Keeping a pulse on the Coachella Valley’s real estate market is essential for anyone involved in the housing industry, both from a potential buyer’s perspective and as well as a seller’s. Our monthly market reports provide an accurate and detailed snapshot of the latest trends and changes in property values, inventory, and buyer activity across this diverse region. In this month’s edition, we break down the numbers and analyze what they mean for the market, helping you make informed decisions whether you’re looking to buy, sell, or simply stay updated on the greater Coachella Valley’s real estate landscape. Let’s take a look at November 2023.
When examining home sales within the seven of the desert cities for November 2023, we see the most impact in the higher priced homes. This is due to the fact we are seeing an increase in median home sales prices combined with a decline in sales.
The Coachella Valley real estate market experienced notable shifts when comparing November 2023 data to the previous month. This month-over-month snapshot reveals the nuanced movements within the market, essential for understanding the immediate trends affecting both buyers and sellers.
Palm Springs:
- Single Family Homes: Experienced a month-over-month surge in sales by 42.1%, but the median sales price saw a decrease of 7.0%, indicating recent price adjustments.
- Condos: Sales declined by 20.7% since last month, and median sales prices decreased by 20.5%, suggesting a cooling in the condo market.
Cathedral City:
- Single Family Homes: Sales numbers faced a significant drop by 33.3% month-over-month, while median sales prices increased by 9.0%, reflecting a complex market dynamic.
- Condos: Saw a 50.0% increase in sales from the previous month, with a substantial 47.6% rise in median sales prices, indicating a swift uptick in this market segment.
Rancho Mirage:
- Single Family Homes: Sales decreased by 10.0% month-over-month, with median sales prices rising by 16.3%, suggesting a demand for premium pricing.
- Condos: There was a 35.7% increase in sales accompanied by a 6.7% rise in median sales prices, showcasing a growing interest in this area.
Palm Desert:
- Single Family Homes: Saw a slight decrease in sales by 6.3% month-over-month, with median sales prices increasing by 16.7%, indicating a continued interest in higher-valued homes.
- Condos: Experienced a 14.8% rise in sales and a 16.0% increase in median sales prices, demonstrating sustained market strength.
Indian Wells:
- Single Family Homes: Witnessed a significant month-over-month increase in sales by 66.7%, with a 72.9% rise in median sales prices, highlighting a substantial market upswing.
- Condos: Sales increased by 33.3% from last month, though median sales prices saw a 27.1% decrease, presenting a mixed picture.
La Quinta:
- Single Family Homes: Sales rose by 35.1% month-over-month, with a median sales price increase of 13.8%, underscoring a positive market momentum.
- Condos: Experienced a 16.7% increase in sales, with median sales prices rising by 40.1%, reflecting strong market activity.
Indio:
- Single Family Homes: Sales grew by 25.0% month-over-month, but median sales prices slightly decreased by 1.4%, suggesting a competitive pricing environment.
- Condos: Showed a dramatic decrease in sales by 66.7% from the previous month, with median sales prices rising by 19.0%, indicating a potential shift in the market.
Overall Coachella Valley Trends:
- Single Family Homes: The average sales across the valley increased by 10.3% month-over-month, while median sales prices saw a 23.2% increase, signifying a healthy market with active transactions.
- Condos: The average sales rose by 3.4%, with a median sales price increase of 18.4%, displaying overall positive market conditions.
Implications for Market Participants: The data points to a Coachella Valley real estate market that is quite active, with varying degrees of price adjustments across different cities and housing types. Buyers may find opportunities in areas where sales have slowed, potentially negotiating better terms. Sellers, particularly in markets with rising median sales prices, could capitalize on the current demand to achieve favorable sale outcomes. This period’s market activity suggests a strategic moment for both buyers and sellers to engage with the market, with careful consideration of the latest trends.
This analysis represents a moment-in-time snapshot of the Coachella Valley’s real estate market, focusing on the short-term changes that are shaping the current landscape. For more personalized advice and a deeper exploration of these trends, prospective buyers and sellers are encouraged to reach out to us.
The information contained in this market report represents the informed opinions of our real estate team and is intended for general information purposes only. We have drawn upon data provided by CDAR (California Desert Association of REALTORS®) and Desert Dynamics, and we believe this information to be accurate and reliable at the time of publication. However, we do not warrant the completeness or accuracy of the information presented and cannot be held responsible for any errors or omissions.
This report does not constitute financial, legal, or professional advice. It should not be considered as a substitute for personalized advice from a licensed professional or as a basis for any investment decision. Readers are strongly encouraged to perform their own due diligence and consult with professional advisors before making any real estate decisions.
Our team strives to provide insightful analysis based on the data available, but we acknowledge that the real estate market is subject to fluctuations and changes that are beyond our control. As such, we advise all interested parties to consider current market conditions and future projections with caution and to seek further information where necessary.
Our team strives to provide insightful analysis based on the data available, but we acknowledge that the real estate market is subject to fluctuations and changes that are beyond our control. As such, we advise all interested parties to consider current market conditions and future projections with caution and to seek further information where necessary.
By using the information in this report, you agree to do so at your own risk and accept full responsibility for your decisions. Our team does not assume liability for any losses incurred due to the use of or reliance on the information provided herein.
