Local real estate market experts, Market Watch LLC, have just released their October 2019 Desert Housing Report. Some of the highlights: · Median Coachella Valley detached home price in October was $400,000 (+3.4% year-over-year).
· Median Coachella Valley attached home price in October was $275,000 (+3.8% year-over-year).
· Median detached home prices rose in seven of the nine Coachella Valley regional cities, with Cathedral City (+7.5% year-over-year) & Palm Springs (+7.1% year-over-year) leading the pack.
· Palm Springs continues to be the only city in the Coachella Valley where the median detached home price is now above the 2006-2007 previous high (11.5% higher).
· Over the last three months, total Coachella Valley home sales have been averaging 755 units per month (+2.4% from home sales of 737 units per month one year ago).
· Total home sales increased year-over-year in Coachella, Desert Hot Springs, Indian Wells, Indio, La Quinta, Rancho Mirage & Thousand Palms (& decreased or stayed the same year-over-year in the Coachella Valley’s 4 other cities).
· The largest increase in home sales was for homes priced over $1,000,000 (+45.2%).
· Coachella Valley housing inventory on Nov. 1st stood at 3,010 units, the lowest Nov. 1st level in over 5 years.
· The months of sales ratio was 3.8 months (roughly the same as last year). The median days on the market for all properties was 62 days.
· At current sales rates, the Nov. 1st inventory of homes priced under $200K would be sold out in 1.9 months and the inventory of homes priced over $1M would be sold out in 9.3 months.
For more details, please read our blog post at: http://bit.ly/Oct2019CoachellaValleyMarketUpdate
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