The California Desert Association of Realtors® (CDAR) recently released their December 2016 Greater Palm Springs/Coachella Valley Real Estate Market Statistics. Here are some of the highlights:

Single Family Residences - Attached and Detached

  •         For December 2016, the median sales price for Single Family Attached and Detached residences in the Coachella Valley was $340,000, a healthy increase from the median sales price of $314,900 recorded in December 2015. For December 2016, there were 529 sales of single family residences (attached and detached) in the Coachella Valley, up slightly from 522 sales in December 2015.
  •         For December 2016, the active inventory of Single Family Attached and Detached Homes stood at 3,633, down slightly from the inventory of Single Family Attached and Detached Homes of 3,654 properties in November 2016. There were no inventory stats published by CDAR for December 2015. At the December 2016 monthly sales rate for Single Family Attached and Detached Homes of 529 homes, this represents an inventory of roughly 6.9 months (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 Single Family Attached and Detached Residences in December 2016 was $821,250, based on 14 sales, in Indian Wells (versus a December 2015 Coachella Valley high median sales price of $650,000, based on 31 sales, in Rancho Mirage). The lowest median sale price for Single Family Attached and Detached Residences in December 2016 of $185,000 was recorded in Desert Hot Springs, based on 39 sales (versus a low median sale price of December 2015 of $149,000 again in Desert Hot Springs, based on 53 sales).

Condominiums - Attached and Detached

  •         For Condos Attached and Detached, the December 2016 median sales price in the Coachella Valley was $239,000, up from the $210,000 median sales price recorded in December 2015. For December 2016, there were 241 sales of condominiums, up from 187 sales in December 2015.
  •        For December 2016, the active inventory of Condos Attached and Detached stood at 1,709, down slightly from the inventory of Condo Attached and Detached of 1,786 condos in November 2016. There were no inventory stats published by CDAR for December 2015. At the December 2016 monthly sales rate for Condos Attached and Detached of 241 condos, this represents an inventory of roughly 7.1 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 December 2016 was $450,000, based on 5 sales, in Indian Wells (versus a December 2015 Coachella Valley high median sales price of $370,000, based on 7 sales, in La Quinta). The lowest median sale price for Condos Attached and Detached in December 2016 of $126,000 was recorded in Bermuda Dunes, based on 2 sales (versus a low median Condo sale price in December 2015 of $26,500, in Desert Hot Springs and based on 2 sales). There were no sales of condos in Desert Hot Springs in December 2016.

For a city-by-city summary of December 2016 home and condo sales activity, please see the chart below: