Real estate in the Coachella Valley is on the rise, with median home prices increasing for the third consecutive month. According to recent data, the median price of a detached home in the region increased by $7,210 last month, ending at $689,000, which is a 4.4% year-over-year increase. Meanwhile, attached home prices surged by $26,000, reaching $460,000, which is a 2% YoY increase but still 6% below its peak level in May.
This increase in home prices is not surprising, as the region is currently in its seasonal strong period. However, it's still a positive trend for those interested in the local housing market.
Despite the surge in prices, sales are still running below average due to seasonal trends and the ongoing impact of the pandemic. Last month, there were over 700 sales, and the three-month average of sales rose to 545 units a month from 449. Before the pandemic, March sales averaged 788 units per month, so sales are running 30% below average. Nonetheless, this is still an encouraging sign for the region's real estate market.
The inventory for the Coachella Valley was almost the same as last month, but it's 1,298 units greater than last year. The primary reason inventory isn't growing in this low sales environment is that monthly new listings are staying near historic lows. This resulted in the Valley's "months of sales" ratio increasing slightly to 3.2 months from last month. However, this increase is mainly due to lower sales rather than higher inventory.
If you're looking to sell your home, now might be the perfect time to take advantage of rising home prices. Contact us 760-770-1555 for a free, no-obligation market valuation of your home today.