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Local real estate market experts, Market Watch LLC, are out with their October 2022 Desert Housing Report. Some highlights:

COACHELLA VALLEY OCTOBER DETACHED HOME MEDIAN PRICE: The detached home median price in the Coachella Valley in October was $675,000 (up $5,000 or 0.75% from $670,000 in September and up $75,000 or 12.5% from a median price of $600,000 in October 2021). Market Watch noted that the data shows that home price correction that many have feared has been relatively mild in the Coachella Valley to date. In fact, they pointed out that some of the price correction over the last couple of months is just the historical seasonal correction at play. However, they also stated that it is hard to ignore the effect of higher interest rates on both buyers and seller.

COACHELLA VALLEY OCTOBER ATTACHED HOME MEDIAN PRICE: The attached home median price in the Coachella Valley in October was $456,250 (down 1.9% from $465,000 in September but up 23.3% from $370,000 in October 2021). Market Watch noted that past attached home median price data shows a historical seasonal price correction of between 10% to 15% at this time of year. They do expect a larger than normal price correction for attached homes this year, with the attached home median price bottoming out around $435,000. They noted that this would be in line with the historical 4.5% price growth curve for attached homes in the Coachella Valley.

OCTOBER TWELVE MONTH CHANGE IN PRICE OF THE AVERAGE SIZE HOME BY CITY: October year-over-year changes in the median price of the average size detached home by city in the Coachella Valley ranged from 28.9% for the average size 3,450 sq ft detached home in Indian Wells to 3.2% for the average size 2,500 sq ft detached home in Bermuda Dunes. October year-over-year changes in the median price of the average size attached home ranged from 36.8% for the average size 750 sq ft attached home in Desert Hot Springs to 14.6% for the average size 1,775 sq ft attached home in Rancho Mirage. Market Watch pointed out that median price increases were slowing in every Coachella Valley city, particularly for detached homes.

OCTOBER MONTHLY COACHELLA VALLEY HOME SALES (THREE MONTH MOVING AVERAGE): October monthly total home sales (3-month average) averaged 534 homes (down 33.8% from average monthly total home sales of 806 homes in October 2021 and down 8.1% from average monthly total home sales of 581 homes in September). Market Watch pointed out that October’s average monthly home sales were also down 28.4% from the pre-pandemic October average of 746 home sales. Market Watch expressed their opinion that with the Federal Reserve continuing to tighten interest rates, it does not appear these home sales figures will turn around anytime soon.

OCTOBER MONTHLY COACHELLA VALLEY HOME SALES (TWELVE MONTH MOVING AVERAGE): The 12-month average of home sales removes the seasonality from home sales data and showed average monthly total home sales of 793 in October (down 24.5% from 1,050 home sales in October 2021 and down 3.7% from an average of 823 home sales in September). Market Watch pointed out  that because the shorter 3 month average monthly home sales have reached a new low, the longer 12 month average monthly home sales will also continue to decline to below the pre-pandemic averages.

OCTOBER COACHELLA VALLEY HOME SALES BY CITY: Market Watch pointed out that home sales decreased in every Coachella Valley city other than Coachella. Home sales decreased by 48.7% year-over-year in Cathedral City, 43.4% in La Quinta and 35.3% in Palm Springs.

OCTOBER COACHELLA VALLEY HOME SALES BY PRICE RANGE: While home sales decreased in every price range, the largest declines were in sales of homes priced under $400,000. Sales of homes priced between $200,000 and $300,000 declined by 65.3% year-over-year and sales of home priced between $300,000 and $400,000 declined by 49.3% year-over-year. Sales of homes priced between $800,000 and $900,000 were almost unchanged year-over year. Sales of homes priced over $1 million declined by 22.5% year-over-year.

COACHELLA VALLEY HOME INVENTORY: On November 1^st, Coachella Valley home inventory was 2,048 homes (up 241 homes or 13.3% from 1,807 homes on October 1^st and up 1,133 homes or 123.8% from 915 homes on November 1^st, 2021). Market Watch noted that this increase in home inventory was opposite to almost every other California region, where inventory generally declined slightly last month. Further, they noted that some of this increase in inventory was seasonal and that if the pattern continues, inventory would probably reach 2,500 units by February (compared to pre pandemic inventory norms of over 3,000 homes).

COACHELLA VALLEY REGIONAL MONTHS OF SALES RATIO: On November 1^st, the Coachella Valley’s months of sales ratio was 2.6 months. While higher than September’s 2.2 months of sales, this ratio is still considerably below the 4.0 months that is historically normal for this time of year. Market Watch felt that even though the home inventory has been increasing and home sales have been decreasing, the changes have not been enough to bring the months of sales ratio back to normal levels. Market Watch went on to state that the months of sales ratio measures supply versus demand and a ratio of 2.6 still implies that the balance of supply and demand somewhat favors the seller. They felt that this has helped limit price corrections.

COACHELLA VALLEY MONTHS OF SALES RATIO BY PRICE RANGE: Months of sales ratios in every price range far exceed year ago levels. Market Watch noted both the evenness of the inventory recovery and that the inventory recovery is occurring across all price ranges.

COACHELLA VALLEY MONTHS OF SALES RATIO BY CITY: In October, Indian Wells and Bermuda Dunes had the lowest months of sales ratios at 2.2 and 2.3 months respectively. The highest months of sales ratios were in Desert Hot Springs at 2.9 months and Thousand Palms at 3.0 months. Other than these cities, the months of sales rations across the Coachella Valley were between 2.5 and 2.7 months,

COACHELLA VALLEY REGIONAL DAYS IN THE MARKET: Average home selling times in the Coachella Valley increased in October to 35 days (compared to 25 days one year ago and 32 days in September). Market Watch felt that this metric will rapidly increase back to 50 or 60 days (the historically normal days in the market in the Coachella Valley).COACHELLA VALLEY DAYS IN THE MARKET BY CITY: In October, Indian Wells had the shortest median selling time for detached homes at 25 days (compared to 26 days one year ago), followed by Rancho Mirage at 29 days (compared to 26 days one year ago). In October, Desert Hot Springs had the shortest median selling time for attached home at 23 days (compared to 11 days one year ago), followed by Cathedral City at 30 days (compared to 34 days one year ago). 

PERCENTAGE OF COACHELLA VALLEY HOMES SELLING ABOVE LIST PRICE: While the percentage of homes in the Coachella Valley selling above list price is rapidly declining, at the end of October, 21.6% of home sales occurred above list price (compared to 46.2% one year ago and 27.7% in September). Market Watch noted that the percentage of homes selling over list price continued to retreat in October to the historic norm of around 10%.

AVERAGE SALES PRICE DISCOUNTS FROM LIST BY CITY: Bermuda Dunes was the only Coachella Valley city with a selling premium (0.5%) for detached homes in October. Bermuda Dunes was also the only Coachella Valley city with a selling premium (0.6%) for attached homes in October. All other Coachella Valley cities had average sale price discounts of between 0.1% to 2.9% for both detached and attached homes.

The Briggs Group at COMPASS | Laurie Briggs – CalDRE# 01896117 | Tim Briggs – CalDRE# 01898254 | COMPASS – CalDRE# 01991628

New Listing: Tastefully Renovated Indian Wells Los Lagos Desert Retreat | First Open House: Sunday Nov. 6^th from 10AM to Noon

This classic Mediterranean-style Indian Wells home offers privacy, amenities and one of the best gated locations in the Coachella Valley. This ''Villa'' is a true Desert Retreat, with features including a serene indoor/outdoor flow, numerous niches perfect for relaxing and entertaining, light filled rooms with wood beamed Great Room ceilings, wood laminate flooring (in dining/living areas) and focal point lodge style fireplace in Living Room. Enjoy cooking in the spacious kitchen with new premium appliances and  stone countertops, with views overlooking the charming back courtyard. The Primary Suite features walk-in closet and spa-like bath with adjoining zen-like atrium. Off the laundry room is a home office & hobby/craft area with direct access to the Front Courtyard (formerly a golf cart garage). Directly across the Front Courtyard is a large detached Casita with bath, currently used as a home gym/office. The home is surrounded with lush mature landscaping and includes herb & rose gardens on the north side. Enjoy entertaining in the side yard outdoor kitchen complete with built-in grill. This home has been meticulously maintained; with upgrades such as a premium epoxied garage & extensive interlocking brick driveway & courtyard with Alumawood covered courtyard patio areas. Los Lagos offers tennis, pickleball, pools/spas and beautifully maintained commons areas featuring lush landscape & water features. Truly a gem that's just a short stroll to shopping and dining. Indian Wells Residents also enjoy steeply discounted resident greens fees at Indian Wells Golf Resort, use of the Hyatt Indian Wells fitness facility and discounted spa and dining rates at most Indian Wells hotels/resorts.

Features Of This Home At A Glance:

•        Classic Mediterranean-Style Indian Wells Home In Gated Los Lagos
•        2,368 Sq Ft, 3 Bedrooms, 3 Bathrooms
•        Large Detached Casita With En-Suite Bathrooom
•        Vaulted Wood Beamed Great Room Ceilings
•        Renovated Kitchen With Premium Stainless Steel Appliances
•        Large Outdoor Covered Patios With An Outdoor Kitchen
•        Remodeled Bathrooms With Stone Counters & Tile Floors/Showers
•        Interlocking Paver Driveway & Patios

MLS# 219086732 | Listed at $699,000 | Details, photos, video & virtual tours & floor plan at: http://www.44017eriect.com

The Briggs Group / COMPASS | Laurie Briggs – DRE# 01896117 | Tim Briggs – DRE# 01898254 | Compass – DRE# 01991628

(Please click on the image above to view our short YouTube video)

OPEN HOUSE: Stylish Golf Course Home Located In Rancho Mirage’s Mira Vista Community | WHEN: Sunday November 6th from 1 PM to 3 PM | WHERE: 45 Vista Encantada, Rancho Mirage

You’re more than welcome to stop by our open house this Sunday afternoon to see this elegant, stylish and comfortable 4,057 square feet, 3 bedroom + office, 4 bathroom home, located inside the guard-gated Mira Vista community in Rancho Mirage. The home sits on a large 13,939 sq ft lot overlooking the first fairway of the Mission Hills North Gary Player Signature Course. Inside, a rotunda-shaped foyer leads to an expansive great room, with a designer wet bar, stone faced fireplace, unique circular sitting area, large dining area and open kitchen with both breakfast bar and breakfast nook. The primary bedroom suite features an oversized bedroom, sitting area, a large dressing area, double walk-in closets, a spa tub and large roman shower. The home also offers an oversized home office and media room. The front exterior of the home has great curb appeal with the stacked stone façade, a long driveway and both a double and single car garage. The rear yard is perfect for relaxed outdoor desert living with an expansive covered patio with built-in gas heaters, a misting system, a pebble-finish pool & spa backed by a stacked stone privacy wall, and stunning golf course and mountain views. 

MLS# 219082704 | Listed at $1,750,000 | Details, photos, video & virtual tours & floor plan at: http://www.45vistaencantada.com

Laurie Briggs - DRE# 01896117 | Tim Briggs – DRE# 01898254 | COMPASS – DRE# 01991628

(Please click on the above image to view our short YouTube video)

OPEN HOUSE & NEW PRICE: Completely Remodeled Midcentury Rancher in South Palm Desert | WHEN: Saturday November 5^th from 1 PM to 3 PM | WHERE: 73304 Willow St, Palm Desert, CA

This fabulous 2,845 sq ft, 4 bedroom, 4 bathroom home has been meticulously remodeled. It features slump stone block exterior walls, high white-washed vaulted ceilings, completely remodeled kitchen with newer custom cabinets, stone counters and stainless steel appliances, completely remodeled bathrooms, plank look tile floors in the main living areas, plush carpet in the bedrooms and newer windows, water heater, HVAC systems and evaporative cooler. One of the bedrooms is a detached casita with over 500 sq ft of living space that offers large sitting and bedroom areas, a kitchenette and a remodeled bathroom. The home sits on a large 0.41 acre (17,860 sq ft) lot, with mature citrus trees, large replastered pool, plenty of patio space for entertaining family and friends, a recently rebuilt gazebo, a gated and graveled side yard for car, boat or RV parking, all with stunning western Santa Rosa Mountain views.

MLS# 219082136 |  Now listed at $1,399,000 | Details, photos, virtual & video tour & floor plan at: http:///www.viewlisting.info/101326

The Briggs Group
Laurie Briggs | CalDRE# 01896117
Tim Briggs | CalDRE# 01898254
COMPASS | CalDRE# 01991628

(Please click on the image above to view our short YouTube video)

This fabulous 2,845 sq ft, 4 bedroom, 4 bathroom home has been meticulously remodeled. It features slump stone block exterior walls, high white-washed vaulted ceilings, completely remodeled kitchen with newer custom cabinets, stone counters and stainless steel appliances, completely remodeled bathrooms, plank look tile floors in the main living areas, plush carpet in the bedrooms and newer windows, water heater, HVAC systems and evaporative cooler. One of the bedrooms is a detached casita with over 500 sq ft of living space that offers large sitting and bedroom areas, a kitchenette and a remodeled bathroom. The home sits on a large 0.41 acre (17,860 sq ft) lot, with mature citrus trees, large replastered pool, plenty of patio space for entertaining family and friends, a recently rebuilt gazebo, a gated and graveled side yard for car, boat or RV parking, all with stunning western Santa Rosa Mountain views.

MLS# 219082136 |  Now listed at $1,399,000 | Details, photos, virtual & video tour & floor plan at: http:///www.viewlisting.info/101326

The Briggs Group
Laurie Briggs | CalDRE# 01896117
Tim Briggs | CalDRE# 01898254
COMPASS | CalDRE# 01991628

(Please click on the image above to view our short YouTube video)

Here’s a list of just some of the many events happening here in the Coachella Valley in November, courtesy of our fun loving colleagues, Catherine, Dawn and Valori, at First American Title:

First Wednesday Art Walk | Nov 2 from 5 to 8pm | 2652 Cherokee Way, Palm Springs

Backstreet is a unique community of artists’ working studios & galleries, and businesses that provides artistic services (reprographic, restorative and framing) in Palm Springs. You’ll find an amazing assortment of original art for all tastes and budgets – paintings, ceramics, photography, mixed media, jewelry, lithography and more by locally, regionally and nationally recognized artists. For more information: www.backstreetartdistrict.com

El Paseo Cruise Nights | Nov 4 from 2 to 5pm | The Gardens on El Paseo, Palm Desert

Get your classis car out of the garage, load up the family & join in the fun. For more information: 760-346-8965 | www.elpaseocruisenight.com

Coachella Valley Grand Prix Pickleball | Nov 4-6 | The Springs Country Club, Rancho Mirage

The directors of the CVGP bring their extensive experience in running tournaments and leagues to the sport of pickleball. It is the goal of the CVGP to promote the sport of pickleball in a meaningful and social environment. For more information: www.pickleballtournaments.com

Indio California BBQ State Championship & Festival | Nov 5 from 10am to 5pm | The Lights at Indio Golf Course

This Kansas City Barbeque Society (KCBS) sanctioned BBQ championship draws pit masters from across the nation competing for a $10,000 purse. As part of the festivities, BBQ competitors will be offering their championship style delights for sale to the public. Come out and sample some of the best contest quality BBQ in the nation! This year’s event will include live entertainment, craft beer garden, kids’ zone, music and more. Admission is FREE! For more information: https://gcvcc.org/event/indio-bbq-and-state-championships/

Rancho Mirage Festival of the Arts & Jazz Under The Stars | Festival of the Arts on Nov 5-6 – Saturday from 10am to 6pm, Sunday from 10am to 4pm | Jazz Under The Stars on Saturday Nov 5 from 5:30 to 8:30 pm | Rancho Mirage Community Park

An outdoor art exhibition with epicurean delights, libations, music, installation art and performance art. Saturday evening, Jazz under the Stars, with the Goodfellas Jazz Band and the Amanda Castro Band, happens at the Rancho Mirage Amphitheater. For more information: 760-324-4511 x228 | https://ranchomirageca.gov/meetings-event/rancho-mirage-festival-of-the-arts/

Desert Mountains Art Fair | Nov 5 from 9am to 3:30pm | Santa Rosa & San Jacinto Mountains National Monument Visitor Center

Attend the monthly Desert Mountains Art Fair. Mediums may include photography, paintings, ceramics, hand painted silks, and more. Support local artists and find beautiful and unique gifts and desert mementos, all while enjoying the natural beauty of our desert mountains. For more information: 760-862-9984 | https://www.desertmountains.org/calendar/artfair11-5

Día De Los Muertos Celebration/Fundraiser | Nov 5 from 5 to 9pm | Coachella Valley History Museum

Sorry but this event is sold out. An unforgettable night featuring live entertainment by David Macias, delicious food by Tacos Gonzalez, tequila, art and ofrendas by local artists, Silent Auction, dancing, and more! Must be 21+ to attend. Advanced purchase only. No ticket sales will be available at the gate on the day of the event. For more information: 760-342-6651 | https://www.cvhm.org/explore

Palm Springs Pride Festival | Nov 5-6 on Saturday from 11am to 9pm, Sunday from 11am to 6pm | Palm Canyon Drive

Enjoy beverages and food with friends while you explore a diverse array of artists, entertainers, beverage stations, and purveyors of various items, including jewelry, snacks, and sweets. Add all that to great shopping, restaurants, clubs, and entertainment venues. For more information: https://apps.pspride.org

Margaritaville USA Pickleball National Championships | Nov 5-13 | Indian Wells Tennis Garden

The Indian Wells Tennis Garden features the second largest tennis stadium in the world – an impressive 16,100-seat Stadium 1 – as well as a permanent 8,000-seat Stadium 2. The venue also boasts 28 world class courts and a unique championship pickleball court. For more information: www.usapickleballnationalchampionships.com

Wild & Scenic Film Festival | Nov 10 from 5 to 8pm | University of California Riverside, Palm Desert

This special one-day program inspires environmental activism and a love for nature through film. This event also shares an urgent call to action, encouraging festival-goers to learn more about what they can do to save our threatened planet. For more information: 760-834-0800 | https://events.ucr.edu/event/wild_scenic_film_festival_2022?utm_campaign=widget&utm_medium=widget&utm_source=UC+Riverside

La Quinta Art Celebration | Nov 10-13 from 9am to 4pm | Civic Center Campus

Award-winning fine art and crafts event featuring 200 premier artists from 31 states and six countries! Live music daily as well as exquisite food and beverages. For more information: 760-567-9149 | www.laquintaartcelebration.org

Veterans Day Celebration & Resource Expo | Nov 11 from 9am to 12pm | Palm Desert Civic Center Park

The event features opening remarks from City of Palm Desert representatives, and inspiring words from active duty and veteran military service members. A patriotic concert performed by the Heatwave Jazz Band rounds out the day’s celebration. For more information: 760-346-0611 | www.cityofpalmdesert.org

Free Entrance Days in the National Parks | Nov 11 | Joshua Tree National Park

All National Park Service sites that charge an entrance fee, including Palm Desert’s neighbor to the north, Joshua Tree National Park, will offer free admission to everyone. For more information: www.nps.gov/jotr

Palm Springs Women’s Jazz Festival | Nov 11-13 | Cathedral City Community Amphitheater

The festival includes concerts, exhibits, presentations, films and other events that promote an understanding and enjoyment of the work of women artists. For more information: 760-416-3545 | www.palmspringswomensjazzfestival.org

Star Party at the Monument | Nov 12 from 6 to 9pm | Santa Rosa & San Jacinto Mountains National Monument Visitor

Join members of the Astronomical Society of the Desert for fun “sky tours” and direct observations of the night sky through telescopes and binoculars. RSVP required. Registration begins 14 days prior to the event. For more information: 760-862-9984 | www.desertmountains.org

Palm Desert Choreography Festival | Nov 12-13 on Saturday at 7pm, Sunday at 4pm | McCallum Theatre, Palm Desert

Exciting original dances in various styles are performed by companies from across the nation with winners announced at the conclusion of each performance. Saturday evening includes a Lifetime Achievement Award presentation, while Sunday afternoon showcases local dancers in East Valley Dance and The Studio Projects. For more information: 760-340-2787 | www.mccallumtheatre.comBusiness

EXPO | Nov 15 from 3 to 7pm | Agua Caliente Resort Casino & Spa

The community is welcome to join us as we celebrate, lift up and recognize our local business owners, employees, neighbors and friends. The Business EXPO is created for the community by the community. This is THE business event of the year – general admission is $5 pp. For more information: 760-568-9351 | www.ranchomiragechamber.org

Palm Springs International Piano Competition | Nov 15 from 6 to 7:30pm | Annenberg Theater

Kick off the season with the incredible concert celebrating American Composers. Don’t miss the “Toast of the Town” Dining & Cocktail Reception following the concert. For more information: 760-325-4490 | www. psmuseum.org/events/rental

McCormick’s Auto Showroom and Exotic Car Auctions | Nov 18-20 | Palm Springs Convention Center

Where the latest car models always take a backseat to the classics. In this episode of Wander List, take a detour with host Anndee Laskoe on this road trip back in time. For more information: 760-320-3290 | www.classic-carauction.com

Cathedral City Hot Air Balloon Festival & Food Truck Fiesta | Nov 18-20 | Cathedral City Community Amphitheater

Balloon tether rides, nighttime balloon glows, romantic dinners, live musical entertainment, gourmet food trucks, a Kids’ Zone, Art Show, an outdoor market, family-friendly activities and so much more. For more information: 760-321-5154 | www.hotairballoonfest.com

JOGS Palm Springs Gem & Jewelry Show | Nov 18-21 | Palm Springs Convention Center

One of the largest jewelry tradeshows in the Americas, bringing together a variety of manufacturers, wholesalers and brands during one of the most important buying/restocking seasons of the year. For more information: 213-629-3030 | www.jogsshow.com/palm-springs

Props and Hops Craft Beer Fest | Nov 19 from 1 to 6pm | Palm Springs Air Museum

Features craft beers from all over the region, local musical acts, food vendors and flight exhibitions. This event grows in popularity every year and is quickly becoming the premier craft beer event in the valley. For more information: www.palmspringspropsandhopsfestival.com

Palm Springs Wine & Food Experience | Nov 19 from 1 to 4pm | Palm Springs Stadium

Enjoy the Grand Tasting: a gourmet showcase by local chefs, emerging talent and nationally renowned culinary leaders who mix with patrons in a convivial setting. Lively cooking demonstrations and seminars deliver unforgettable experiences for fans, connoisseurs, partners, purveyors, and industry personalities. For more information: https://wineandfood.usatoday.com

Fortem Financial Thanksgiving Day 5K | Nov 24 at 8am | 73545 El Paseo, Palm Desert

The goal of the 5K is to raise awareness about Martha’s Village and Kitchen’s services and to provide funds to support our mission to end hunger and homelessness in the Coachella Valley. Features exhibitor booths, a photo station, and a doggie refreshment station. Features complimentary face painting, temporary tattoos, arts and crafts, limbo, and hula hooping. For more information: www.runsignup.com

WildLights at the Living Desert | Nov 22-Dec 30  - Select nights from 6-9pm | The Living Desert Zoo and Gardens, Palm Desert

Guests will encounter a herd of life-size, luminescent animal lanterns, explore newly added pathways and stroll through the popular tunnel of lights flashing to holiday music. In true WildLights tradition, the festive G-scale model trains with more than 3,300 feet of track will be decked out for the holidays. Delicious food and beverages will also be available for purchase. For more information: 760-346-5694 | https://www.livingdesert.org/events/upcoming-zoo-events/wildlights/?selected_date=1669104000

Desert Art Festival | Nov 25-27 – Friday & Saturday from 10am to 5pm, Sunday from 10am to 4pm | The River at Rancho Mirage

The artwork presented will include clay, glass, digital, jewelry, mixed media, paintings in acrylic, oil, and watercolor, photography, sculpture in bronze, clay, glass, metal, and wood. All work is available for purchase. For more information: 760-341-2711 | www.theriveratranchomirage.com

Art on Main Street | Nov 26 from 10am to 4pm | Main Street, Old Town La Quinta

Features over 100 artists each season showing and selling their paintings, jewelry, mixed media, photography, ceramics, glass, woodwork, textiles, sculptures and more. The shows are a local favorite and an Old Town tradition. They are set amidst Main Street’s charming cafes and boutiques. For more information: 760-600-0758 | www.oldtownlaquinta.com

Merry Movie Nights | Nov 26 at 5pm | Center Lawn, The Gardens on El Paseo

Tonight's movie is "Elf". Bring your own blankets and dress warm. For more information: 760-862-1990 | www.thegardensonelpaseo.com

The Briggs Group | Laurie Briggs - DRE# 01898254 | Tim Briggs – DRE# 01896117 | Compass – DRE# 01991628

First American Title Insurance Company, and the operating divisions thereof, Compass and/or The Briggs Group make no express or implied warranty respecting the information presented and assume no responsibility for errors or omissions.

(Please click on the image above to view our short YouTube video)

Local real estate market experts, Market Watch LLC, are out with their September 2022 Desert Housing Report. Some highlights:

COACHELLA VALLEY SEPTEMBER DETACHED HOME MEDIAN PRICE:  The detached home median price in the Coachella Valley in September decreased to $670,000 (down 1.8% from $682,000 in August but still up 14.5% from $585,000 in September 2021). Market Watch opined that while most of this median price decrease was seasonal, some of the decrease also represents the general corrective turn currently occurring in home prices. They also warned about the need to follow the market data rather than people’s alarming comments about the market.

COACHELLA VALLEY SEPTEMBER ATTACHED HOME MEDIAN PRICE: The attached home median price in the Coachella Valley in September was $465,000 (down 0.5% from $467,500 in August but up 24% from $375,000 in September 2021). Market Watch noted that past median price data has showed seasonal price corrections of 10% occurring in the attached home market during the summer. However, Market Watch felt that there may be a larger than normal price correction this year (to around $435,000). This would bring attached home median prices to near the 4.5% growth curve.

SEPTEMBER TWELVE MONTH CHANGE IN PRICE OF THE AVERAGE SIZE HOME BY CITY: September year-over-year changes in the median price of the average size detached home ranged from 34.1% for the average size 3,450 sq ft detached home in Indian Wells to 12.2% for the average size 2,500 sq ft detached home in Bermuda Dunes. September year-over-year changes in the median price of the average size attached home ranged from 59.9% for the average size 750 sq ft attached home in Desert Hot Springs to 17.7% for the average size 1,450 sq ft attached home in Bermuda Dunes.

SEPTEMBER MONTHLY COACHELLA VALLEY HOME SALES (THREE MONTH MOVING AVERAGE): September monthly total home sales (3-month average) averaged 581 homes (down 32.4% from  average monthly total home sales of 860 homes in September 2021 and down 13.8% from average monthly total home sales of 674 homes in August). Market Watch pointed out that September’s average monthly total home sales were also down 25.9% from average monthly total home sales of 784 homes over the three years before the pandemic. Market Watch expressed their opinion that with the Federal Reserve tightening interest rates as it is, it does not appear these numbers will turn around anytime soon.

SEPTEMBER MONTHLY COACHELLA VALLEY HOME SALES (TWELVE MONTH MOVING AVERAGE): The 12-month average of home sales takes all seasonality out of the home sales data and showed average monthly total home sales of 823 homes in September (down 23.5% from 1,076 home sales in September 2021 but roughly equal to the average monthly total home sales level before the pandemic). Market Watch pointed out that long-term average monthly sales of detached homes in September continued to be above pre-pandemic levels but that long-term average monthly sales of attached homes in September were below pre-pandemic levels. However, they also noted that because shorter-term average monthly home sales continue to decline, longer-term average monthly home sales will also continue to decline for awhile. 

SEPTEMBER COACHELLA VALLEY HOME SALES BY CITY: Other than Coachella, where September homes sales were up 41.7% year-over-year, September home sales decreased year-over-year in every Coachella Valley city. The largest percentage declines in homes sales were in Cathedral City (down 44% year-over-year), Rancho Mirage (down 43.6% year-over-year) and La Quinta (down 42.9% year-over-year). SEPTEMBER COACHELLA VALLEY HOME SALES BY PRICE RANGE: Home sales decreased in every price range other than the $800,000 to $900,000 price range, with the largest percentage price decreases occurring in the sales of homes priced under $500, 000. For homes priced between $200,000 and $300,000, September home sales decreased by 59% year-over-year and for homes priced between $300,000 and $400,000 September home sales decreased by 53.6% year-over-year. In comparison, September sales of homes priced over one million dollars were down 12.2% year-over-year. COACHELLA VALLEY HOME SALES INVENTORY: On October 1^st, the Coachella Valley’s home sales inventory was 1,807 homes (up 13.4% from an inventory of 1,593 homes on September 1^st and up 104.6% from an inventory of 883 homes on October 1^st 2021). Market Watch noted that this inventory increase in the Coachella Valley is opposite to almost every other California region, where inventory generally contracted last month. They noted that some of this inventory increase is seasonal and if the seasonal trend continues, the inventory level might reach 2,500 homes by February (but still below past norms).

COACHELLA VALLEY REGIONAL MONTHS OF SALES RATIO: On October 1^st, the Coachella Valley’s months of sales ratio was 2.2 months (up from 1.9 months in August and up from 0.8 months one year ago). Nevertheless, the months of sale ratio remains considerably below the 3.0 to 3.5 months that is normal for late-summer. Market Watch felt that even though home inventories have been rising and home sales falling, the changes are still not enough to bring the months of sales ratio back to normal levels. Market Watch stated that this is important because the months of sales ratio measures supply versus demand and a ratio of 2.2 implies that the balance of supply and demand still somewhat favors the seller. They went on to state that the Coachella Valley months of sales ration might return to a normal months of sales ratio by February.

COACHELLA VALLEY MONTHS OF SALES RATIO BY PRICE RANGE: Months of sales ratios were considerably higher than one year ago in every price range. The months of sales rations were 2.7 months for all price ranges above $700,000.

COACHELLA VALLEY MONTHS OF SALES RATIO BY CITY: In September, Bermuda Dunes and Indian Wells had the lowest months of sales ratios at 1.6 months. The highest months of sales ratios were in Desert Hot Springs at 2.8 months and Thousand Palms at 3.4 months. Other than these cities and their months of sales ratios, the months of sales rations were between 1.9 and 2.2 months,

COACHELLA VALLEY REGIONAL DAYS IN THE MARKET: Average home selling times in the region increased in September to 32 days (compared to 24 days one year ago). Market Watch thought that that this metric will rapidly increase back to 50 or 60 days, which is historically normal for the Coachella Valley.

COACHELLA VALLEY DAYS IN THE MARKET BY CITY: In September, Indian Wells had the shortest median selling time for detached homes at 24 days, followed by Rancho Mirage at 27 days. In September, Desert Hot Springs had the shortest median selling time for attached home at 23 days, followed by Cathedral City at 25 days.

PERCENTAGE OF COACHELLA VALLEY HOMES SELLING ABOVE LIST PRICE: While the percentage of homes in the Coachella Valley selling above list price is rapidly decreasing, at the end of September 27.7% of home sales occurred above list price (compared to 50.2% one year ago). Market Watch expects the percentage of homes selling above list price will return to historic norms of around 10% near the end of the year.

AVERAGE SALES PRICE DISCOUNTS FROM LIST BY CITY: Only four Coachella Valley cities had selling premiums for detached homes in September, with Coachella and Desert Hot Springs having the highest premiums at 0.6% and 0.3% respectively. No city currently has a selling premium for attached homes

The Briggs Group | Laurie Briggs – CalDRE# 01896117 | Tim Briggs – CalDRE# 01898254 | COMPASS – CalDRE# 01991628

(Please click on the image above to view our short YouTube video)

Hard to believe but October is here already. So, before any more of the month gets away from us, thought we’d share this October Calendar of Events, courtesy of our fun loving colleagues at First American Title, Catherine, Dawn & Valori:

Coachella Valley Battle in the Desert | Oct. 1 from 7 to 11pm | Cathedral City Community Amphitheater

Watch the sport of amateur boxing. All ringside tables are Sold Out but General admission tickets will be available at the door. For more information: 760-335-8895 | www.facebook.com/BattleintheDesert

Oktoberfest at PS Air | Oct. 1 from 4 to 7pm | PS Air Bar & Lounge

German beer, wine, food and more. Bring your dirndle and leiderhosen for some fun. $50 includes a one liter glass beer stein with two fills. Also wine tasting, food, fun...all in the Oktoberfest Tent. For more information: 760-327-7701 | www.psairbar.com

Pride Under the Pines | Oct. 1 from 12 to 9pm | The Rustic Theater, Idyllwild

Features Outdoor Activities, Round-Trip Luxury Bus from Palm Springs & Interactive Screening of The Birdcage. Special Channel Q VIP Lounge ticket includes complementary open bar. For more information: www.prideunderthepines.com

Archaeopalooza | Oct. 1 from 9am to 2pm | Copper Mountain College, Twentynine Palms

A free, family friendly program in Joshua Tree, Archaeopalooza, to celebrate California Archaeology month. There will be community outreach tables in the gymnasium and ongoing lectures in the adjoining lecture hall. Activities for children include a "dig box" provided by the Archaeology Division at the 29 Palms Marine Corps Base, ceramic pinch pot demonstrations by Tony Soares, and educational games with rangers from Joshua Tree National Park. For more information: 760-367-5525 | www.joshuatree.org

National Night Out with Indio Police | Oct. 4 from 6 to 8:30pm | Indio City Hall

Provides an opportunity for the community to meet and interact with members of the Indio Police Department. The free, family-friendly event celebrates the city while allowing visitors to learn more about Indio Police and partner agencies, including Imperial Irrigation District, SoCalGas, Desert Recreation District, and many other community organizations. For more information: 760-391-4000 | https://www.indio.org/news/displaynews.htm?NewsID=1279&TargetID=48

First Wednesday Art Walk | Oct. 5 from 5 to 8pm | Backstreet Art District, 2652 Cherokee Way, Palm Springs

Backstreet is a unique community of artists’ working studios & galleries, and businesses that provides artistic services (reprographic, restorative and framing) in Palm Springs. We have an amazing assortment of original art for all tastes and budgets – paintings, ceramics, photography, mixed  media, jewelry, lithography and more by locally, regionally and nationally recognized artists. For more information: www.backstreetartdistrict.com

La Quinta State of the City, Business Awards & Expo | Oct. 6 from 4 to 8:30pm | La Quinta Resort and Club

This annual event offers a review of economic activity from the previous year, as well as future development and plans significant to the business community. Mayor Linda Evans will be the featured speaker for this event along with the La Quinta City Council. Local business professionals will be recognized for professional accomplishment and significant contributions to their community. Among the categories honored will be Business of the Year. Attendees will experience a Taste of La Quinta, featuring five unique food stations by the chefs of the resort. The outdoor evening event will have live music and fireworks as a grand finale and celebration of the City of La Quinta’s 40th Anniversary. For more information: 760-347-0676 | https://gcvcc.org/events/

Palm Desert Concerts in the Park | Oct. 6, 13, 20, 27 from 6-7:30pm | Civic Center Park Amphitheater

Every Thursday in October featuring a variety of talented musical acts designed to please music lovers of all ages and tastes.  Catch Pat Benatar & Neil Giraldo tribute band “We Belong” on Oct. 6^th, enjoy Motown, R&B, Soul, Funk & Dance music from “Blue Breeze Band” on Oct. 13^th, listen to vintage rock n’ roll from “The Dreamboats” on Oct. 20^th and last but not least, experience 70s tribute band “Pop Rebels Band” on Oct. 27th. For more information: 760-568-1441 | https://www.cityofpalmdesert.org/Home/Components/News/News/16540/17

Joshua Tree Music Festival | Oct. 6-9 Various Times | Joshua Tree Lake Campgound

Joshua Tree Music Festival (JTMF) is a resource-generating powerhouse of passionate creativity, community empowerment, and arts education for all ages. A family inclusive global music experience in the magical Mojave. The music is diverse and eclectic, from dance-world-electro-funk’n groove to soulful global-ethno melodies. JTMF promotes personal growth through a variety of multidisciplinary workshops, such as yoga and movement, visual arts, music, and myth. A robust schedule of Kidsville activities makes JTMF one of the top family-friendly festivals in the country. Magnificent art installations and a world market further inspire, intrigue, and invite festival goers. For more information: 760-366-1213 | https://joshuatreemusicfestival.com/oct-2022-event-info/

Paint El Paseo Pink | Oct. 8 Kick off at 7:30am Walk Starts at 8am | El Paseo, Palm Desert

This is a special day to honor and remember breast cancer survivors, including those currently battling the disease, and those whose journeys were cut short by cancer. Together, participants will celebrate, shout out, cheer, shed tears, and step up for cancer awareness and raise funds for cancer care. All proceeds raised from Paint El Paseo Pink will benefit Desert Cancer Foundation’s Patient Assistance Programs for cancer screening, diagnostic and treatment services for local valley residents who are uninsured, under-insured and in need of financial assistance. For more information: 760-773-6554 | https://paintelpaseopink.org/

HWY 62 Open Studio Art Tours | Oct. 8-9, 15-16, 22-23 from 10am to 5pm | Joshua Tree National Park

The annual HWY 62 Open Studio Art Tours is a one-of-a-kind experience for art lovers and art buyers to create a free customized self-guided tour of artist studios across the Morongo Basin communities: Morongo Valley, Yucca Valley, Pioneertown, Rimrock, Flamingo Heights, Landers, Joshua Tree, 29 Palms and Wonder Valley. Over three weekends October 8-9, 15-16 and 22-23, with studios open from 10:00 am - 5:00 pm visitors can experience the workplaces, lifestyles, and desert settings of artists who’ve been drawn to the area and made homes here over the last 50 years. The HWY 62 Open Studio Art Tours allows visitors to enjoy the beauty of the high desert, immerse themselves in its creative community and the opportunity to acquire art directly from local artists and makers. With the influx of many new artists to the high desert, this year promises a wide diversity of mediums, styles and prices. The event is free and open to everyone. For more information: https://www.mbcac.org/pages/hwy-62-open-studio-art-tour

Coffee with a Cop | Oct. 12to from 8 -10am | Indian Wells Golf Resort

This is your opportunity to ask questions, voice concerns and get to know the officers that protect the Indian Wells community. For more information: 760-346-2489 | https://www.cityofindianwells.org/Home/Components/Calendar/Event/517/123

Modernism Week | October Oct. 13-16 - See website for schedule | Downtown Palm Springs

“Mini-Modernism Week” featuring more than 50 events, including tours, talks, and parties in unique locations not regularly open to the public. It also includes the Palm Springs Modernism Show & Sale Fall Edition, including an opening night preview party on Oct. 14, offering attendees a cocktail reception, live music and an exclusive first chance to shop at the show before it opens to the public. The Show & Sale continues Oct. 15-16 and will feature more than 40 premier national and international decorative and fine arts dealers. For more information: www.modernismweek.com

Dia De Los Muertos Festival | Oct. 15 from 4 to 9pm | Desert Hot Springs Recreation Center

Come to Desert Hot Springs for a fun-filled day with face painting, crafts, vendors, food, music, and a lowrider showcase. Free admission! Altars created by local organizations will be on display. Bring a picture, candle or belongings of a loved one. Come dressed up in your Catrina costume. For more information: 760-275-3701 | https://www.cityofdhs.org/event/city-of-desert-hot-springs-dia-de-los-muertos-festival/

Yum Food Fest | Oct. 15 from 2 to 10pm | The Shops at Palm Desert

This must attend event for all foodies will feature food trucks, food pop-ups, sweets & treats, drinks, and culture/artisan vendors. Yum Fest will also feature a kids zone, live music from your favorite DJs, bands, and entertainers. Also available will be a full bar for those 21+. For more Information; ww.yumfoodfest.com

Palm Springs Welcomes You Back Fashion Show | Oct. 21 from 11am to 2pm | Eight4Nine Restaurant & Lounge, Palm Springs

Come in from the heat and enjoy a cool lunch at 849 Restaurant. Donations go to help support California Paws Rescue. View some Hot new clothes on our Hot Models. 25% of Lunch proceeds will also benefit California Paws Rescue. For more information: 760-325-8490 | www.eight4nine.com

Palm Springs Aerial Tram Road Challenge | Oct. 22 from 6:30am to 12:30pm | 1 Tram Way, Palm Springs

Climb from the Desert to the Mountains at the Palm Springs Aerial Tram Road Challenge. Start at 700 feet above sea level and make your way up the famous Tram Road to the Valley Station, climbing over 1800 feet in 3.7 miles. For more information: https://www.letsdothis.com/us/e/palm-springs-aerial-tram-road-challenge-191999

City of Indian Wells Shred Event | Oct. 29 from 7 to 11am | Burrtec Parking Lot: 41575 Eclectic St., Palm Desert

Please note that proof of current Indian Wells residency or business is required and a maximum of 4 banker-sized boxes per vehicle will be accepted. For more information: 760-346-2489 | https://www.cityofindianwells.org/Home/Components/Calendar/Event/445/144

Desert AIDS Walk | Oct. 29 from 7:30am to 1pm | Ruth Hardy Park, Palm Springs

The Coachella Valley’s largest gathering of HIV advocates comes together to walk toward ending the HIV and AIDS epidemics in the Coachella Valley and to promote health equity and health justice. For more information: 760-323-2118 | www.daphealth.org/desertaidswalk

Chili Cook-Off and Car Show | Oct. 29 from 10am to 4pm | Palm Springs Air Museum

Burn rubber to come on over to see some awesome rides and enjoy a tasting of various chili offerings for the Museum’s volunteer's secret recipes. It will be a ghoulish feast for the eyes and the tummy. For more information:  760-778-6262 | www.palmspringsairmuseum.org

Tejano Music Festival | Oct. 29 from 5 to 10pm | Cathedral City Community Amphitheater

Featuring the best Tejano music, fiesta food and spirits. The festival will feature a night of Grammy Award Winning Bands including Rick Fuentes and the Brown Express, Hugo Guerrero, as well as other awarding-winning bands such as Tejano Highway 281, and local Tejano favorite Chalito Zapata y Los Traviesos. Just Added! Hector Gonzalez, formally of the 2 G’s, making his comeback and start of his solo career. For more information: 760-770-0396 | www.TejanoMusicFest.com

Gather at the Gardens | Oct. 29 from 2 to 6pm | Gardens on El Paseo

An afternoon of Fall fun, food, contests and activities for all ages. For more information: 760-862-1990 | www.thegardensonelpaseo.com

Howl-O-Ween | Oct. 29-30 from 9am to 3pm | The Living Desert Zoo and Gardens, Palm Desert

Children are encouraged to dress up in their favorite costumes. Activities to include a self-guided scavenger hunt and you will be able to see your favorite animals enjoying a special pumpkin enrichment experience during your visit. In place of trick-or-treating they will be handing out pre-stuffed Boo in a Bag treat bags to children ages 12 and under, while supplies last. For more information: 760-346-5694 | www.livingdesert.org

Golf Cart Parade | Oct. 30 from 9am to 3pm | El Paseo, Palm Desert

Festivities start at 9am with a fly over by the Palm Springs Air Museum at 12pm to kick off the parade! NFL legend and recent Pro Football Hall of Fame Inductee, Tom Flores and his wife Barbara, will be the 2022 Golf Cart Parade Grand Marshals. The theme for this year’s festivities is Masquerade Party. The PDACC is excited to celebrate with our amazing local community with delicious food, a delightful parade, and great kids Halloween fun! For more information: 760-346-4924 | www.pdacc.org

Cathedral City Halloween Spooktacular | Oct. 30 from 12 to 3pm | Civic Center Plaza

Features trick or treating with over 40,000 pieces of candy! Join friends, neighbors, and family for a Spooktacular time including activities such as Halloween costume contests (two bikes given away each hour), police and fire exhibitions, music, and family games. Halloween Spooktacular provides you with information about the police and fire departments, to view special demonstrations, and get to know the men and women who serve you on a daily basis. Free admission. Free parking. For more information: 760-770-0396 | www.discovercathedralcity.com

The Briggs Group | Laurie Briggs - DRE# 01896117 | Tim Briggs - #01898254 | COMPASS - DRE# 01991628

First American Title Insurance Company, and the operating divisions thereof, The Briggs Group and/or Compass make no express or implied warranty respecting the information presented and assume no responsibility for errors or omissions.

Open House: Stylish Golf Course Home Located In Rancho Mirage’s Mira Vista Community | When: Saturday September 24th from 2PM to 4PM | Where: 45 Vista Encantada, Rancho Mirage

Come on out to our open house this Saturday afternoon to see this stylish 4,057 square feet, 3 bedroom + office, 4 bathroom home, located inside the guard-gated Mira Vista community in Rancho Mirage. The home sits on a large 13,939 sq ft lot overlooking the first fairway of the Mission Hills North Gary Player Signature Course. Inside, a rotunda-shaped foyer leads to an expansive great room, with a designer wet bar, stone faced fireplace, unique circular sitting area, large dining area and open kitchen with both breakfast bar and breakfast nook. The kitchen has newer stylish cabinetry, stone counter tops and backsplash, a built-in stainless-steel refrigerator, center island with eating bar and  a breakfast nook. The primary bedroom suite features an oversized bedroom, sitting area, a large dressing area, double walk-in closets, a spa tub and large roman shower. The home also offers an oversized home office and media room. The front exterior of the home has great curb appeal with the stacked stone façade, a long driveway and both double and single car garages. The rear yard is perfect for relaxed outdoor desert living with an expansive covered patio with built-in gas heaters, a misting system, a pebble-finish pool & spa backed by a stacked stone privacy wall, and stunning golf course and mountain views. 

MLS# 219082704 | Listed at $1,750,000 | Details, photos, video & virtual tours & floor plan at: http://www.45vistaencantada.com

Laurie Briggs - DRE# 01896117 | Tim Briggs – DRE# 01898254 | COMPASS – DRE# 01991628

Open House: South Palm Desert Character Home With Large Lot & Spacious Detached Casita | When: Saturday September 24th from 10 AM to NOON | Where: 73304 Willow St, Palm Desert

Please stop by this Saturday morning to see this unique South Palm Desert character home. This fabulous 2,810 sq ft, 4 bedroom, 4 bathroom home has been meticulously remodeled. It features slump stone block exterior walls, high white-washed vaulted ceilings, completely remodeled kitchen with newer custom cabinets, stone counters and stainless steel appliances, completely remodeled bathrooms, plank look tile floors in the main living areas, plush carpet in the bedrooms and newer windows, water heater, HVAC systems and evaporative cooler. One of the bedrooms is a detached casita with over 500 sq ft of living space that offers large sitting and bedroom areas, a kitchenette and a remodeled bathroom. The home sits on a large 0.41 acre (17,860 sq ft) lot, with mature citrus trees, large replastered pool, plenty of patio space for entertaining family and friends, a recently rebuilt gazebo, a gated and graveled side yard for car, boat or RV parking, all with stunning western Santa Rosa Mountain views.

MLS# 219082136 | Listed at $1,495,000 | Details, photos, virtual & video tour & floor plan at: http:///www.73304willow.com

Laurie Briggs | CalDRE# 01896117 | Tim Briggs - CalDRE# 01898254 | COMPASS - CalDRE# 01991628