Stable Prices and Increased Inventory are Great News for Coachella Valley Buyers and Sellers
The Hamilton Real Estate Group June 15, 2024
The Hamilton Real Estate Group June 15, 2024
Welcome to our June 2024 Coachella Valley Real Estate Market Update! In this month’s overview, we delve into the latest market trends, providing essential insights on the number of homes sold, inventory levels, average sale prices, and the average days on market. Whether you're a buyer looking to make a wise investment or a seller aiming to maximize your returns, this comprehensive update offers valuable information to help you navigate the vibrant Coachella Valley real estate landscape.
Number of Homes Sold
Last month, the Coachella Valley experienced a slight increase in home sales, with 706 properties sold. This is a 2.17% rise from 691 homes sold in April 2024. However, compared to May 2023, this was a 6.37% decline. Despite this year-over-year decrease, the market remains active, reflecting strong buyer interest.
Inventory of Homes for Sale
Last month, the number of homes available for sale stood at 2,600, a 6.78% decrease from April's 2,789 homes. Year-over-year, this is an increase of 14.54% from 2,270 homes available in May 2023. This improved inventory provides more options for buyers.
Median & Average Sale Price
Last month's average sale price for homes was $876,422, which remained consistent with April 2024 but saw a slight decrease of 1.64% from $891,057 in May 2023. Meanwhile, the median sales price held steady at $622,750, showing a 3.79% increase from $600,000 in May 2023. This stability in pricing indicates the continued value and appeal of Coachella Valley properties.
Average Days on Market (DOM)
Properties in the Coachella Valley spent an average of 67 days on the market last month, a slight decrease of 1.47% from 68 days in April 2024. Compared to 64 days in May 2023, this represents a 4.69% increase, indicating a shift towards a more balanced market.
New Listings
With 1,020 new listings last month, the valley saw a 3.76% increase in listings compared to the same month last year. This influx of new listings is essential in maintaining a dynamic and competitive market environment, ensuring a diverse range of properties available for potential buyers.
What It Means For Buyers:
Our local real estate market continues to offer buyers many opportunities with increased inventory and new listings, providing various choices. Stable sale prices reflect a balanced market, ensuring fair negotiations. The slight shift towards a buyer’s market, indicated by the higher month's supply of inventory, gives buyers a bit more negotiating leverage.
What It Means For Sellers:
Our market also presents a favorable seller environment despite slightly shifting towards a buyer's market. The increased number of homes sold (706) compared to the previous month indicates strong buyer interest. Stable median sale prices at $622,750, up 3.79% from the previous year, reflect solid property values. Although the average days on market have increased slightly, homes are still selling close to their list prices with a sales price/list price ratio of 97.87%. This active market offers promising prospects for sellers looking to maximize their returns.
Interest rates continue to challenge our market. The average 30-year fixed-rate mortgage currently sits at 7.000%, while today’s 15-year fixed mortgage rate is 6.500%, and the jumbo 30-year fixed rate is 7.050%. Rates are typically two points higher on second-home and investment-home purchases.
The numbers for each major city in the area give a better view of the trends in our market
The Number of Homes Sold in May 2024 compared to May 2023 decreased in all cities except Desert Hot Springs (+25%). Sales in Bermuda Dunes and La Quinta remained flat, while Rancho Mirage and Coachella saw the largest percentage drop in home sales last month.
Regarding Average Sale Price, Coachella led the way with the highest percentage increase (+22%) over last month’s sales. All cities in the Coachella Valley experienced an increase in average sales price except Palm Springs (-6%), La Quinta (+11%), and Palm Desert, which remained the same. Indian Wells remains in 1st place for the highest average sale price, with an average selling price of $1,891,013.
The Number of Days on the Market decreased for all cities in the Coachella Valley Except Rancho Mirage (+16%), Palm Desert (+3%), La Quinta (+31%), and Coachella (+6%).
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 to find out how we can help you with all your essential real estate needs.
The Hamilton Real Estate Group is evolving to meet all our customers' real estate needs. If you are ready to sell, call or email us, or for a FREE instant home valuation report, click here: What's My Home Worth?
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