Housing Market Holds Steady in the Coachella Valley

The Coachella Valley real estate market offers a diverse range of opportunities for both buyers and sellers. With inventory levels rising and home prices holding steady, the market is showing signs of balance, offering more options for buyers while maintaining strong value for sellers. Although homes are taking slightly longer to sell, the consistent influx of new listings reflects ongoing confidence in the market. Here’s a closer look at the key market statistics and what they mean for you.

SALES TRENDS

Number of Homes Sold

The number of homes sold in November 2024 reached 377, marking an 18.57% decrease from 463 sales in October 2024 and a 12.53% decline from 431 homes sold in November 2023. Although sales activity slowed compared to both last month and last year, this aligns with seasonal trends commonly observed in the fourth quarter.   

Inventory of Homes for Sale

The number of homes for sale has steadily increased, offering buyers more options. In November 2024, there were 3,106 homes available for purchase, representing a 5.25% increase from 2,951 homes in October 2024 and a substantial 21.61% rise from the 2,554 homes available in November 2023. This increase in inventory indicates a shift toward a more balanced market.

Median & Average Sale Price

Home prices have remained resilient. The average sale price in November 2024 was $831,804, indicating an 11.96% increase from $742,941 in October 2024, and it remained unchanged compared to November 2023. 

The median sale price also held steady at $600,000, an increase of 4.71% from $572,990 in October 2024, matching the median price in November 2023. These figures highlight the enduring strength of property values in the Coachella Valley.

Average Days on Market (DOM)

Homes are taking slightly longer to sell, with the average days on market (DOM) reaching 70 days in November 2024. This marks a 7.69% increase from 65 days in October 2024 and an 18.64% increase from 59 days in November 2023. While properties are remaining on the market longer, this trend suggests a shift toward a more deliberate buying process.

New Listings 

New listings in November 2024 remained strong, with 1,080 homes entering the market. While this represents a slight decline of 3.83% from the 1,123 new listings in October 2024, it also marks a significant 20.27% increase from the 898 new listings recorded in November 2023. This ongoing influx of new inventory reflects seller confidence and ensures that buyers continue to have fresh options.

What It Means For Buyers:

For buyers, the Coachella Valley market offers promising opportunities with increased inventory, up over 21% from last year, providing more options and room for negotiation. Homes are taking longer to sell, averaging 70 days on the market, giving buyers more time to make informed decisions. Prices remain stable, making it a great time to explore the market for a property that meets your needs.

What It Means For Sellers:

For sellers, the Coachella Valley market continues to be robust, featuring stable home prices and steady demand for quality properties. Although homes are taking a bit longer to sell, the average sale price has risen since last month, underscoring the resilience of property values. With rising inventory levels, it’s crucial for sellers to position their homes competitively and highlight their unique features to stand out. 

INTEREST RATES

Over the past three months, mortgage interest rates have exhibited a downward trend. Currently, the average 30-year fixed-rate mortgage stands at 6.60%, down from 6.95% in mid-September.  Similarly, the 15-year fixed-rate mortgage has decreased to 5.84% from 6.29% over the same period. 30-year fixed-rate jumbo mortgage rates have also experienced a downward trend at 6.57% compared to 6.99% in September.

CITY STANDOUTS!  WHAT'S UP AND WHO'S DOWN?

The numbers for each major city in the area give a better view of the trends in our market.

Home sales trends varied significantly last month depending on the city. Palm Desert led with 105 homes sold, representing a 14% increase, while Desert Hot Springs and Bermuda Dunes also recorded gains of 14% and 20%, respectively. However, other cities such as Rancho Mirage, Indian Wells, and Coachella experienced sharp declines, with Coachella showing the largest drop at -67%.

Average sale prices remained robust in most cities, with Rancho Mirage and Indian Wells recording some of the highest figures at $1,111,951 and $2,204,909, respectively. While Desert Hot Springs and Bermuda Dunes experienced declines of -5% and -30%, cities like Coachella and Indio reported 13% and 11% increases, respectively.

The average number of days on market (DOM) increased in most cities last month. Bermuda Dunes saw the most significant improvement, with DOM dropping by 56% to just 40 days. Conversely, Indian Wells experienced the largest increase, with DOM climbing 128% to 73 days. Cities such as Rancho Mirage and Palm Desert also saw notable increases in DOM, indicating slower movement in some areas.

CITY WATCH - PALM DESERT

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.