PRICES: The median price of a detached home in the Coachella Valley rose last month to $681,790, which is $31,790 higher than last month and up 8.2% year over year. This is the second monthly increase and was somewhat expected since prices typically begin their seasonal rise this month. The price is now only 4% below the peak price of $710,000 six months ago. The median price for attached homes was $434,000. This is 11.6% below the price peak in May and down 1% year over year.
SALES: The three-month average of sales rose in February from 413 units a month to 449. Most of this is seasonal but it is still positive to see it. Before the pandemic, February sales averaged 717 units per month, so sales are still running 37% below average.
INVENTORY & “MONTHS OF SALES” RATIOS: On March 1st, Valley inventory was 1,956 units, which is slightly below last month but 1,349 units more than last year. Some of the inventory gain over the last few months is seasonal but this year has been less than previous years. The Valley’s “months of sales” ratio was 3.0 months, which is down slightly from last month. This fundamental ratio, which measures supply versus demand, is below its historic average for this time of year. This means that, while sales are down, there is still a balance between buyers and sellers.
If you’re looking to sell your home, contact me for a free, no-obligation market valuation of your home, today!