Our local residential real estate market experts, Market Watch LLC, have recently released their October 2024 Desert Housing Report. Some of the highlights include: 

COACHELLA VALLEY OCTOBER HOME SALES RECOVERY CHART: Market Watch noted that in October Coachella Valley home sales were 34.2% below normal (where normal represented average October homes sales during the pre-pandemic years, 2016, 2017, 2018 and 2019). Market Watch noted that this indicated that Coachella Valley home sales had not increased with expected lower mortgage rates.

COACHELLA VALLEY OCTOBER DETACHED HOME MEDIAN PRICE: The median price of a detached home in the Coachella Valley in October declined for the sixth consecutive month to $634,990 (down $5,460 or 0.85% from $640,450 in October 2023). Market Watch commented that the detached home median price usually hits its seasonal low between October and December and that they expect to begin to see some price support entering 2025.

COACHELLA VALLEY OCTOBER ATTACHED HOME MEDIAN PRICE: The median price of an attached home in the Coachella Valley in October was $430,000 (down $2,500 or 0.58% from $432,500 in October 2023). Market Watch commented that attached home median prices seem to be following the normal seasonal pattern. If they continued to do so, Market Watch noted that attached home median prices should also reach their seasonal lows between now and the end of the year. 

COACHELLA VALLEY OCTOBER PRICE OF THE AVERAGE SIZE HOME BY CITY: Year-over-year detached home median price changes in October in the Coachella Valley ranged from an increase of 60.2% for the 3,350 sq ft average size detached home in Indian Wells to a decrease of 8.7% for the 2,175 sq ft average size detached home in Palm Springs. Year-over-year, detached home median prices increased in 6 of 10 Coachella Valley cities surveyed. Year-over-year attached home median price changes in October in the Coachella Valley ranged from an increase of 14.6% for the 750 sq ft average size attached home in Desert Hot Springs to a decrease of 7.6% for the 1,775 sq ft average size attached home in Rancho Mirage. Year-over-year, attached home median prices increased in 4 of 9 Coachella Valley cities surveyed. 

COACHELLA VALLEY OCTOBER MONTHLY HOME SALES (3 MONTH AVG): The three-month average of Coachella Valley home sales in October was 477 homes (down 23 homes or 4.6% from 500 home sales in October 2023). Market Watch commented that because of seasonality in the Coachella Valley’s home sales data, it was difficult to determine where Coachella Valley home sales stood on a historical basis. However, the Sales Recovery Chart showed earlier that Coachella Valley home sales in October were below normal by 34.2%. 

COACHELLA VALLEY OCTOBER MONTHLY HOME SALES (12 MONTH AVG): The 12-month average of Coachella Valley home sales in October was 605 homes (roughly the same as in October 2023). This long-term average of monthly home sales, which takes out seasonality from the data, has been hovering around 600 home sales per month for almost two years. Market Watch noted that while the Federal Reserve Board has finally begun to lower short term interest rates, this hasn’t done much to lower longer term mortgage rates. 

COACHELLA VALLEY OCTOBER AVERAGE MONTHLY HOME SALES BY CITY: In October, average monthly home sales by city ranged from a high of 97 home sales in Palm Desert (the same as in October 2023) to 8 home sales in Bermuda Dunes (down from 9 home sales in October 2023). Average monthly home sales by city increased year-over-year in Indio (75 home sales in October, up from 71 home sales in October 2023), La Quinta (66 homes sales in October, up from 58 home sales in October 2023), Cathedral City (42 home sales in October, up from 41 home sales in October 2023) and Bermuda Dunes (9 home sales in October, up from 8 home sales in October 2023). 

COACHELLA VALLEY OCTOBER AVERAGE MONTHLY HOME SALES BY PRICE RANGE: The largest part of the overall home sales decline in the Coachella Valley in October continued to be sales of homes in two price ranges: (a) homes priced from $400K to $499K (77 average monthly home sales in October, down from 96 home sales in October 2023), and (b) homes priced between $1M and $1.999M (62 average monthly home sales in October, down from 77 home sales in October 2023). 

COACHELLA VALLEY OCTOBER AVERAGE MONTHLY HOME SALES IN DOLLARS: Average monthly home sales in October in the Coachella Valley were $357 million (down 7.5% from 386 average monthly home sales in October 2023). 

COACHELLA VALLEY OCTOBER AVERAGE MONTHLY HOME SALES IN DOLLARS BY CITY:Average monthly home sales by city ranged from a high of $72M in La Quinta to a low of$6M in Coachella. Average monthly home sales in dollars appeared to be comparable to last year in every city except Palm Springs (with average monthly home sales of $67M, down 18.3% from home sales of $82M in October 2023) and Rancho Mirage (with average monthly home sales of $45M, down 21.1% from average monthly home sales of $57M in October 2023). 

COACHELLA VALLEY OCTOBER AVERAGE MONTHLY HOME SALES IN DOLLARS BY PRICE RANGE: Average monthly home sales in October in the Coachella Valley rose for: (a) homes priced between $500K-$599K (47 average monthly home sales in October, up 14.6% from 41 average monthly home sales in October 2023), (b) homes priced between $600K-$699K (37 average monthly home sales in October, up 8.8% from 34 average monthly home sales in October 2023), (c) homes priced between $700K-$799K (31 average monthly home sales in October, up 6.9% from 29 average monthly home sales in October 2023), and (d) homes priced between $800K-$899K (23 average monthly home sales in October, up 27.7% from 18 average monthly home sales in October 2023). 

COACHELLA VALLEY NOVEMBER 1ST HOME SALE INVENTORY: On November 1st, Coachella Valley home sale inventory was 2,824 homes (up 670 homes or 31.1% from 2,154 homes on November 1st, 2023). Market Watch commented that the typical seasonal pattern suggests that inventory would continue to increase through February. Further, they noted that while inventory was gradually improving, the current level was about 700 homes below pre-pandemic normal levels for this time of year. 

COACHELLA VALLEY NOVEMBER 1ST HOME SALE INVENTORY BY CITY: The highest inventory level in the Coachella Valley on November 1st was in Palm Springs (652 homes, up 109 homes or 20.1% from 543 homes on November 1st, 2023). The lowest inventory level in the Coachella Valley on November 1st was in Coachella (25 homes, the same as on November 1st, 2023).Market Watch noted 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 NOVEMBER 1ST HOME SALE INVENTORY BY PRICE RANGE: The highest inventory level was for homes priced between $1M and $1.999M (532 homes, up 98 homes or 22.6% from 434 homes on November 1st, 2023). The lowest inventory level was for homes priced between $900K and $999K (123 homes, up 16 homes or 15% from 107 homes on November 1st, 2023). Market Watch noted that this data could help locate what price ranges might be responsible for the growth or contraction of inventory. 

COACHELLA VALLEY NOVEMBER 1ST MONTHS OF SALES RATIO: On November 1st , the Coachella Valley’s months of sales ratio was 4.7 months (up 1.1 months or 30.6% from 3.6 months on November 1st, 2023). Market Watch commented that this fundamental ratio, which measures supply and demand, was now back to pre-pandemic levels. Even though inventory was still relatively low, home sales were even lower, which resulted in the months of sales ratio increasing. While supply and demand are still relatively balanced, the ratio is moving in the direction of supply gradually exceeding demand. 

COACHELLA VALLEY NOVEMBER 1ST MONTHS OF SALES RATIO BY CITY: Market Watch noted that the months of sales ratio was between 4.5 and 5.5 months in eight of the ten Coachella Valley cities surveyed. The lowest months of sales ratio was in Coachella (2.3 months, up from 1.5 months on November 1st, 2023). The highest months of sales ratio was in Indian Wells (9.6 months, the same as on November 1st, 2023). Market Watch stated that since months of sales was really the supply-demand equation for housing, it showed that the housing market may experience some downward pricing pressures in the higher priced cities. 

COACHELLA VALLEY NOVEMBER 1ST MONTHS OF SALES RATIO BY PRICE RANGE: The months of sales ration by price range varied from a low of 3.7 months (up from 2.3 months on November 1st, 2023) for homes priced under $300K to 8.3 months (up slightly from 8.2 months on November 1st, 2023) for homes priced over $2M. Market Watch stated that since months of sales is really the supply-demand equation for housing, the large increases over last year shows the supply side of the market is increasing in all price brackets, except homes priced over two million. 

COACHELLA VALLEY OCTOBER DAYS IN THE MARKET: At the end of October, the median number of days in the market in the Coachella Valley was 46 days (up 9 days from 37 days in October 2023). Market Watch noted that the median selling time in the Coachella Valley dropped for the first time in nine months and is now back to pre pandemic levels. 

COACHELLA VALLEY OCTOBER DAYS IN THE MARKET BY CITY: In October, Coachella continued to have the lowest average selling time in the Coachella Valley at just 35 days (up from 33 days in October 2023). This was followed by Desert Hot Springs at 36 days (down from 50 days in October 2023) and Indian Wells at 39 days (up from 37 days in October 2023). In October, Bermuda Dunes and La Quinta had the highest median selling time at 55 days.

COACHELLA VALLEY OCTOBER DAYS IN THE MARKET BY PRICE RANGE: In October, the lowest average selling time in the Coachella Valley was 42 days (a) for homes priced between $300K and$399K, (b) for homes priced between $400K and $499K, and (c) for homes priced between $1M and $1.999M. The highest average selling time in October in the Coachella Valley was for homes priced between $900K and $999K (68 days). This graph compares the median number of “days in the market” by price bracket to the ratio a year ago. Market Watch did note that usually, selling times increase with higher priced homes. However, in the current Coachella Valley market, they weren’t seeing this which they felt was a positive feature for higher priced homes. 

COACHELLA VALLEY OCTOBER AVERAGE HOME SALE PRICE PREMIUM/DISCOUNT: In October, in the Coachella Valley, detached homes were selling at an average discount of 2.0% (up slightly from 1.9% in October 2023). In October, in the Coachella Valley, attached homes were selling at an average 2.9% discount (up from an average discount of 2.3% in October 2023). Market Watch pointed out how the premium/discount numbers for both detached and attached homes, which are normally close, were starting to separate and that these numbers were now back close to pre-covid levels. 

COACHELLA VALLEY OCTOBER AVERAGE HOME SALE PRICE DISCOUNT BY CITY: Average home sales discounts in the Coachella Valley in October ranged from a low of 0.8% in Coachella to a high of 3.2% in Rancho Mirage.

COACHELLA VALLEY OCTOBER AVERAGE HOME SALE PRICE DISCOUNT BY PRICE RANGE: Average home sales discounts in the Coachella Valley in October ranged from a low of 1.5% for homes priced between $500K and $599K to a high of 5.7% for homes priced over $2M. Market Watch noted that as a rule, price discounts increase with higher priced homes, however the current data showed the lowest discounts in the mid range price ranges.

COACHELLA VALLEY OCTOBER AVERAGE PERCENTAGE OF HOMES SELLING OVER LIST PRICE: In October, in the Coachella Valley, 14.2% of homes sold over list price (down from 16.4% in October 2023). Market Watch continued to expect the number of homes selling above list price to remain about one out of seven.

THE BRIGGS GROUP | COLDWELL BANKER | Laurie Briggs - DRE# 01896117 | Tim Briggs - DRE# 01898254 | Coldwell Banker Realty - DRE# 00616212