As we examine the real estate data for the Coachella Valley for April 2023, we observe some interesting trends that are shaping the local market, impacting both buyers and sellers in different ways. Let’s look at the numbers to see how the market is changing and what that means for buyers and sellers.
Year-over-Year Comparison: April 2022 vs. April 2023
The number of homes for sale rose from 781 in April 2022 to 1,739 in April 2023, representing a strong 122.7% increase. This rise in inventory is a clear indication that more homeowners are putting their properties on the market, perhaps lured by the rising home values and hoping to capture maximum profits.
However, the increase in supply hasn't been met with a corresponding growth in demand. Sales of homes in April 2023 decreased by 27.3% to 691, down from 951 in April 2022. This decrease may be due to several factors, including potential buyer hesitance in the face of rising prices and higher interest rates. Fewer options due to low inventory is also a likely factor in the drop-off in sales.View More