More Homes For Sale & Higher Prices in the Coachella Valley
The Hamilton Real Estate Group March 1, 2024
The Hamilton Real Estate Group March 1, 2024
As the new year started, our local real estate scene continued to exhibit remarkable strength, with positive movements noted in essential metrics such as the number of sales, available properties, and sale prices. Is this a good time to buy or sell a home in the Coachella Valley? Let’s find out!
NUMBER OF HOMES SOLD
In January 2024, the Coachella Valley saw a total of 453 properties sold, a significant increase of 4.38% from the previous month and an impressive 30.92% surge from January 2023. This upward trend in sales volume shows a growing buyer interest and confidence in our market.
INVENTORY OF HOMES FOR SALE
The number of properties for sale increased, totaling 2,443 units in January 2024. This represents a growth of 5.62% from December 2023 and a slight elevation of 2.22% compared to January 2023. The increase in available properties offers a broader selection for potential buyers, reflecting a balanced market with opportunities on both ends of the transaction.
MEDIAN AND AVERAGE SALE PRICE
The pricing landscape in January 2024 presented a mixed yet optimistic outlook. The median sales price remained steady at $575,000, aligning with the previous month's figures but reflecting a slight drop of -5.74% from January 2023. Despite this moderation, the average sales price soared to $902,380, up by a remarkable 20.48% from the preceding month and 3.41% year-over-year. This peak in average price likely signifies an increase in the sale of homes in our luxury market and marks the highest level compared to the same period in the previous two years.
AVERAGE DAYS ON MARKET (DOM)
The average days on market (DOM) for properties was 68 days, indicating a moderate pace at which properties move from listing to sale. This duration, slightly up by 7.94% from the previous month and 1.49% from the prior year, suggests a stable market where buyers and sellers can deliberate to make informed decisions.
NEW LISTINGS
In January 2024, we saw a substantial influx of new listings, totaling 1,107, a 64.00% leap from the previous month and a 16.77% increase from January 2023. This surge in new listings clearly indicates vibrant market activity and provides more selection for buyers.
What It Means For Buyers:
For buyers, the Coachella Valley real estate market now presents many opportunities, underscored by a stable median sales price and increased inventory levels, ensuring a greater selection of properties. The slight uptick in average days on market allows buyers the luxury of time to make well-considered decisions. This makes it a good time for buyers to consider a home purchase, leveraging the stable prices and increased inventory to find properties that meet their needs.
What It Means For Sellers:
For sellers in the Coachella Valley, the real estate market is favorable, highlighted by a substantial increase in the average sales price, indicating a strong demand for quality properties. Although the median sales price has seen a slight adjustment, the surge in average prices and strong sales numbers show a strong interest from buyers.
You can get a better view of the trends in our market when you look at the numbers for each major city in the area.
As indicated above, the Number of Homes Sold in January 2024 vs. January 2023 has increased in all cities except for Bermuda Dunes (-20%). Sales doubled in Coachella and were up (+65%) in Cathedral city and (+48%) in Desert Hot Springs.
Regarding Average Sold Price, Indian Wells was the pricing leader with (+32%) increase over last January’s sales price and the highest average sale price in the valley.. Most cities in the Coachella Valley experienced an increase in average sales price except Desert Hot Springs (-2%), Cathedral City (-2%), and Rancho Mirage (-25%).
The Number of Days on the Market increased for all cities in the Coachella Valley Except Desert Hot Springs (-33%), Rancho Mirage (-32%), La Quinta (-17%), and Coachella (-26%).
CITY WATCH - RANCHO MIRAGE
Interest rates. Interest rates continue to challenge our market as the average 30-year fixed-rate mortgage currently sits at 6.625%, while today’s 15-year fixed mortgage rate is 6.250%, and the jumbo 30-year fixed rate is 6.875%. Rates are typically two points higher on second home and investment home purchases.
If you're considering putting your home on the market, let us help you get it SOLD! Now, more than ever, marketing matters! Our world-class marketing plan, with online ads, paid YouTube ads, and social media exposure, is critical in this shifting market. Call now for a free seller consultation, and let us help you decide if now is the right time to sell your home.
If you'd like a detailed market report for a specific city, email us and let us know which city reports you'd like to receive.
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Dan and Reuben of The Hamilton Real Estate Group are here to guide you through a transformative real estate experience. Join us, and let the connection open doors to your next real estate adventure.
