Second Q real estate Coachella Valley: Here we are finishing the second quarter of 2022 and it is definitely slowing down. What a difference a few months makes..even in our resort destination Coachella Valley! Inventory is still low, but buyers do have a bit more power here in the valley, pretty much the same as anywhere else. The price of Land and Equestrian properties remains stable, but remember there are NEVER as many listings, and the buyer pool is much smaller, so it’s a different market than Residential. If you are looking to buy or sell in the Coachella Valley, call Kim Kelly, local Realtor for over 20 years; 760-285-3578
In the first quarter here in the Coachella Valley, we had low inventory, rising prices and really strong demand continuing from the previous 12-18 months. Different deal in the second Q of 2022. Inventory is rising, demand is decreasing. So far prices remain pretty stable, but demand is down, so it’s pretty safe to say prices will be dropping a bit. Sellers are still getting their numbers IF they are a bit more flexible. However as we head into the 3rd Q and the quiet summer months, I expect the sales pace to be a bit slower and the discount from List prices may have to be considered by sellers. I’m counseling my sellers to be realistic. If they want to sell now, they must hear the buyers and consider their offers.
There were 2584 homes sold in the second Q of 2022, a 23% drop from the same Q last year, but a slight uptick from the first Q of 2022. There are still plenty of sales, but compared to last year, or even last Q, the pace is slowing, so we all need to be aware of that when pricing a property. Take a tour through this 10 acre farm at Deer Creek Equestrian Center, Thermal. $2,995,000