Desert Housing Report March 2022

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Real Estate

Home Prices in Coachella Valley continue to surge due to high demand and lack of supply.

At the end of March, the median price of a detached home in the Coachella Valley was $660,000 which represents a year over year gain of 20.2%. The median price for attached homes was $450,000 which is a gain of 30.4%.

The cities of Coachella and Indian Wells have year over year gains for detached homes over 40% while five cities have gains over 30%. In the attached market three cities Desert Hot Springs, Bermuda Dunes and Indio have gains above 50% while Cathedral City, La Quinta and Palm Desert have average gains over 40%.

On April 1st Valley inventory stood at 678 units. This compares to 742 a year ago. There was no seasonal increase in inventory this year, something that usually happens between October and April. This is worrisome since the same seasonal pattern now points to inventory contracting from May to September. On April 1st the “months of sales” ratio for the Valley was 7 months, which is 1 less than last year. These historically low ratios continue to indicate extremely low supply and strong buyer demand, which are the two ingredients for higher prices.

If you would like to get a free home valuation to find out how much equity you have in your home, call us immediately.