Here’s a summary of key insights from the November 2024 Desert Housing Report for the Coachella Valley:
Market Trends
• Detached Home Prices: The median price rose to $634,990, marking a $15,000 increase year-over-year.
• Attached Home Prices: The median price dipped slightly to $447,000, $8,000 less than last year.
Sales Performance
• Sales Volume: Seasonally adjusted sales were 32.1% below historical norms, averaging 472 units monthly over the last three months, compared to 477 last year.
• Dollar Sales: November total sales reached $365 million, a 3.4% decrease compared to 2023.
Inventory & Selling Times
• Inventory Levels: Active listings increased to 3,187 homes, up by 869 units from last year, returning to pre-pandemic levels.
• Selling Times: Median days on market dropped to 43 days, with Desert Hot Springs reporting the fastest average selling time at 34 days.
Discounts and Premiums
• Price Discounts: Detached homes sold at an average discount of 2.1%, consistent with last year. Attached homes had a 2.6% discount.
• Homes Over List Price: 15% of homes sold above list price, slightly less than last year.
City Insights
• Top Performers: Indian Wells saw the largest annual price growth for detached homes (11%), while Desert Hot Springs led for attached homes (15.4%).
• Lowest Discounts: Coachella, Indio, and Cathedral City recorded the smallest average discounts (1.4%).
Outlook
The market is adjusting with seasonal price increases and stabilizing inventory, though sales remain below average. Buyers can expect more options and competitive pricing, while sellers benefit from quicker selling times.
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