Prices for homes in the Coachella Valley are dropping, as are sales, according to the latest reports.
Driving the news: The most recent housing report issued by Greater Palm Springs Realtors shows the median price for a detached home in the Coachella Valley fell $26,000 between October and November, standing at $649,000 as 2022 came to a close.
- Palm Springs and Palm Desert had the smallest price increase year over year. Coachella had a year-over-year gain of above 20%.
Home sales are declining along with prices. The three-month average of sales in the valley in November was 474 units a month, or 41% less than last year. Sales are 32% lower than pre-pandemic norms.
- “Every city has lower sales now compared to a year ago,” read the report. The largest percentage of sales declines are in the cities of La Quinta, Cathedral City, and Rancho Mirage, while Indio had the smallest sales decline. Sales in Palm Springs have dropped by 43% compared to last year.
Inventory: As of the first of December, valley inventory stood at 2,048 units, an increase from the previous month and also an increase of 1,398 units compared to last year.
- “This monthly increase is again opposite to most other California regions, where inventory generally declined in November,” said the report.
Gone are the days of homes selling within a week or two. The average selling time — or “days in market” — has rapidly increased over the past few months. The latest figures show the average time to sell was 35 days, nine more days than one year earlier.