On March 1st, Valley inventory was 2,416 units, which is the highest number in almost four years. While inventory has improved, this number is still about 1,000 units under what was normal in March before the pandemic. Some of this increase is seasonal, but the same seasonal pattern now suggests the current number may be near the highs for 2024 since inventory usually declines between March and September.
Palm Springs area Housing Report February 2024
PRICES: The median price of a detached home in the Coachella Valley in February was $680,500, up $20,500 for the month and 1.2% year over year. The median attached price in the Valley ended February at $488,250, up 12.7% year over year. Price changes for detached homes in each city continue to show broad variance. Changes range from a 16.7% year over year gain in Indian Wells to a decline of 7.6% in Cathedral City. Four cities had gains for their average size attached home – Indio, Indian Wells, Cathedral City and Palm Springs.
SALES: For another month, three-month sales are ahead of last year. The number this February was 518 units per month, compared to 474 units a year ago. Sales this month are 24.3% below normal, which is an improvement from the previous month. For another month, every city except Cathedral City, Desert Hot Springs and Indian Wells had higher three-month sales compared to last year. The cities with the largest increase percentage-wise are Coachella and Rancho Mirage with sales up 38%, followed by La Quinta up 30%.
INVENTORY & “MONTHS OF SALES” RATIOS: On March 1st, Valley inventory was 2,416 units, which is the largest number in almost four years. While inventory has improved, this number is still about 1,000 units under what was normal in March before the pandemic. The Valley’s “months of sales” ratio at the end of the month was 3.9 months, which is one month higher than last year and somewhat normal for this time of year.
DIM: At the end of February, the median number of “days in the market” in the Coachella Valley was 44 days, which is slightly less than last year. The City of Coachella continues to have the lowest median selling time for detached homes at 30 days, followed by Desert Hot Springs at 36 days and Indian Wells at 39 days. In the attached market, Indio has the shortest average selling time at 24 days, followed by La Quinta at 33 days and Desert Hot Springs at 35.
PRICE DISCOUNTS/PREMIUMS: In February, the percent of homes selling over list price was 13.5%. This percent is just marginally higher than last year, which was 12.3%. Every city is selling detached homes now at an average discount, which range from a discount of .4% in the City of Coachella to 4.4% in Bermuda Dunes. Average discounts for attached homes range from 1.9% in Cathedral City to 6.1% in Bermuda Dunes.