Our local real estate market experts, Market Watch LLC, have just released their March 2025 Desert Housing Report. Some of the highlights:
COACHELLA VALLEY MARCH HOME SALES RECOVERY: Home sales have been gradually improving and are now only below the pre-pandemic normal by 18.5% (with normal calculated from March home sales over the four years 2016 through 2019).
COACHELLA VALLEY MARCH DETACHED HOME MEDIAN PRICE: In March, the Coachella Valley detached home median price increased for the fifth straight month to $710,000 (up $11,000 or 1.6% from $699,000 in March 2024). Market Watch instructed that the median price usually hits its seasonal low between September and December, and that appeared to be the case again in fall 2024/spring 2015. Market Watch also stated that the data clearly showed that there has been little progress in increases to the detached home median price over the last three years.
COACHELLA VALLEY MARCH ATTACHED HOME MEDIAN PRICE: In March, the Coachella Valley attached home median price increased to $510,000 (up $10,000 or 2% from $500,000 in March 2024). Market Watch commented that the attached home median price seemed to be following its normal seasonal pattern.
COACHELLA VALLEY MARCH YEAR-OVER-YEAR CHANGE IN THE PRICE OF THE AVERAGE SIZE HOME BY CITY: Year over year price changes for the average size detached home by city ranged from an increase of 18.6% for the average size 3,450 sq ft detached home in Indian Wells to a decrease of 4.2% for the average size 2,175 sq ft detached home in Palm Springs. Year over year price changes for the average size attached home by city ranged from an increase of 17% for the average size 1,950 sq ft attached home in Indian Wells to a decrease of 8.4% for the average size 1,750 sq ft attached home in La Quinta.
COACHELLA VALLEY MARCH MONTHLY HOME SALES (THREE-MONTH AVERAGE): The three month average of Coachella Valley home sales in March was 645 homes (roughly the same as March 2024 monthly home sales of 643 homes). Market Watch explained that because of the seasonality in Coachella Valley home sales, it was difficult to determine where March home sales stood on a historical basis. However, they added that the Sales Recover data showed that Coachella Valley March home sales were below normal by 18.5%.
COACHELLA VALLEY MARCH MONTHLY HOME SALES (TWELVE-MONTH AVERAGE): The 12-month average of Coachella Valley home sales in March, which removes seasonality from the home sales data, was 611 homes (down 12 homes or 1.9% from 623 home sales per month in March 2024). March watch noted that the 12-month average of home sales in the Coachella Valleys has hovered just over 600 homes for the last two years. They stated that the housing market needs lower mortgage rates, but 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 MARCH MONTHLY HOME SALES BY CITY: The highest monthly home sales in the Coachella Valley in March were in Palm Desert at 147 homes (up 3 homes or 2% from 144 homes in March 2024), followed by Palm Springs at 125 homes (down 12 homes or 8.6% from 137 homes in March 2024) and La Quinta at 115 homes (up16 homes or 16.2% from 99 homes in March 2024). The lowest monthly home sales in the Coachella Valley in March were in Coachella at 8 homes (down 6 homes or 42.9% from 14 homes in March 2024)
COACHELLA VALLEY MARCH MONTHLY HOME SALES BY PRICE RANGE: The highest monthly Coachella Valley March home sales were for homes priced between $1M and $1.99M at 111 homes (down 4 homes or 3.5% from 115 homes in March 2024). The lowest monthly Coachella Valley March home sales were for homes priced between $900K and $999K at 31 homes (up 6 homes or 24% from 25 homes in March 2024).
COACHELLA VALLEY MARCH MONTHLY HOME SALES IN DOLLARS: In March, Coachella Valley home sales in dollars were $597 million (down $7 million or 1.2% from monthly home sales of $604 million in March 2024).
COACHELLA VALLEY MARCH MONTHLY HOME SALES IN DOLLARS BY CITY: In March, in the Coachella Valley, monthly home sales were the highest in La Quinta at $148 million (up $21 million or 16.5% from monthly home sales of $127 million in March 2024). The lowest monthly home sales in March were in Coachella at $4 million (down $3 million or 42.9% from monthly home sales of $7 million in March 2024).
COACHELLA VALLEY MARCH MONTHLY HOME SALES IN DOLLARS BY PRICE RANGE: In March, in the Coachella Valley, monthly home sales were the highest for homes priced over $2 million at $175 million (down $5 million or 2.8% from monthly home sales of $180 million in March 2024). The lowest March monthly home sales were for homes priced under $300K at $8 million (up $1 million or 14.3% from monthly home sales of $7 million in March 2024). Market Watch pointed out that in March monthly Coachella Valley home sales (in dollars) for homes priced over $1 million continued to account for 50% of all home sales in dollars).
COACHELLA VALLEY APRIL 1ST HOME INVENTORY: On April 1st, Coachella Valley home inventory was 3,667 homes (up 1,271 homes or 53% from 2,396 homes on April 1st, 2024). Market Watch commented that Coachella Valley home inventory has been improving, with the current level comparable to inventory levels before the pandemic. They further noted that the seasonal pattern now suggests that home inventory is near its peak passing into April.
COACHELLA VALLEY APRIL 1ST HOME INVENTORY BY CITY: On April 1st, the highest Coachella Valley home inventory by city was in Palm Springs at 823 homes (up 253 homes or 44.4% from 570 homes on April 1st, 2024). On April 1st, the lowest Coachella Valley home inventory by city was in Coachella at 31 homes (up 14 homes or 82.4% from 17 homes on April 1st, 2024). Market Watch believed that this data could help agents know what cities had homeowners with the greatest selling interest and how it compared to last year.
COACHELLA VALLEY APRIL 1ST HOME INVENTORY BY PRICE RANGE: On April 1st, the highest Coachella Valley home inventory was for homes priced between $1M and $1,999M at 667 homes (up 221 homes or 49.6% from 446 homes on April 1st, 2024). On April 1st, the lowest Coachella Valley home inventory was for homes priced under $300K at 177 homes (up 53 homes or 42.7% from 124 homes on April 1sr, 2024). Market Watch commented that this data could help locate what home sales by price range might be responsible for the growth or contraction of home inventory.
COACHELLA VALLEY APRIL 1ST MONTHS OF SALES RATIO: On April 1st, the Coachella Valley months of sales ratio was 6.0 months (up 2.1 months from 3.9 months on April 1st, 2024). Market Watch pointed out that this fundamental ratio, which measures housing supply and demand, was now above pre-pandemic levels. They added that while home inventory has recovered, because of low sales, home 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 APRIL 1ST MONTHS OF SALES RATIO BY CITY: On April 1st, the lowest months of sales ratio in the Coachella Valley was in Coachella at 3.9 months (up from 1.2 months on April 1st, 2024). On April 1st, the highest months of sales ratio in the Coachella Valley was in Rancho Mirage at 7.8 months (up from 4.4 months on April 1st, 2024). Market Watch stated that since months of sales ratios are really the supply-demand equation for housing, the increases in months of sales ratios showed that the housing market is becoming supply heavy. They added that if the months of sales ratio moved much higher, selling times would begin to increase which in turn would eventually put a downward pressure on home prices.
COACHELLA VALLEY APRIL 1ST MONTHS OF SALES RATIO BY PRICE RANGE: On April 1st, the lowest months of sales ratio in the Coachella Valley was for homes priced between $300K and $399K at 4.7 months (up from 2.6 months on April 1st, 2024). On April 1st, the highest months of sales ratio in the Coachella Valley was for homes priced between $800K and $899K at 7.6 months (up from 5.5 months on April 1st, 2024). Market Watch went on the state that these months of sales ratios showed that supply was starting to exceed demand in almost all price brackets. They added that this had not affected home prices yet and most probably would not until selling times began to lengthen.
COACHELLA VALLEY MARCH DAYS IN THE MARKET: At the end of March, the median number of days in the market in the Coachella Valley was 48 days (up 3 days from 45 days at the end of March 2024). Market Watch noted that the median selling time in the Coachella Valley has been running between 40 and 50 days for the last two years (near pre-pandemic levels).
COACHELLA VALLEY MARCH DAYS IN THE MARKET BY CITY: At the end of March in the Coachella Valley, Cathedral City had the lowest average selling time at 41 days (up from 31 days at the end of March 2024). This was followed by Coachella at 42 days (up from 39 days at the end of March 2024) and Palm Springs at 47 days (the same as at the end of March 2024). At the end of March in the Coachella Valley, Desert Hot Springs had the highest median selling time at 59 days (up from 43 days at the end of March 2024).
COACHELLA VALLEY MARCH DAYS IN THE MARKET BY PRICE RANGE: At the end of March in the Coachella Valley, the lowest average selling time was for homes priced under $300K at 40 days (the same as at the end of March 2024). At the end of March in the Coachella Valley, the highest median selling time was for homes priced between $1M and $1.999M at 52 days (up from 42 days at the end of March 2024). Market Watch advised looking for any price range with an abnormal number of days in the market. They added that usually selling times increase with higher priced homes. This was not the case in the current Coachella Valley housing market, which they felt was a positive situation.
COACHELLA VALLEY MARCH AVERAGE PRICE PREMIUM/DISCOUNT: In March in the Coachella Valley, detached homes were selling at an average discount of 2.5% (compared to 2.3% in March 2024). In March in the Coachella Valley, attached homes were selling at an average discount of 2.9% (compared to 2.8% in March 2024). Market Watch said that the Coachella Valley average price premium/discounts were back to pre-covid norms.
COACHELLA VALLEY MARCH AVERAGE PRICE DISCOUNT FROM LIST PRICE BY CITY: In March in the Coachella Valley, Coachella had the lowest average discount from list price at 0% (compared to an average discount of 0.8% in March 2024). In March in the Coachella Valley, Palm Springs had the highest average discount from list price at 4.1% (compared to an average discount of 2.6% in March 2024).
COACHELLA VALLEY MARCH AVERAGE PRICE DISCOUNT FROM LIST PRICE BY PRICE RANGE: In March in the Coachella Valley, the lowest average discount from list price was for homes priced between $400K and $499K at 1.8% (compared to an average discount of 1.6% in March 2024). In March in the Coachella Valley, the highest average discount from list price was for homes priced over $2M at 3.9% (compared to an average discount of 4.0% in March 2024). Market Watch observed that usually price discounts increased with higher priced homes. However, they noted that in March in the Coachella Valley, the lowest discounts occurred in the mid-range price brackets.
COACHELLA VALLEY MARCH PERCENTAGE OF HOMES SELLING OVER LIST PRICE: In March in the Coachella Valley, the percentage of homes selling over list price was 11.5% (down 1.2% from 14.3% in March 2024). Market Watch stated that the percentage of Coachella Valley homes selling above list price was back to pre pandemic levels.
THE BRIGGS GROUP | COLDWELL BANKER | Laurie Briggs - DRE# 01896117 | Tim Briggs - DRE# 01898254 | Coldwell Banker Realty - DRE# 00616212