Palm Springs based real estate market experts, Market Watch LLC, recently unveiled their Monthly Coachella Valley Housing Report for July 2016. Some of the highlights are as follows:
- At the end of July 2016, the Coachella Valley’s median price for detached homes was $350,000, 4.4% higher than the Coachella Valley median detached home price for July 2015 of $335,000.
- At the end of July 2016, the 12-month year over year change in city median prices for detached homes show 8 cities with positive gains. These gains ranged from 0.4% for Palm Desert to 19.4% for Desert Hot Springs. Only Rancho Mirage had a negative return of -0.6%.
- On a city by city basis, for detached homes, the measure of the percentage difference between current median prices and the 2006 Coachella Valley high median price, ranged from -10% in Palm Springs to -37.3% in La Quinta.
- At the end of July 2016, the median price for attached homes in the Coachella Valley was $252,500, 4.8% above the June 2015 median attached home price of $240,750.
- The current 3-month average of total home sales of 840 units per month increased by roughly 5% from the average of 797 units per month at the same time last year.
- Inventory of attached and detached homes on July 31st was 3,958 units (over 2,000 less than the high of 6,000 on March 1st of this year). The combination of rising sales and declining inventory has driven the ratio of months of sales down to 5.7 months compared to 5.3 months at the same time last year.
- The Average Days on the market for attached and detached homes for July 2016 was 87 days, which is 9 days less than July last year. For homes priced under $200,000, the months of sales was 3.5 (versus 3.4 a year ago). For homes priced over one million dollars, the months of sales was 13.7 months (versus 11.8 months a year ago).
The following charts and information are included:
