The local real estate gurus at Market Watch L.L.C. have just released their November 2016 report on the Coachella Valley’s real estate market.  Some of their findings include:

  • The Coachella Valley’s November 2016 median sales price for detached homes reached $336,500, a 2.3% increase from the Coachella Valley’s November 2015 median price of $329,000. The Coachella Valley’s November 2016 median price for attached units (condos) was $229,900, almost identical to the $230,000 median sales price recorded one year ago.

 

  • Sales numbers continue to grow, with the 3 month average sales reaching 670 units per month in November 2016 (14% above the 591 average per month sales figure in November 2015). According to the Market Watch analysis, one of the indicators of a strengthening housing market is expanding sales as prices increase, and for the first time in 3 years, they feel that this seems to be happening in the Coachella Valley.

  • According to the Market Watch analysis, the second indicator of a strengthening housing market in the Coachella Valley is that inventory numbers continue to be lower than last year (4,766 units on December 1st of this year versus 5,180 units on December 1st last year). The combination of increasing sales and declining inventory is lowering the “months of sales” ratio. On December 1st, the months of sales ratio was 6.6 months, which is quite an improvement over the 7.4 month of sales ratio one year ago.

  • Market Watch’s analysis noted an improvement in the average days on market (68 days on December 1st of this year versus 79 days on December 1st a year ago).  In addition, Market Watch’s analysis noted an improvement in days on market in all price ranges except $900,000 to $1,000,000.  One of the largest improvements in days on market was in homes priced above $1,000,000, where the months of sales decreased from 20.9 months last year to 18.6 this year.   

 

 

  • The latest “Sale Price Discount from List” stands at -2.2% (compared to -2.1% last November). A -2.2% discount implies that the selling discount to a home listed for $300,000 was approximately $6,600.