The median price for a detached home in the Coachella Valley ended the year at $615,000, which represents a yearly gain of 18.3%. Attached homes ended the year at $403,000, representing an increase of 22.5%.
Breaking down the percentage gains by cities for detached homes and attached homes:
Rancho Mirage 36.6% and 34%
Palm Springs 36% and 30.4%
Indian Wells 34% and 30.6%
Palm Desert 30% and 36.4%
La Quinta 28% and 47.5%
Indio 29.7% and 31.6%
The largest price increase of attached homes was 60.4% in Desert Hot Springs, followed by 42.3% in Bermuda Dunes.
The median number of days in the market throughout the Valley was 26 days. And, there are plenty of properties that sold above asking price within days of listing.
The price increases for sellers are wonderful but it makes if difficult for homebuyers to find homes that meet their wants and needs.
So, who are the buyers?
We still have the retirees and the snow birds, including those in Canada. In the past 2 years there’s been a stunning influx of new homeowners who have fled the dense and depressed cities around the country who want open, spacious and active places like our Valley. The pandemic made many in-office work scenarios impossible, creating a large swath of employees who could work from home. This new work force is younger and many are from California cities. The second-home and investment buyer is still looking out here. Even through various market ups and down, typical for resort communities, real estate investment remains one of the safest places to build wealth.
After a massive jump in home prices since the pandemic, pricing is expected to cool off somewhat, given low inventory and rising mortgage rates. This doesn’t mean there won’t be another increase, it just means home prices may be a bit more modest.
In closing, I’ll again say that if you’re a seller, now is a great time to sell. And buyers, for now, expect to see fewer homes and more interest from other buyers in your selections.
