Coachella Valley real estate update. The peak season for the desert real estate market is typically the 4th quarter, and this year has been no different. The Coachella Valley is nobody’s secret any longer! Call Kimberley Kelly, local desert realtor and resident at 760-285-3578.
Inventory is still less than half of what it was a year ago (915 vs. 2,014), and less than a third of what it was in October of 2019 (3,010). Are we going to see the explosion of listings that those in the Real Estate industry have been clamoring for? Or, will we see the normal seasonal increase in listings that would get us just above a thousand? Either way, it’s going to be an interesting season coming up in 2022.
The other current housing market stats remain pretty consistent. Median months of sales remain just under 1.0 (under 3.0 would indicate a sellers market), and the average discount rate is at a premium of 1.1%, meaning the average home is selling for 1.1% above list price. Average total number of sales are down 28% from a year ago (806 vs. 1,120), but still higher than what we experienced years prior. In fact, the number of sales has decreased year over year in every price point except homes above $1 Million. The largest decrease in the number of sale was in homes priced under $400k.
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