Welcome back to PalmSpringsRes.com for your monthly Coachella Valley real estate snapshot! Let’s dive into the key trends shaping our market this February.
Prices on the Rise:
- Detached Homes: The median price climbed to $700,000, a $15,000 increase from last year and the third consecutive monthly rise.
- Attached Homes: The median price reached $505,000, up $16,000 year-over-year.
- However, price changes are not uniform across the valley. Detached home price changes range from an 11.5% gain in Coachella to a 9.0% decline in Rancho Mirage. Attached home price changes range from a 16.4% gain in Indian Wells to a 5.6% decline in Cathedral City.
Sales Staying Steady (Mostly):
- The three-month average sales were 579 units, slightly up from 550 units last year.
- Sales are generally consistent across most cities.
- Palm Desert leads in unit sales (128), followed by Palm Springs (111) and La Quinta (98).
- Although sales are similar to last year, they are still 20.8% below what is considered a normal sales pace.
Inventory & Market Balance:
- Inventory is up! As of March 1st, there were 3,510 units available, a significant increase of 1,144 units from last year.
- Inventory levels are now approaching pre-pandemic numbers, offering more options for buyers.
- The “months of sales” ratio is 5.7 months, indicating a more balanced market compared to last year’s 3.8 months.
- The ratio is consistently between 5.0 and 7.0 months in most cities, with Rancho Mirage having the highest ratio at 8.2 months.
Days on Market (DIM):
- The median DIM was 46 days, only three days longer than last year.
- Rancho Mirage boasts the fastest selling time at 41 days, followed closely by Bermuda Dunes (42 days) and Palm Springs (43 days).
- Desert Hot Springs has the longest median selling time at 59 days.
Price Discounts & Premiums:
- Detached homes are selling at an average discount of 2.5%, slightly higher than last year’s 2.3%.
- Attached homes are selling at a 2.9% discount.
- Coachella has the smallest average discount (0%), while Palm Springs has the largest (3.8%).
- Only 11.1% of homes sold above the listing price in February, down 2.8% from last year.
What This Means for You:
- Buyers: Increased inventory offers more choices and negotiation power.
- Sellers: While prices are generally up, it’s crucial to price your home competitively, as discounts are common. The market is more balanced, so be prepared for potentially longer selling times.
Stay tuned to PalmSpringsRes.com for more updates and insights into the Coachella Valley real estate market. We’re here to help you navigate this exciting and ever-changing landscape!