Indian Wells Market Overview: On July 14, 1967, the city incorporated and became the county’s 16th city, Kimberley Kelly, desert Realtor states. The City has always had a small population, 5,137 residents, which makes Indian Wells the desert’s smallest city. But…it also has the highest medium household Income at approx. $100,742, with a medium age of 68. One of our most centrally located cities, it has on average, our highest priced homes as well. Indian Wells is known throughout the Coachella Valley as providing it’s residents with some of the best RESIDENT PERKS, of any of our local cities. If you’re interested in touring some of the homes for sale in Indian Wells, give Kim Kelly a call at 760-285-3578.
HOME PRICES: Since 2008-2009, Indian Wells, being least affected by the housing crash of all of our Coachella Valley cities, has seen a steady, average, increase of 4.5%/year in medium prices. Not as dramatic as the cities that were ravaged by the housing crash. Part of the price volatility in a city has to do with Inventory. Because there only 6,230 homes TOTAL, the sales average is just 20/month. Half of the residents are homeowners, and the other half are remote investors or second home buyers. (courtesy of Market Watch, LLC) Of the 5,960 Condos, ownership is approx. 2/3 to remote investors, leaving only 1/3 owner occupied.
INVENTORY: As stated by Kim Kelly in previous blogs, the valley’s growing Inventory in all 9 desert cities, is at a 5 year high. Indian Wells has the highest “homes listed VS homes sold”, with a standing inventory of 17.1 months. One year ago, it was 14.1 months! That IS high, but keep in mind that higher priced homes take longer to sell on average. There are fewer buyers at higher prices, so normal carrying inventory is closer to 9-10 months. Average “Days on the Market” before a property is sold is increasing throughout the valley, and Indian Wells is no exception. Expect Days on market to be 100+ days as we approach end of season, for both Golf, and Non-golf course communities within the City.
What should you look for before you decide which community in the Coachella Valley best suits you???