Robust Home Sales and Growing Inventory in the Coachella Valley
The Hamilton Real Estate Group May 15, 2024
The Hamilton Real Estate Group May 15, 2024
This month, the Coachella Valley real estate market has been characterized by robust sales, competitive pricing, and increased available inventory. As we delve into the latest trends, we'll provide critical insights into the number of homes sold, the current inventory, average sale prices, and the average days properties remain on the market. Whether you are a buyer looking for your dream home or a seller aiming to maximize your property's value, understanding these trends will help you navigate the Coachella Valley real estate landscape confidently and clearly.
SALES TRENDS
Number of Homes Sold
In April 2024, 685 properties were sold in the Coachella Valley. This represents a 2.70% increase from the 667 properties sold in March 2024 and a 4.58% increase from the 655 properties sold in April 2023. This upward trend indicates a robust demand for homes in the region, affirming the valley's appeal to potential buyers.
Inventory of Homes for Sale
The inventory of homes for sale in April 2024 stood at 2,614, a decrease of 5.01% from the previous month’s 2,752. However, this figure is 14.20% higher than the 2,289 homes available in April 2023. The increase in inventory compared to last year provides more options for buyers and indicates a move to a healthier, balanced market.
Median & Average Sale Price
The median sales price in April 2024 was $625,000, marking a 1.63% rise from March 2024’s $615,000 and a 1.30% increase from April 2023’s $617,000. Despite these gains in the median price, the average sale price was $873,367, reflecting a decrease of 7.31% from March 2024’s $942,281 and a 6.14% decline from April 2023’s $930,488. While the average sale price has dipped, the median price's steady rise showcases the sustained value in the mid-market segment.
Average Days on Market (DOM)
The average days on the market (DOM) for April 2024 was 69, slightly down from 70 days in March 2024 but up 6.15% from 65 days in April 2023. This indicates that properties are still selling relatively quickly, although a slight increase from the previous year suggests a balanced environment that benefits buyers and sellers.
New Listings
April 2024 saw a surge in new listings, with 800 new homes coming onto the market. This influx represents a 10% increase from the 727 new listings in March 2024 and a 12% rise from the 714 new listings in April 2023. The additional new listings provide buyers opportunities and create a vibrant, competitive environment.
What It Means For Buyers:
The current Coachella Valley real estate market presents an opportune moment for buyers to find their ideal property. With a significant inventory of homes for sale, buyers have a wide range of options. The competitive yet stable pricing, as indicated by the consistent sales price/list price ratio and the slight increase in median sales price, ensures buyers can find value while making informed decisions. This environment and the overall positive market dynamics make it a good time for buyers to invest in the Coachella Valley.
What It Means For Sellers:
For sellers, the Coachella Valley real estate market in April 2024 offers a favorable environment to list properties. The increase in the median sales price and the steady sales price/list price ratio at 97.96% indicate that homes sell close to their listing prices, reflecting strong buyer interest. Additionally, the slight decrease in the average days on market compared to the previous month suggests properties are moving at a healthy pace. With a robust demand evidenced by a 4.58% increase in the number of homes sold from the previous year, sellers can confidently enter the market, knowing that well-priced homes are likely to attract serious buyers and close successfully.
INTEREST RATES
Interest rates continue to challenge our market. The average 30-year fixed-rate mortgage currently sits at 6.875%, while today’s 15-year fixed mortgage rate is 6.625%, and the jumbo 30-year fixed rate is 6.875%. Rates are typically two points higher on second-home and investment-home purchases.
CITY STANDOUTS! WHAT'S UP AND WHO'S DOWN?
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.
The Number of Homes Sold in April 2024 vs. April 2023 up in all cities except for Cathedral City (-5%), Palm Desert (-6%), and Coachella (-71%). The largest percentage increase in sales was in Rancho Mirage (+28%), followed by Desert Hot Springs (+23%) and Indian Wells (+22%)
Regarding Average Sale Price, Palm Springs stood out with a strong (+15%) increase over last April’s sales, followed by Desert Hot Springs (+11%) and Indian Wells (+1%). Sale prices were down in all other cities in the Coachella Valley.
The Number of Days on the Market increased for all cities in the Coachella Valley Except Cathedral City (-4%), Bermuda Dunes (-23%), La Quinta (-6%), Coachella (-31%), and Indio (0%) remained the same.
CITY WATCH - RANCHO MIRAGE
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.
Call us at (760) 625-7229, or visit www.thehamiltonregroup.com for an easy-to-use home search and information on how we can help you with all your essential real estate needs.
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