As we welcome back snowbirds to the valley and prepare for the upcoming holiday season, buyers, sellers and Realtors alike are watching, with great anticipation, what the coming months have in store for the Coachella Valley housing market. Real Estate professionals are paying especially close attention to the valley’s inventory levels, as the lack of inventory continues to keep prices at unprecedented levels (median sales price is currently $585,000).
Inventory is still less than half of what it was a year ago (883 vs. 1995), and less than a third of what it was in October of 2019 (2,736). Are we going to see the explosion of listings that those in the Real Estate industry have been clamoring for? Or, will we see the normal seasonal increase in listings that would get us just above a thousand? Either way, it’s going to be an interesting season.
The other current housing market stats remain pretty consistent. Median months of sales remains under 1.0 (under 3.0 would indicate a sellers market), and the average discount rate is at a premium of 1.8%, meaning the average home is selling for 1.8% above list price. Average total number of sales are down 25% from a year ago (860 vs. 1,077), but still higher than what we experienced years prior. Infact, the number of sales has decreased year over year in every price point except $600-700k & homes above $900k. The largest decrease in the number of sale was in homes priced under $400k.
Needless to say, we still find ourselves in a sellers market with the majority of homes selling over asking price, and in many cases with multiple offers. If you are curious what your home is worth in this current market, reach out and we can show you how we have been able to help 113 sellers in 2021 net the most for their property, in the least amount of time.
Also, it’s still a great time for buyers to take advantage of historically low interest rates. This year alone, the Jelmberg Team has helped 175 buyers navigate this historic market and meet their real estate goals.