Palm Springs based real estate market experts, Market Watch LLC, recently unveiled their Monthly Coachella Valley Housing Report for June 2016. Some of the highlights are as follows:
- In June 2016, the median price for detached homes throughout the Coachella Valley was $350,000, which is $8,350 or 2.4% higher than the Coachella Valley median detached home price for June 2015.
- After all of the up and down price moves, the median home price for detached homes in the Coachella Valley has been advancing at about 4% per year over the last 3 years.
- On a monthly basis, 5 cities showed advances in median home price for detached homes, 3 were down and one, the City of Coachella, was unchanged. On a yearly basis, eight cities had positive gains in median home price for detached homes and only one city (Rancho Mirage) was down.
- In June 2016, the median price for attached homes throughout the Coachella Valley was $252,500, slightly higher than the June 2015 value of $249,000.
- The latest 3-month average of attached home sales was 317, which is 26 units more than a year ago.
- While average sales of attached and detached homes over the last 12 months are slightly lower than a year ago (696 vs 701), shorter term metrics are moving higher (for example, June 2016 sales were 924 units compared to 835 units last year and the June 2016 sales were the highest monthly sale number since April 2014), indicating that homes sales are starting to grow.
- Inventory of attached and detached homes on July 1st was slightly higher than last year, but the inventory decline that typically happens at this time of the year is happening much quicker than in previous years. With the rapid decline in inventory to 4,239 properties on July 1st (down from a peak of 5,9890 units on March 1st), the months of sales ratio has dropped to 6.1 months
- The Average Days on the market for attached and detached homes for June 2016 was 89 days, or 4 days less than last year. For homes priced over a million dollars, while the months of sales are much improved from 3 months ago, they are still a little worrisome at 15.4 months.
The following charts and information are included:
Coachella Valley Median Home Price (Detached Homes) June 2002 - June 2016
12 Month Change In Coachella Valley City Median Prices (Detached Homes)
Coachella Valley Home Sales By City (3 Month Average)
Coachella Valley Months Of Sales By Price Range