Today’s Coachella Valley housing market is a big win for sellers.
But these conditions won’t last forever.
At the end of February, the Coachella Valley median detached home price was $527,000, up 22% from twelve months ago. The median price for attached homes in February was $340,250, up 19.4% over the last twelve months. When we compare city median prices in February against year ago values, we see that every city is participating in this strong price move. Four cities now have year-over-year price increases for detached homes above 20% – Indian Wells, La Quinta, Palm Springs, and Desert Hot Springs.
Total sales are now averaging 1,057 units a month and have been in this range for the last six months. Sales of both detached and attached homes, as well as total sales, are currently 39% higher than they were a year ago before the pandemic.
Inventory broke under a thousand by registering just 902 units on March 1st. This number, which includes attached and detached homes, is by far the lowest inventory in history. We believe this is mainly due to COVID and a reluctance currently to open one’s home up. We also believe this will probably reverse once the vaccine is widely distributed.
If you’re in a position to sell your house now, you may not want to wait for your neighbors to do the same. Contact us for advice on how to sell your house safely so you’re able to benefit from today’s high demand and low inventory.