To be sure you are getting your best representation, be sure to contact a local realtor. For your own property consultation, or to schedule a tour specific to what you are looking for, give Kim Kelly a call at 760-285-3578.
It is currently a pretty frenetic housing market in our desert. The first Q of 2021 shows a market that is experiencing extreme conditions. Inventory is so low at all price points that homes are selling at or above List price. Average Days on the market is approx. 59 days. Remember that average means half sell before and half sell after. My experience in the market is that homes with desirable locations (sun/view orientation), are selling quickly, and there is MAYBE 1-2% closed price vs. List price. The average closed sales price is approx. $673,000, which is a 25% year over year increase from last year at this time. The Coachella Valley first quarter of 2021 ended with only 714 homes for sale in all 9 desert cities! That’s an 81% drop from the same time last year. A normal market has about a 6 month inventory, but we are at approx. .7 months of available inventory.
Good time to sell? Yes, if you want to get a good sales price. Good time to buy? Yes, if you want to get a good mortgage rate, and you know EXACTLY what you want to buy. Loan Rates have climbed a bit..now above 3%. but good grief, that’s still incredibly low! Take a tour of this incredible offering near the Coachella Music Festival grounds. 9.4 acre estate listed at $9,500,000