PRICES: The median price of a detached home in the Coachella Valley at the end of June was $690,000, down 1.4% year over year. This is a very small decline, and the market continues to hold the price gains of the last five months. The median attached price declined $10,000 in June to $475,000. This is the first decline in four months and prices are now down 3% from last June. Every city but Desert Hot Springs has a year over year price decline in its average size detached home.
SALES: The three-month average of sales rose three units this month to 772 units a month from 769. Some of this increase is seasonal and it’s occurring equally in both the detached and attached market. We should expect sales to contract as we move into summer. Every city except La Quinta and Coachella has lower three-month sales but the comparative numbers to last year are improving.
INVENTORY & “MONTHS OF SALES” RATIOS: On July 1st , Valley inventory was 1,741 units, which is a little more than one hundred less than last month. The “months of sales” ratio was 3.0 months, which is .2 month less than last month but 1.3 months more than last year. This fundamental ratio, which measures supply versus demand, is slightly below the historic averages for this time of year. The current ratio points to the continuing balance between buyers and sellers.
The housing market is much stronger than many think. Contact us for a free, no-obligation market valuation of your home, today!