Local real estate market gurus, Market Watch LLC, recently released their Coachella Valley Housing Report for September 2016. Some highlights:
The median price for detached homes through the Coachella Valley in September was $345,000, up 7.8% from the median price of $320,000 in September 2015. The seasonal 3-month sales average is currently 711 homes per month, which is almost 9% higher than the 3-month sales average at this time last year. To the analysts at Market Watch, it appears that the slow 2-year decline in home sales has finally started to reverse.
Because of the Valley’s seasonal patterns, Market Watch feels that housing inventory appears to have hit a low at the start of October and that we may see the typical seasonal rise in inventory levels. At 3,923 homes, current inventory is only 132 homes higher than this time last year. Market Watch’s analysts stated that this was amazing given that inventory in March at 6,000 units was 1,000 houses and condos higher than March 2015.
Except for La Quinta and Desert Hot Springs, where the September over-year median price gains 2016 median price gains were over 15% as compared to September 2015, 7 other cities showed a slight slowdown in year-over-year marginal price gains. Rancho Mirage and Palm Desert actually showed negative year-over-year returns. Interestingly, La Quinta and Rancho Mirage median prices remain roughly 42% down from the 2006 high. Even in Palm Springs, with the run up in prices on midcentury modern homes, the median price is still roughly 13% off the 2006 high.
For attached units through the Valley in September, the median sales price was $239,250, roughly 6.3% above last- year. The 3-month average sales of Attached Units in September was 220 units, 10 units or 4% higher than last September.
Except in the cities of Desert Hot Springs, Coachella and Indian Wells, the 3- month average of home sales increased. Most of the increase is found in areas with lower priced homes such as Cathedral City, Palm Springs, Palm Desert and La Quinta, where there is a high percentage of condos in the housing mix. Market Watch's analysts conclude that as home prices have moved up, buyers have found new interest in these lower priced markets.
In looking at Months of Sale by Price Range, Market Watch’s analysts stated that the ratios are well contained and comparable to last years’ reading, except for prices over $7000,000. For a sales price of between $700,000 and $800,000 the months of sale is 10.3 months, 24% higher than a year ago. In the range between $800,000 to $900,000, the months of sale is 20% higher than a year ago and in the $900,000 to $1,000,00 bracket, the months of sale is 28% higher than a year ago.
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