According to local real estate market experts, Market Watch L.L.C., the median home price for detached homes finished at $349,000, which is $24,000 or 7.4% higher than the $325,00 median price in August 2015. Market Watch notes that the slow, two year decline in Coachella Valley home sales is finally starting to reverse, as evidenced by the average of three month sales currently running at 9% above a year ago.
City by city data show seven cities with positive year over year gains in median home prices for detached homes. The positive gains range from a high of 17.6% for Desert Hot Springs to 4.2% for the City of Coachella. Both Cathedral City and Palm Desert show a decrease in year over year median prices for detached homes.
Inventory continued to decline through August. Five months ago, on March 1st, inventory was 6,000 units, which was 1,000 units more than on March 1st 2015. The numbers have since fallen to a level (5,3 months of sales) almost equal to September 1, 2015 (5.2 months of sales).
Lastly, the Sales Price Discount from List is currently at -2.5%, which translates to an average selling discount of approximately $7,500 on a home listed for $300,000.
As for attached units (condos), the $245,000 median price for the Coachella Valley in August 2016 was 6% higher than the $230,000 median price in August 2015. The three-month average of attached sales was 261 in August which is 34 units more than August 2015. Market Watch notes that with the prices of many detached homes recovering very strongly, may households are finding condos more affordable.
Source: Palm Springs Regional Association of Realtors and Market Watch L.L.C.