La Quinta offers many housing options.
Coachella Valley Market Update: Inventory is rising, buyers are coming back into town, price points are coming down a little bit, and the sun is out! Life is fabulous in the Coachella Valley, and our desert winters draw so many seasonal people to escape their cold locales and hang out in the valley for some sunshine. Local agent/resident, Kim Kelly 760-285-3578.
Rising Inventory
The Coachella Valley real estate market is experiencing a rise in active listings. Currently, there are 2,354 housing units available, up from 1,865 units last year. This surge of nearly 26% indicates a steady increase of properties onto the market throughout the year.
Declining Sales Activity
In contrast to the rising inventory, the number of sold listings has decreased. There were 363 homes sold this year, down from 411 a year ago, marking a decline of approximately 11.7%.
Pricing Trends
The average sale price has seen a notable decline to $704,961, which represents a 7.4% decrease from last year’s average of $839,524.
Days on Market
Homes in the Coachella Valley are currently spending an average of 67 days on the market. A longer days-on-market metric suggests that buyers are taking their time to make decisions, weighing their options carefully in the current environment.
Implications for Buyers and Sellers
For buyers, the uptick in inventory offers a broader range of choices and may reduce competition, which can lead to better negotiating opportunities. The decline in average sale prices also creates a more favorable environment for those looking to enter the market or upgrade their current living situation.
Sellers, however, may need to reassess their pricing strategies in light of the declining average sale price. With more properties available, competitive pricing becomes crucial to attracting potential buyers. (Courtesy of Palm Springs Tribune)
