While it’s true 120 degree days in the dog days of summer tend to reduce the enthusiasm of potential buyers to get out and look at property, the thought of seasonality in the Coachella Valley real estate market is more of a mythical creature in its recent history. Statistical data tells a story of more balanced sales and pricing whether in season or out. So, if you thought the heat was going to slow down the record breaking real estate market, you would be wrong. It’s just stoking the fire.
In July, the median price of a detached home in the Coachella Valley rose to $599,000, which is 30.2% higher than last July. While we did see the number of listings tick up a bit in July (791 listings, up from 654 listings in June of 2021), and the number of sales decreased by about 140 units, there were still 40% more sales year over year.
The largest sales increases are in the cities of Palm Desert and La Quinta. The city of Rancho Mirage shows a large year over year percentage sales increase of 46%.
Days in the market is over 50% lower then this time last year (25 days), months of sales at the end of July was at an all time low of 0.7 (any value under 3 would be considered
a sellers market).
At the time I write this (August 27th, 2021), the Jelmberg Team has over $130M in sales for the year, representing 243 clients (97 sellers, 146 buyers). All records for us. Amazingly, it looks like we could have over $21M in sales
this month which would be the best sales month for our team, ever!