The California Desert Association Of Realtors® (CDAR) has just released their August 2016 Coachella Valley Real Estate Market Statistics. As a brief summary:
A. Single Family Residences - Attached and Detached
· For August 2016, the median sales price for Single Family Attached and Detached residences in the Coachella Valley was $340,000, a healthy jump from $314,495 recorded in August 2015. For August 2016, there were 517 sales of single family residences (attached and detached) in the Coachella Valley, up from 472 sales in August 2015.
· For August 2016, the active inventory of Single Family Attached and Detached Homes continued to drop on a month by month basis and stood at 2,999 properties (the lowest level this year), as compared to 2,414 in August 2015. At the August 2016 monthly sales rate for Single Family Attached and Detached Homes of 517 homes, this represents an inventory of roughly 5.8 months (where any inventory level of around 6 months typically indicates a balanced market, and inventory levels significantly below this can indicate a trend towards a seller’s market).
· The highest median sales price by city in the Coachella Valley for Single Family Attached and Detached Residences in August 2016 was $912,500, based on 10 sales, in Indian Wells (versus an August 2015 Coachella Valley high median sales price of $749,950, based on 8 sales, again in Indian Wells).
B. Condominiums - Attached and Detached
· For Condos Attached and Detached, the August 2016 median sales price in the Coachella Valley was $217,500, down slightly from $218,500 recorded in August 2015. For August 2016, there were 195 sales of condominiums, up from 174 in August 2015.
· For August 2016, the active inventory of Condos Attached and Detached continued to drop on a month by month basis and stood at 1,395 (again the lowest level this year), as compared with 1,155 in August 2015. At the August 2016 monthly sales rate for Condos Attached and Detached of 195 condos, this represents an inventory of roughly 7.15 months (again, where any inventory level of around 6 months typically indicates a balanced market, and inventory levels significantly above this can indicate a trend towards a buyer’s market).
· The highest median sales price by city in the Coachella Valley for Condos Attached and Detached in August 2016 was $409,500, based on 2 sales, in Indian Wells (with the August 2015 Coachella Valley median sales prices reported by CDAR appearing to be a copy of the August 2016 data).
For a city-by-city summary of August 2016 home and condo sales activity, please see the chart below:
