CDAR Desert Housing Report for May 2024
Summary
PRICES: The median price of a detached home in the Coachella Valley in May settled back slightly to $710,000 after reaching an all-time high last month. It’s up 3.6% year over year. The median attached price in the Valley ended May at $494,000, up 1.9%. Year over year price changes in detached homes range from a 14.1% gain in Coachella to a decline of 10% in Bermuda Dunes. Gains of average size attached homes range from 23.7% in Bermuda Dunes to -7% in Desert Hot Springs.
SALES: Three-month sales are slightly behind last year by fourteen units. The number this May was 763 units per month, compared to 777 units a year ago. Sales are now 20.2% below historic norms. Palm Desert has the highest unit sales at 172, followed by Palm Springs with 164. Four cities have higher sales compared to a year ago – Palm Springs, La Quinta, Desert Hot Springs and Indian Wells.
INVENTORY & “MONTHS OF SALES” RATIOS: On June 1st, Valley inventory was 2,610 units, which is the highest number in four years. While inventory has improved, this number continues to be about 1,000 units under what was normal before the pandemic. On June 1st , the Valley’s “months of sales” ratio was 4.2 months, which is 1.2 months more than last year. We are pleased to see that most of the cities continue to have ratios between three and four months.
DIM: At the end of May, the median number of “days in the market” in the Coachella Valley was 45 days, which is five days more than last year. The city of Coachella continues to have the lowest average selling time at 27 days. This is followed by Desert Hot Springs at 36 days and Indian Wells at 39. Rancho Mirage has the highest average selling time at 51 days.
PRICE DISCOUNTS/PREMIUMS: Currently, detached homes are selling at an average discount of 2.1% while attached are selling at 2.6%. Desert Hot Springs has the lowest selling discount at .2%, while the highest average discount is 3.4% in Rancho Mirage. In May, the percent of homes selling over list price was 15.3%. This is just marginally lower than last year.
