PRICES: The median price of a detached home in the Coachella Valley ended the month at $685,000, which is up 1.5% year over year. The median attached price surged $20,000 in April to end at $480,000. This is the second month of strong price growth with the current price only 2% below last May’s record price of $491,000. Prices in the attached market remain relatively stable.
SALES: The three-month average of sales rose 120 units to 665 units a month from 545 last month. Most of this is seasonal and we expect the average to continue to increase for another month. The 12-month average of sales, which takes out seasonality, shows total sales averaged 601 units a month. This is the 21st consecutive monthly decline. The largest percentage declines in sales were in Cathedral City, down 50%, followed by Desert Hot Springs, down 47%, and Indio, down 36%. The cities of Coachella and Palm Desert continue to have the smallest percentage decline of 18% and 22% respectively.
INVENTORY & “MONTHS OF SALES” RATIOS: On May 1st, Valley inventory was 1,876 units, which is 100 units less than last month but 1,017 units greater than last year. The primary reason inventory isn’t growing in this low sales environment is that monthly new listings continue to remain near historic lows. On May 1st, the Valley’s “months of sales” ratio was 3.1 months, which is slightly less than last month. This fundamental ratio, which measures supply versus demand, is slightly less than historic averages for this time of year.
If you’re looking to sell your home, contact me for a free, no-obligation market valuation of your home, today!