Valley Wide Market Overview

The Coachella Valley real estate market in September 2024 revealed some significant shifts across cities, particularly between single-family homes and condos, with notable variations in pricing, inventory, and buyer behavior. In the single-family home market, Indian Wells stood out with a dramatic surge in its median sales price, jumping to $2,185,000 from $1,600,000 in August, reflecting ongoing demand for luxury properties. This contrasts sharply with La Quinta and Palm Springs, where single-family home prices saw declines—La Quinta’s median price dropped to $799,315, and Palm Springs remained stable but saw slight changes in its average sales price. These differences point to a polarization within the valley, where luxury markets like Indian Wells continue to thrive, while more moderately priced areas are experiencing a cooling in demand.

Cathedral City presented a unique dynamic. Its single-family home market saw a steady increase in median sales price, climbing to $542,000, with homes selling quickly at close to 100% of their list price. On the other hand, its condo market faced a stark downturn, with the median sales price plummeting to $293,500, down 16% month-over-month. This divergence highlights how buyers in Cathedral City are prioritizing single-family homes over condos, which are moving more slowly, with extended days on market and fewer transactions.

Palm Desert displayed price growth in both property segments, with single-family homes climbing to a median of $644,870 and condos rising to $515,000. However, this was paired with slower sales across the board as buyers appeared more cautious, taking longer to make decisions. Similarly, Rancho Mirage saw a small uptick in single-family home median prices, but overall sales volume and buyer activity slowed down, with extended days on market and more inventory lingering.

Across the region, inventory levels generally increased, especially in cities like Indio and Palm Desert, where active listings for single-family homes surged, giving buyers more options but also contributing to longer selling times. This trend contrasts with the shrinking inventory seen in some of the more high-end markets, like Indian Wells, where fewer listings likely fueled the price surge. The absorption rates in many cities remained consistent, but in areas like Indio, the slight rise in prices accompanied by a dip in sales volume suggests a more cautious market. Overall, the valley reflects a mix of buyer enthusiasm for luxury homes while showing slower momentum in condo markets and more affordable single-family homes.

Palm Springs

In Palm Springs, September 2024 revealed a diverse set of trends in both the single-family home and condo markets. The single-family home market saw a slight median price increase to $985,000, up from $982,000 in August. However, the average sales price dropped to $1,076,921, reflecting that while prices are holding steady, buyers are negotiating more aggressively. Homes sold at 97.38% of their listing price, with 23 homes sold, signaling an improvement in sales volume compared to the previous month. Homes spent a longer time on the market, with an average of 92 days, and the price per square foot fell to $477, suggesting that while sales activity increased, pricing per square foot is cooling off. Inventory remained relatively stable, with 244 active listings and 67 new listings, providing buyers with more options, but the slower pace of sales could indicate a shift toward a buyer's market.

Cathedral City

In Cathedral City, the single-family home market experienced a slight increase in median sales price, rising to $542,000 from $532,000 in August. These homes sold very close to their listing prices at 99.99%, indicating strong demand, but they are spending longer on the market, with 71 days on average, down from 80 days the previous month. The price per square foot also increased to $316, showing that while homes are taking longer to sell, they are still retaining strong value. The condo market told a different story, with a significant drop in both median sales price, falling to $293,500, and average sales price, which dropped to $313,357. Condos are still selling relatively close to their list prices at 97.39%, but are staying on the market longer, averaging 68 days. With fewer sales (only 7 condos), this suggests a cooling trend.

Palm Desert

Palm Desert displayed price growth in both single-family homes and condos. Single-family home prices rose to a median of $644,870, up from $633,000 in August, while the average sales price surged to $817,168. Homes sold at 97.83% of their list price, but days on market extended to 76 days. The condo market saw upward momentum as well, with the median sales price rising to $515,000, up from $439,000. Despite this, sales volume dropped 53% month-over-month, even though inventory increased slightly. Condos are taking longer to sell, with 72 days on average.

Indian Wells

Indian Wells saw significant shifts in September 2024, with single-family homes experiencing a dramatic price surge, jumping to a median of $2,185,000, up from $1,600,000 in August. However, homes were selling at 92% of their list price, reflecting more aggressive negotiations from buyers. The condo market, meanwhile, saw a sharp decline, with median prices dropping to $466,200. Only 1 condo sold, marking a 3% absorption rate, signaling weaker demand in this segment.

La Quinta

In La Quinta, the single-family home market saw a notable price drop, with the median price falling to $799,315 from $975,000 in August. The average sales price also fell, but homes sold close to list price at 97.58%. The condo market, on the other hand, saw strong growth, with the median price rising to $662,500. Condos sold quickly at 96.78% of their list price, with properties taking an average of 69 days to sell.

Indio

Indio saw mixed performance in September 2024. The single-family home market saw a price recovery, with the median price rising to $560,000, up from $535,000 in August. Homes sold quickly, with a 99.22% list-to-sale price ratio. However, the condo market showed slower activity, with median sales prices declining slightly to $340,450, and only 4 condos sold, averaging 112 days on the market.