07/14/2023
Market Reductions, Return to Desert Seasonality
Pre-Covid, the standard flow of the desert's real estate market was...It would dip in the summer months, including both inventory and sales quantity, then grow in the fall, with a slight dip in December, and then roar ahead in the spring, with April and May being the biggest months for closings. Till, it finally dipped down again in the summer. This is what we've returned to. Albeit imperfect. when you look at the charts and graphs below. Look for the traditional.
Secondarily, as broker, I get a fairly good amount of feedback from the agents about how their deals are going, and what I'm hearing is how Sellers don't want to drop their prices. They want what other homes sold for a year ago. Simultaneously, Buyers want more value in their transaction. They want repairs done or price adjustments before assenting to their final contingency removal to proceed to closing. These conditions are signs of a 'Return to Normal.' Couple these agent-to-client conversations with what the stats show: reduction & stabilization of prices, growth in inventory, a 60-90 day average time on the market for most homes, and I think the market has returned to normal.
It's at times like these that Buyers and Sellers need a good agent more than ever. With all the info abounding on real estate websites, most people need a knowledgeable professional to help sift through this avalanche of facts and find the information most important to their particular needs.
Eric G. Meeks, Broker/Owner, RE/MAX Desert Properties. Lic # 01391813.
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Click on the graph below for the full report and a larger detailed view
Median CV Home Prices at $690k
12 Month Graph in The Price of The Average CV Home
The median price of a detached home in the Coachella Valley at the end of June was $690,000, down 1.4% year over year. This is a very small decline, and the market continues to hold the price gains of the last five months. We are coming to the end of seasonal price strength however, so we expect a slight downward pressure on detached home prices as we move into summer.
Click on the charts below for the full report and a larger detailed view
Home Prices Down 2%-15% in CV
Sales of Single-Family Residences Dip by City
These two tables display the price and price per square foot of the average size home in each city. The home size is listed in the second column. The latest price is then compared to the price a year ago, and to the all-time lows that occurred in 2011. Every city but Desert Hot Springs has a year over year price decline in its average size detached home. The declines range from -4.1% for La Quinta to -12.1% for Indian Wells. Desert Hot Springs is up 1.9%. Four cities have positive changes for their attached homes - Desert Hot Springs, Indian Wells, Cathedral City and Rancho Mirage.
Click on the graph below for the full report and a larger detailed view
Home inventory @ 3x 2022 levels
Seasonality of Available Housing Inventory
On July 1st , Valley inventory was 1,741 units, which is a little more than one hundred less than last month. A careful study of the graph shows that inventory has effectively remained unchanged for the last eight months, with a very gradual decline. The primary reason inventory isn’t growing continues to be a low number of new listings. Valley inventory also has a seasonal pattern, and we expect it to contract as we move into summer.
