Coachella Valley Housing Market Update: Prices Up, Sales Steady, Inventory Rising
Looking to buy or sell a home in the Coachella Valley? Here's a quick breakdown of the latest housing market report, courtesy of The Paul Kaplan Group, your trusted Palm Springs real estate experts.
Here's a quick breakdown of the latest Coachella Valley housing market report:
- Prices: Hit a record high! Median price for detached homes reached $724,523 (up 6.6% year-over-year). Attached homes also saw a price increase of 4.2% to $500,000.
- Sales: Holding steady, with three-month sales slightly exceeding last year (716 vs 704 units). However, sales are still below usual levels. High-end homes (over $1 million) are seeing the biggest sales increase.
- Inventory: Increasing, but still below pre-pandemic levels. Currently, there are 2,597 units available, which is higher than the past few years but still around 1,000 units less than normal.
- Time on Market: Slightly longer than last year at 44 days (average for both detached and attached homes). Coachella remains the fastest-selling city (27 days), while Bermuda Dunes has the longest average selling time (54 days).
- Negotiations: Slight buyer advantage. Detached and attached homes are selling at an average discount of 2.3% and 2.6% respectively. However, there's a growing trend of homes selling above asking price (around 1 in 7).
Overall, the Coachella Valley housing market remains strong with rising prices, stable sales, and increasing inventory. While there's a slight buyer advantage in negotiations, the market is well-balanced across most price ranges.
The Paul Kaplan Group: Your Coachella Valley Real Estate Partner
The Coachella Valley housing market is dynamic and ever-changing. Whether you're a seasoned investor or a first-time homebuyer, navigating this market requires a skilled and knowledgeable real estate partner. The Paul Kaplan Group, a leading real estate team in Palm Springs, offers unparalleled expertise and local market insights to help you achieve your real estate goals.
Contact The Paul Kaplan Group today for a free consultation! We'll guide you through the current market trends, advise you on pricing strategies, and help you find your dream home in the heart of the Coachella Valley.
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Produced for Valley agents through the sponsorship and cooperation of GPSR and CDAR by Market Watch LLC ©2022 CDAR & GPSR. All rights reserved. Use and distribution by members only.
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