Our local real estate market experts, Market Watch LLC, have just released their April 2025 Desert Housing Report. Some of the highlights:
COACHELLA VALLEY APRIL HOME SALES RECOVERY: In the Coachella Valley in April, home sales were 17% below the pre-pandemic normal average April home sales. The pre-pandemic normal is the average April Coachella Valley home sales over the years 2016, 2017, 2018 and 2019. For comparison, in April 2024, Coachella Valley home sales were 34.6% below the pre-pandemic normal average April home sales
COACHELLA VALLEY APRIL DETACHED HOME MEDIAN PRICE: In April, the median price of a detached home in the Coachella Valley increased for the six straight month to $725,000 (down $250 from $725,250 in April 2024). Market Watch commented that the median detached home price usually hits its seasonal low between September and December, and its high in April or May. They went on to note that the data clearly showed that detached homes have held the price gains made during the pandemic.
COACHELLA VALLEY APRIL ATTACHED HOME MEDIAN PRICE: In April, the median price of an attached home in the Coachella Valley was $500,000 (down $5,000 or roughly 1% from $505,000 in April 2024). Market Watch commented that the seasonal price swing for attached homes was much larger than for detached homes and that the attached home median price seemed to be following the normal seasonal pattern.
COACHELLA VALLEY APRIL YEAR-OVER-YEAR CHANGE IN THE PRICE OF THE AVERAGE SIZE HOME BY CITY: In April, the year-over-year price change for the average size detached home by Coachella Valley city ranged from an increase of 22.3% (increasing to $2,261,061 from $1,848,372 in April 2024) for the average size 3,450 sq ft detached home in Indian Wells to a decrease of 3.8% (decreasing to $1,319,790 from $1,371,979 in April 2024) for the average size 2,175 sq ft detached home in Palm Springs. In April, the year-over-year price changes for the average size attached home by Coachella Valley city ranged from an increase of 13.9% (increasing to $792,675 from $695,721 in April 2024) for the average size 1,950 sq ft attached home in Indian Wells to a decrease of 10.5% (decreasing to $634,060 from $708,120 in April 2024) for the average size 1,750 sq ft attached home in La Quinta).
COACHELLA VALLEY APRIL AVERAGE MONTHLY HOME SALES - THREE MONTH AVERAGE: In April, Coachella Valley home sales averaged (3 month average) 734 home sales (roughly unchanged from 736 home sales in April 2024). Market Watch noted that because of the seasonality in the Coachella Valley’s real estate market, it was difficult to determine where home sales stood on a historical basis. The Sales Recovery information showed that in April Coachella Valley home sales were below pre-pandemic normal by 17%.
COACHELLA VALLEY APRIL AVERAGE MONTHLY HOME SALES - TWELVE MONTH AVERAGE: In April, Coachella Valley monthly home sales averaged (12-month average, which removes the seasonality from home sales data) 614 home sales (down 15 home sales or 2.4% from 629 average monthly homes sales in April 2024). Market Watch pointed out that the long-term average monthly home sales has been hovering at just over 600 units for two years. They felt that the housing market needs lower mortgage rates, however they also pointed out that the Federal Reserve Board has stopped lowering short-term rates until the effect of the administration’s new economic policies can be determined.
COACHELLA VALLEY APRIL HOME SALES BY CITY: In the Coachella Valley in April, Palm Desert had the highest average monthly home sales at 172 homes (up 8 home sales or 4.9% from 164 home sales in April 2024), followed by Palm Springs with average monthly home sales at 142 homes (down 19 home sales or 11.8% from 161 home sales in April 2024) and La Quinta with average monthly home sales at 135 homes (up 21 home sales or 18.4% from 114 home sales in April 224). Coachella had the lowest average monthly home sales in April at 8 homes (down 3 home sales or 27.3% from 11 homes sales in April 2024).
COACHELLA VALLEY APRIL HOME SALES BY PRICE RANGE: The highest average monthly home sales in April in the Coachella Valley was for homes priced between $1M and $1.999M at 126 home sales (down 13 home sales or 9.4% from 139 home sales in April 2024). The lowest average monthly home sales in April in the Coachella Valley was for homes priced between $900K and $999K at 34 homes (up 2 homes or 6.3% from 32 home sales in April 2024).
COACHELLA VALLEY APRIL AVERAGE MONTHLY HOME SALES IN DOLLARS: In April in the Coachella Valley, monthly home sales averaged $702M (up $16M or 2.3% from $686M in April 2024).
COACHELLA VALLEY APRIL AVERAGE MONTHLY HOME SALES IN DOLLARS BY CITY: Market Watch noted that home sales in dollars by city were comparable to April 2024 except in La Quinta (where monthly average home sales of $182M were higher by $47M or 34.8% from $135M in April 2024) and in Palm Springs ((where monthly average home sales of $132M were lower by $35M or 21% from $167M in April 2024).
COACHELLA VALLEY APRIL AVERAGE MONTHLY HOME SALES IN DOLLARS BY PRICE RANGE: In April in the Coachella Valley, by far the largest monthly average home sales in dollars were for homes priced over $2M at $222M (up $33M or 17.5% from 189M in April 2024). This was closely followed by monthly average home sales in dollars for homes priced between $1M and $1.999M at $173M (down $19M or 9.9% from monthly average home sales of $192M in April 2024). Market Watch did note that monthly average home sales in dollars in these two ranges continued to account for 50% of all dollar home sales in the Coachella Valley.
COACHELLA VALLEY MAY 1ST HOME INVENTORY: On May 1st, the Coachella Valley home inventory was 3,799 units (up 1,349 homes or 55.1% from 2,450 homes on May 1st, 2024). Market Watch explained that home inventory has been improving, and current numbers were now comparable to inventory before the pandemic. The also noted that the usual seasonal pattern now suggests that inventory is probably near its peak entering into May.
COACHELLA VALLEY MAY 1ST HOME INVENTORY BY CITY: On May 1st in the Coachella Valley, the city with the highest inventory level was Palm Springs at 872 homes (up 242 homes or 38.4% from 630 homes on May 1st, 2024). The city with the lowest inventory level on May 1st was Coachella at 31 homes (up 7 homes or 29.2% from 24 homes on May 1st, 2024). Market Watcj noted that this data could help identify those cities where homeowners had the greatest selling interest and how it compared to last year.
COACHELLA VALLEY MAY 1ST HOME INVENTORY BY PRICE RANGE: On May 1st in the Coachella Valley, the highest inventory level was for homes priced between $1M and $1.999M at 697 homes (up 225 homes or 47.7% from 472 homes on May 1st, 2024). On May 1st, the lowest inventory was for homes priced under $300K at 175 homes (up 56 homes or 47.1% from 119 homes on May 1st, 2024). Market Watch noted that this data could help to locate those price ranges where home sales might be responsible for the growth or contraction of inventory.
COACHELLA VALLEY MAY 1ST REGIONAL MONTHS OF SALES RATIO: On May 1st, the Coachella Valley’s months of sales ratio was 6.2 months (up 2.1 months or 51.2% from 4.1 months on May 1st, 2024). Market Watch commented that this fundamental ratio, which measures housing supply and demand, was now above pre-pandemic levels. They further explained that while inventory has recovered, because of low sales, supply is beginning to exceed demand. They felt that this should not cause a problem for home prices unless it begins to extend average selling times.
COACHELLA VALLEY MAY 1ST REGIONAL MONTHS OF SALES RATIO BY CITY: On May 1st, the highest months of sales ratio was in Bermuda Dunes at 6.6 months (up 3.4 months or 106% from 3.2 months on May 1st, 2024). On May 1st, the lowest months of sales ration was in Coachella at 3.9 months (up 1/7 months or 77.3% from 2.2 months on May 1st, 2024). Market Watch stated that since months of sales ratios were really the supply-demand equation for housing, this data showed that the Coachella Valley housing market is becoming supply heavy. If the ratios move much higher, it will begin to increase selling times eventually putting downward pressure on home prices.
COACHELLA VALLEY MAY 1ST REGIONAL MONTHS OF SALES RATIO BY PRICE RANGE: On May 1st, the highest months of sales ratio was for homes priced between $800K and $899K at 6.6 months (up 2.1 months or 46.7% from 4.5 months on May 1st, 2024). On May 1st, the lowest months of sales ratio was for homes priced between $300K and $399K at 4.5 months (up 1.6 months or 55.2% from 2.9 months on May 1st, 2024). Market Watch commented that since months of sales ratios were really the supply-demand equation for housing, the large increases in months of sales ratios over last year showed that housing supply is starting to exceed demand in almost all price brackets. They added that this hadn’t affected prices yet and most probably wouldn’t until selling times began to lengthen.
COACHELLA VALLEY APRIL REGIONAL DAYS IN THE MARKET: At the end of April, the median number of days in the market in the Coachella Valley was 48 days (up 5 days or 11.6% from 43 days at the end of April 2024). Market Watch observed that the median days in the market in the Coachella Valley had been running between 40 and 50 days for two years. This includes both detached and attached homes. The current median selling time is near pre-pandemic levels.
COACHELLA VALLEY APRIL DAYS IN THE MARKET BY CITY: In April, Coachella had the lowest average selling time at 38 days (down 4 days or 9.5% from 42 days in April 2024). In April, Desert Hot Springs and Indio had the highest average selling time at 53 days (in the case of Indio up 6 days or 12.8% from 47 days in April 2024 and in the case of Desert Hot Springs up 14 days or 35.9% from 39 days in April 2024).
COACHELLA VALLEY APRIL DAYS IN THE MARKET BY PRICE RANGE: In April in the Coachella Valley, the highest average selling time was for homes priced between $400K and $499K at 54 days (up 17 days or 45.9% from 37 days in April 2024).In April, the lowest average selling time was for homes priced between $800K and $899K at 43 days (down 5 days or 10.4% from 48 days in April 2024). Market Watch stated that usually, selling times increase with higher priced homes. They went on to state that in the current Coachella Valley housing market that is not the case, which they felt was a positive.
COACHELLA VALLEY APRIL AVERAGE PRICE PREMIUM/DISCOUNT FROM LIST PRICE: In April in the Coachella Valley, detached homes were selling at an average discount of 2.6% from list price compared to 2.3% in April 2024. In April, attached homes were selling at a 2.8% discount from list price compared to 2.5% in April 2024. Market Watch pointed out that these discounts were now back to pre-pandemic norms.
COACHELLA VALLEY APRIL AVERAGE PRICE PREMIUM/DISCOUNT FROM LIST PRICE BY CITY: In April in the Coachella Valley, Coachella had the smallest average discount from list price at 0.2% (down from a discount of 1.2% in April 2024). In April in the Coachella Valley, Palm Springs and Rancho Mirage had the highest average discount from list price at 3.7%.(in the case of Palm Springs, up from a discount of 3.2% in April 2024 and in the case of Rancho Mirage down from an average discount of 3.8% in April 2024). Market Watch noted that in general, those cities with higher priced homes sell at larger discounts.
COACHELLA VALLEY APRIL AVERAGE PRICE PREMIUM/DISCOUNT FROM LIST PRICE BY PRICE RANGE: In April in the Coachella Valley, homes priced between $400Kand $499K, homes priced between $500K and $599K and homes priced between $700K and $799K all had the lowest average discount from list price at 2.0%. In April in the Coachella Valley, homes priced over $2M had the highest average discount from list price at 3.7%. Market Watch noted that as a general rule, price discounts increase with higher priced homes. They noted that this data showed the lowest discounts from list price in the mid range price ranges.
COACHELLA VALLEY APRIL PERCENTAGE OF HOMES SELLING OVER LIST PRICE: In April in the Coachella Valley, the percentage of homes selling over list price was 11.3%. (down 3.5% from 14.8% in April 2024). Market Watch noted that the percentage of Coachella Valley homes selling above list price was now back to pre-pandemic levels.
THE BRIGGS GROUP | COLDWELL BANKER | Laurie Briggs - DRE# 01896117 | Tim Briggs - DRE# 01898254 | Coldwell Banker Realty - DRE# 00616212