The median price at the end of the year for a detached home in the Valley was $520,000, which is up 22% for the year. The median attached home price at the end of the year in the Valley was $329,000, up 17.9% for the year. All nine cities continued to show year- over- year price gains in their median price for detached homes. Detached home prices in La Quinta are up 27.5% for the year, while those for Palm Springs are up 22.9%.
Total sales, at 1,119 units a month, are running 57% higher than last December which was before the pandemic.
Valley listings on January 1st stood at 1,507 units, which is almost 50% less than a year ago. At the end of the year the ratios stood at 1.7 months, which compares to 3.7 months at the end of last year. This is the lowest “months of sales” ratio in the history of the Coachella Valley and is due simply because of record low inventories and record high sales.
The median value of “days in the market” is now down to just 38 days.
At the end of the year the “months of sales” ratio in every one of the region’s eleven cities was equal or less than three months. One out of every four homes sold for more than its asking price.
Why is now a good time to sell?
There simply are not enough homes available to meet today’s buyer demand, and they’re selling just as quickly as they’re coming to the market. Inventory available sits at a 1.7-month supply at the current sales pace. This record-low inventory is not even half of what we need for a normal or neutral housing market, which should have a 6.0-month supply of unsold inventory to balance out. With so few homes available for buyers to choose from, we’re in a true sellers’ market. Homeowners ready to make a move right now have the opportunity to negotiate the best possible contracts with buyers who are feeling the pull of intense competition when it comes to finding their dream home.
If you’re considering making a move, Team Michael has the experience and background you’re looking for. There’s no time like the present to sell your home.
Call us today at 760-770-1555 and let’s get started.