Happy New year! We hope this message finds you well and ready to embrace all the opportunities that 2024 has in store. As we kick off the year, we are excited to share some exciting updates from the Palm Springs real estate market.
PRICES: The median price of a detached home in the Coachella Valley ended December at $659,000, up 3.8% for the month and 3% for the year. Prices often begin to rise in December, and we think this seasonal pattern will continue into 2024. The median attached price in the Valley ended the year at $460,000, up 3.4% for the year.
SALES: Sales seem to have stabilized, but at a low level. The three-month average of sales was 490 units in December, which is 22 units more than last year. This is the first increase in over two years. Every city except Cathedral City, Desert Hot Springs and Indian Wells has higher three-month December sales compared to last year. The city with the largest percentage increase is Coachella, with sales up 48%. This is followed by Rancho Mirage, with sales up 20%, then La Quinta with sales higher by 13%.
INVENTORY & “MONTHS OF SALES” RATIOS: In December, Valley inventory decreased 167 units and on January 1st it stood at 2,093. For technical reasons, a one-month, year-end decline in inventory is common. Overall inventory remains near the highest levels of the last four years, but it is still 1,000 units less than what’s considered normal. The Valley’s “months of sales” ratio was 3.5 months, which is .9 months more than last year.
DOM: At the end of the year the median number of “days in the market” in the Coachella Valley was 35 days, which is both one day less than last month and last year. The city of Coachella continues to have the lowest median selling time for detached homes at 21 days, followed by Desert Hot Springs at 28 days and Indian Wells at 30 days. In the attached market, Indio has the shortest average selling time at 21 days, followed by Desert Hot Springs at 27 days and Palm Springs at 29 days.
If you’re looking to sell your home, contact me for a free, no-obligation market valuation of your home, today!