Inventory remains at historically low levels nationwide, with only 1.15 million homes for sale heading into November, a 5.7% decline compared to the same time last year, for a 3.6 months’ supply at the current sales pace. The shortage of available properties for sale has kept pressure on home prices, which have continued to climb despite the slowdown in sales. According to NAR, the U.S. median existing-home sales price increased 3.4% from a year ago to $391,800, an all-time high for the month, with annual price gains reported in all four regions of the country
Palm Springs area Housing Report November 2023
PRICES: The median price of a detached home in the Coachella Valley ended November at $635,000, down for the month and also down 1.6% year over year. The median attached price in the Valley rose to $457,000 and is now up 2.7% year over year. Price changes for detached homes have a wide variance, which range from a 11.9% gain in La Quinta to a decline of 12% in the city of Coachella. Six cities have year over year gains for their attached homes – Indio, Rancho Mirage, Indian Wells, Bermuda Dunes, Palm Desert and Cathedral City.
SALES: The three-month average of sales was 480 units a month in November, which is 20 units below last year. Our recovery chart, which compares current sales against seasonal averages, shows that sales over the last four months are running 30.6% below normal. Every city except Coachella, Desert Hot Springs, Rancho Mirage and Thousand Palms has lower three-month sales. The city with the largest percentage increase continues to be Rancho Mirage, with sales up 23%. The cities with the largest declines are Indio and Cathedral City, with sales down 23% and 12% respectively.
INVENTORY & “MONTHS OF SALES” RATIOS: In November, Valley inventory increased 150 units and by December 1st it stood at 2,260 units. This is the highest inventory since the start of the pandemic in early 2020. The Valley’s “months of sales” ratio was 3.8 months, which is one month higher than last year.
If you’re looking to sell your home, contact me for a free, no-obligation market valuation of your home, today!