The median price in November for a detached home in Coachella Valley was $510,000, which is up 27% over a year ago. The median attached home price in the Valley in November was
$315,000, up 14.5% over last year. All nine cities show year-over-year price gains in their median price for detached homes, which range from 37% in La Quinta down to 2.6% for Indian Wells. Palm Springs and Palm Desert have price gains of 27.5% and 21% respectively, followed by Cathedral City at 19.9% and Desert Hot Springs at 19.2%. Palm Springs has a 16% year-over-year increase in its median attached home price.
Valley listings on December 1st stood at 1,830 units, which is 42% less than a year ago.
The “months of sales” ratio, which is inventory divided by the sales rate, measures how many months it would take to sell off the entire inventory at the current sales rate. It is the most accurate indicator of supply versus demand that real estate markets have. The current ratio of 2.1 months is the lowest in Valley history and is almost 50% less than a year ago.
Just when we think inventory can't go any lower, it does!
There’s no time for dilly-dallying when you’re buying in a seller’s market. From scheduling showings to counter-bidding on offers, you need to be on the ball and ready for action at all times. Homes in a seller’s market can fly off the market in as little as a day, and there’s no guarantee that a home you’re interested in today is going to be available tomorrow. If you hesitate, you risk missing out on what could have been a great buy.
Get pre-qualified: in this type of market it is important that you are pre-qualified for your mortgage before you even start looking at houses. There is no worse feeling then finding the home of your dreams and having it swept from under your feet before you are even able to make an offer. Also, it’s one way to show sellers you are serious about buying their home and its speeds up the process once an offer is accepted. Work with a mortgage professional and know where you stand, so when the time comes you are ready.
If you are buying a home with a Keller Williams agent or buying a Keller Williams listing, you are eligible for the ZeroPlus loan program and all the benefits that come with it.