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