The median price of a detached home in the Coachella Valley ended the year at $615,000, which represents a yearly gain of 18.3%. The median price for attached homes in the Valley ended the year at $402,900, which represents an increase of 22.5%. The price gains in detached homes go from a high of 49.2% in Bermuda Dunes to 22.3% in Cathedral City. The largest price increases for attached homes are 60.4% for Desert Hot Springs, 47.5% for La Quinta and 42.3% for Bermuda Dunes. The demand for homes in the lower price ranges is being filled by attached homes.
On January 1st total inventory in the Valley stood at 607 units, which is the lowest number on record and 900 units less than last year. This is disappointing since we’ve just passed through the three historically strongest months of inventory increase. This continues to highlight the restrictive effects of the COVID pandemic and the new Omicron variant. Other Southern California regions show the same pattern; that inventory is again falling toward historic lows.
If you’re thinking of buying or selling, 2022 may be your year. Partner with us to discuss your goals and the unique opportunities you have in today’s housing market.