Our local real estate market experts, Market Watch LLC, have just released their June 2017 Coachella Valley Housing Report. Some of their findings:
The median price for detached homes in the Coachella Valley was $380,000 at the end of June, up 7.8% over June of last year. The median price for attached units was $256,500, up 3% over a year ago.
At the city level, Indio, La Quinta, Cathedral City, Desert Hot Springs and Palm Springs showed median price gains for detached homes year-over-year. Rancho Mirage, Indian Wells and Palm Desert showed median price declines year-over-year. Indio had the largest median price gain at 8.3% year-over-year, followed by La Quinta at 6.6% and Cathedral City at 6.1%.
With respect to attached homes, Cathedral City, Rancho Mirage, La Quinta, Palm Desert and Indio all showed gains in median price. Palm Springs, Indian Wells and Desert Hot Springs showed median price declines. Cathedral City had the largest median price gain at 9.7% year-over-year, followed by Rancho Mirage at 8.3% and La Quinta at 7.5%.
On a city by city basis, median prices for detached homes in the Coachella Valley continue to remain significantly lower than the 2006 high median prices, with median prices ranging from 36.8% off the 2006 high median price in Rancho Mirage to 2.5% off in Palm Springs.
Median Prices for attached homes in the Coachella Valley also remain significantly lower than the 2006 high median prices, with median prices ranging from 50.5% off the 2006 high median price in Desert Hot Springs to 31% off in Rancho Mirage.
Coachella Valley homes sales continue to expand, with the 3-month average of total sales of detached and attached homes (1,003 per month) up 14.9% year-over-year, the 3-month average of sales of attached homes (364 per month) up 12.7% year-over-year and the 3-month average of sales of detached homes (639 per month) up 16.2% year-over-year.
On a city-by-city basis, Bermuda Dunes, Cathedral City, Indian Wells, Indio, La Quinta, Palm Desert, Palm Springs, and Rancho Mirage had higher 3-month average home sales than at the same time last year. Year-over-year, the 3-month average homes sales increased by 50% in Bermuda Dunes, 46% in Indian Wells, 31% in Cathedral City, 29.7% in Rancho Mirage, 14% in Palm Desert and 11% in Palm Springs. Coachella, Desert Hot Springs and Thousand Palms had lower 3-month average home sales than at the same time last year.
Home sales in June increased in every price bracket, with the largest increase in sales from $300k to $400k, up 24.7% year-over-year. Another large increase was in sales over $900k, which increased 20% year-over-year.
With the consistent increase in sales and the decline in inventory to 3,672 units on July 1st, the “months of sales”, the ratio of inventory to the sales rate, fell to 4.6 months on July 1st versus 6.1 months a year ago. A ratio of 6 months is considered a balanced market; a ratio of less than 6 months indicates a tendency toward a Seller’s market. This strong improvement is confirmed by “days on the market”, which currently stands at 74 days, versus 89 days last June.
The information contained in this article is produced for Coachella Valley real estate agents through the sponsorship and cooperation of the Palm Springs Regional Association of Realtors® and the California Desert Association of Realtors® by Market Watch LLC.