Home Sales and Prices Are Up in the Coachella Valley
The Hamilton Real Estate Group April 14, 2024
The Hamilton Real Estate Group April 14, 2024
The Coachella Valley real estate market in March 2024 demonstrated continued growth and stability. We observed notable increases in average sale prices, while inventory levels adjusted slightly to align with prevailing market conditions. As we look at the numbers from last month, it is clear that the real estate landscape in the region continues to offer opportunities for both buyers and sellers.
Number of Homes Sold
In March 2024, the Coachella Valley saw a total of 661 properties sold, marking a significant increase of 21.51% from the previous month. However, this figure represents a slight decline of 1.49% from March 2023. Despite this modest year-over-year drop, the sales volume remains robust, reflecting a healthy demand in the local market.
Inventory of Homes for Sale
The number of homes available for sale in March 2024 stood at 2,541 properties, a decrease of 4.58% from February 2024 but an increase of 6.68% from March 2023. This growth in year-over-year inventory levels provides more options for potential buyers as we move into the spring selling season.
Median & Average Sale Price
The median sales price for March 2024 was consistent at $620,000, maintaining the previous month's level and showing a growth of 3.33% from March 2023. The average sales price was $944,149, reflecting an increase of 4.12% from the previous month and a significant 14.82% rise from the same period last year. These figures underscore a continuing appreciation in property values and a strong positive market sentiment.
Average Days on Market (DOM)
The average days on market (DOM) for properties was 70 days in March 2024, a slight increase from previous months. This indicates that properties are taking slightly longer to sell than the past year. With a sales price/list price ratio at 97.65%, homes generally sold close to their asking prices, which is a positive sign for sellers.
New Listings
In March 2024, 1,023 new listings were added to the market, a 3.47% increase over last month and a 4.89% increase over March of 2023. We continue to see a gradual increase in the number of properties becoming available for sale over the last several months.
What It Means For Buyers:
In March 2024, the Coachella Valley real estate market showed improved conditions for buyers, marked by a gradual rise in new listings and balanced market dynamics. These conditions provide buyers with a varied selection of properties, fair negotiating leverage with a close-to-list sales price, and more time for decision-making due to slightly longer days on the market.
What It Means For Sellers:
For sellers in the Coachella Valley real estate market as of March 2024, conditions are encouraging due to increasing property values and stable sales activity. The average sale price shows significant year-over-year growth, suggesting strong market appreciation that benefits sellers financially. While properties take slightly longer to sell, the close-to-list price sales ratio indicates that homes are still selling near their asking prices.
INTEREST RATES
Interest rates continue to challenge our market as the average 30-year fixed-rate mortgage currently sits at 6.875%, while today’s 15-year fixed mortgage rate is 6.250%, and the jumbo 30-year fixed rate is 6.625%. Rates are typically two points higher on second home and investment home purchases.
You can get a better view of the trends in our market when you look at the numbers for each major city in the area.
As indicated above, the Number of Homes Sold in March 2024 vs. March 2023 have increased in most cities except for Cathedral City (-5%), Bermuda Dunes (-45%), Indio (-26%), and Coachella (-22%). Indian Wells saw a dramatic 50% increase in the number of homes sold last month!
Regarding Average Sold Price, Indian Wells once again tops the list with a $1,858,758 average selling price, a strong (+26%) increase over last March’s sales. All cities in the Coachella Valley experienced an increase in average sales price except Coachella (-2%).
The Number of Days on the Market increased for all cities in the Coachella Valley Except Cathedral City (-22%), Bermuda Dunes (-3%), and La Quinta (-13%).
If you're considering putting your home on the market, let us help you get it SOLD! Now, more than ever, marketing matters! Our world-class marketing plan, with online ads, paid YouTube ads, and social media exposure, is critical in this shifting market. Call now for a free seller consultation, and let us help you decide if now is the right time to sell your home.
If you'd like a detailed market report for a specific city, email us and let us know which city reports you'd like to receive.
Call us at (760) 625-7229, or visit www.thehamiltonregroup.com for an easy-to-use home search and information on how we can help you with all your essential real estate needs.
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