Just another beautiful day in the Coachella Valley!
Coachella Valley real estate update: Inventory is up, days on market are up, medium sales price is also up in our Coachella Valley cities. Total sales are however, down about 32% over last year. (This info courtesy of the CDAR, which is the California Department of Real Estate). Call local agent, Kim Kelly for info on your home value, 760-285-3578.
The Coachella Valley Real Estate Summary
PRICES: Prices have begun their seasonal rise. The median price of a detached home in the Valley increased for the first time in six months. It ended November at $634,990, which is $15,000 above last year. The median attached price ended November at $447,000, which is $8,000 less than last year. Year over year price changes in detached homes range from a gain of 11% in Indian Wells to a decline of 7.6% in La Quinta. Gains of the average size attached home range from 15.4% in Desert Hot Springs to minus 3.4% in Indio.
SALES: When you take out seasonality, sales are running 32.1% below normal. The three-month average in November was 472 units compared to 477 units a year ago. In most cities, sales are comparable to year ago levels. Only the cities of Rancho Mirage, Coachella and Indian Wells have sales measurably less than last year. Dollar sales in November were $365 million, which is 3.4% below last year.
INVENTORY & “MONTHS OF SALES” RATIOS: Inventory is back to normal. On November 1st, Valley inventory was 3,187 units, which is 869 units higher than last year. We haven’t had inventory over 3,000 since 2020. The Valley’s “months of sales” ratio was 5.3 months, which is 1.5 months more than last year. We see consistent ratios between 5.5 and 7.0 months in most of the nine cities. The ratio in Indian Wells is now the highest at 15.3 months.
DIM: Selling times are coming down as the median selling time dropped for the second time in nine months. At the end of November, the median number of “days in the market” in the Coachella Valley was 43 days, which is only seven days more than last year. The city of Desert Hot Springs has the lowest average selling time at just 34 days. This is followed by Indian Wells at 35 days and Indio at 41 days. Rancho Mirage has the highest median selling time at 53 days.
PRICE DISCOUNTS/PREMIUMS: Price discounts are back to normal. Currently, detached homes are selling at an average discount of 2.1% compared to 2.1% a year ago. Attached homes are selling at a 2.6% discount. Coachella, Indio and Cathedral City have the smallest selling discount at 1.4% while Rancho Mirage is selling homes with the highest average discount of 3.4%. The percent of homes selling over list price is 15.0%. This is 1/2% less than last year. Take a tour of this gorgeous 9.8 acre date farm in Coachella, CA.
