Leave a Message

Thank you for your message. We will be in touch with you shortly.

Home Sales and Prices Are Up in the Coachella Valley

The Hamilton Real Estate Group April 14, 2024

The Coachella Valley real estate market in March 2024 demonstrated continued growth and stability. We observed notable increases in average sale prices, while inventory levels adjusted slightly to align with prevailing market conditions. As we look at the numbers from last month, it is clear that the real estate landscape in the region continues to offer opportunities for both buyers and sellers.

SALES TRENDS

Number of Homes Sold

In March 2024, the Coachella Valley saw a total of 661 properties sold, marking a significant increase of 21.51% from the previous month. However, this figure represents a slight decline of 1.49% from March 2023. Despite this modest year-over-year drop, the sales volume remains robust, reflecting a healthy demand in the local market.

Inventory of Homes for Sale

The number of homes available for sale in March 2024 stood at 2,541 properties, a decrease of 4.58% from February 2024 but an increase of 6.68% from March 2023. This growth in year-over-year inventory levels provides more options for potential buyers as we move into the spring selling season.

Median & Average Sale Price

The median sales price for March 2024 was consistent at $620,000, maintaining the previous month's level and showing a growth of 3.33% from March 2023. The average sales price was $944,149, reflecting an increase of 4.12% from the previous month and a significant 14.82% rise from the same period last year. These figures underscore a continuing appreciation in property values and a strong positive market sentiment.

Average Days on Market (DOM)

The average days on market (DOM) for properties was 70 days in March 2024, a slight increase from previous months. This indicates that properties are taking slightly longer to sell than the past year. With a sales price/list price ratio at 97.65%, homes generally sold close to their asking prices, which is a positive sign for sellers.

New Listings 

In March 2024, 1,023 new listings were added to the market, a 3.47% increase over last month and a 4.89% increase over March of 2023.  We continue to see a gradual increase in the number of properties becoming available for sale over the last several months.

What It Means For Buyers:

In March 2024, the Coachella Valley real estate market showed improved conditions for buyers, marked by a gradual rise in new listings and balanced market dynamics. These conditions provide buyers with a varied selection of properties, fair negotiating leverage with a close-to-list sales price, and more time for decision-making due to slightly longer days on the market.

What It Means For Sellers:

For sellers in the Coachella Valley real estate market as of March 2024, conditions are encouraging due to increasing property values and stable sales activity. The average sale price shows significant year-over-year growth, suggesting strong market appreciation that benefits sellers financially. While properties take slightly longer to sell, the close-to-list price sales ratio indicates that homes are still selling near their asking prices.

INTEREST RATES

Interest rates continue to challenge our market as the average 30-year fixed-rate mortgage currently sits at 6.875%, while today’s 15-year fixed mortgage rate is 6.250%, and the jumbo 30-year fixed rate is 6.625%. 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.

As indicated above, the Number of Homes Sold in March 2024 vs. March 2023 have increased in most cities except for Cathedral City (-5%), Bermuda Dunes (-45%), Indio (-26%), and Coachella (-22%). Indian Wells saw a dramatic 50% increase in the number of homes sold last month!

Regarding Average Sold Price, Indian Wells once again tops the list with a $1,858,758 average selling price, a strong (+26%) increase over last March’s sales. All cities in the Coachella Valley experienced an increase in average sales price except Coachella (-2%). 

The Number of Days on the Market increased for all cities in the Coachella Valley Except Cathedral City (-22%), Bermuda Dunes (-3%), and La Quinta (-13%). 

CITY WATCH - PALM SPRINGS

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.

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.


Recent Blog Posts

Stay up to date on the latest Coachella Valley news!

October Brings Concerts, Comedy, and Cultural Festivals to the Desert!

Explore October in the Coachella Valley with exciting events including jazz festivals, sports, concerts, comedy shows, and cultural activities for all to enjoy!

More New Listings and Lower Interest Rates Creates Opportunities for Buyers & Sellers

The Coachella Valley’s August 2024 real estate market presents opportunities for buyers with increased inventory and longer days on market, while sellers benefit from… Read more

Experience Film, Food, and Fun This September in The Coachella Valley!

September in The Coachella Valley is filled with a variety of events, including film festivals, food expos, live music, and cultural celebrations, ensuring there’s som… Read more

Seasonal Inventory Drop and Stable Home Prices in the Coachella Valley

The Coachella Valley real estate market in July 2024 reflects reduced inventory, steady home prices, and competitive conditions, creating both opportunities and challe… Read more

Splash, Taste, Ride, and Laugh Your Way Through Summer!

Whether you're looking to dance the night away poolside, savor gourmet delights with a top chef, or challenge yourself in a competitive bike race, there's something fo… Read more

Increased Inventory and Lower Home Prices in the Coachella Valley

This month has brought some shifts in the market dynamics, with, for the first time, notable decreases in both median and average sale prices.

July Festivities in the Coachella Valley with Fireworks Festivals and More

Explore the best of July in the Coachella Valley, where fireworks, festivals, and fun-filled events promise unforgettable experiences for everyone!

Stable Prices and Increased Inventory are Great News for Coachella Valley Buyers and Sellers

The Coachella Valley real estate market is experiencing favorable conditions for both buyers and sellers due to increased inventory and stable prices.

The Coachella Valley in June: A Celebration of Arts, Cuisine, and Community

Experience the best of Palm Springs in June with exciting festivals, delicious dining events, and vibrant cultural celebrations for everyone to enjoy.

Work With The Hamilton Real Estate Group

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.