March real estate update: The Coachella Valley continues, like most of California to notch record breaking sales, and increasingly depleted listing inventories. Sellers continue to be in the drivers seats, especially with residential properties. The land values are continuing to bring increased prices/acre, and developed equestrian properties that can double as event sites are much in demand.
Overall, sales are staying swift, and residential properties are being purchased faster than they can be replaced. Here are some statistics pertaining to our local market..
- Approx. .6 month inventory (stable market is considered at about 6 months inventory)
- 1,079 homes sold in March, 2022, with a sales volume exceeding $677 million
- Sales volume increased 11.6% from last year.
- March saw 1116 new listings, a 9.9% decrease from March last year, but an increase from February of approx. 10%.
- Median sales price increased 23.9% from last year to $607,000
- Average price/sf is $426 a 35% leap from last year.
I rates are rising, that’s true, but here in the Coachella Valley, most property purchases are cash deals, so it remains to be seen how much of an impact I rates will have. Take the tour below of a 9.4 acre estate in Indio..