PRICES: The median price of a detached home in the Coachella Valley ended September at $660,404, unchanged for the month but down 1.4% year over year. The small decline over the last four months has been primarily a seasonal decline since, like with attached homes, the summer months almost always brings some price weakness in detached homes. The median attached price in the Valley declined $4,000 in September to $435,000 and is now down 6.5%. Every city but La Quinta and Bermuda Dunes has year over year declines in the price of their average size detached home. These cities have declines that range from -.8% for Desert Hot Springs to -7.9% for Palm Desert. Six cities still have year over year gains for their attached homes - Indian Wells, Desert Hot Springs, Indio, La Quinta, Rancho Mirage and Bermuda Dunes.
SALES: The rapid rise in long term mortgage rates continues to impact monthly sales. The three-month average of sales declined in September to 532 units a month, which is 49 units less than last year. The sales decline continues proportionally in both the detached and attached market. Every city except Cathedral City, Indian Wells and Rancho Mirage has lower three-month sales. The city with the largest sales decline is Palm Springs. There the percentage sales declines was 18%. The city with the largest sales increase was Rancho Mirage, with sales up 18%.
INVENTORY & “MONTHS OF SALES” RATIOS: On October 1st, Valley inventory was 1,762 units, which is just a few units less than a year ago. Some of this monthly increase is seasonal, the other can be attributed to the continuing low number of new listings. The Valley’s “months of sales” ratio was 3.1 months, which is up .3 months from last month and almost one month more than last year.
The housing market is much stronger than many think. Contact me for a free, no-obligation market valuation of your home, today!