An April housing report showed that Coachella Valley’s housing market remained mostly consistent over the past few months.
Driving the news: The report from Greater Palm Springs Realtors shows the median price for a detached home in the valley has risen to $685,000 — a 1.5% increase compared to last year. But while the overall average is slightly higher, most cities are seeing a year-over-year price decline, with Palm Springs having the biggest price drop.
- The average price of a home in Palm Springs dropped from about $1.4 million last year to around $1.3 million — a roughly 10% percent decrease.
By the numbers: The valley’s three-month average of sales rose to 665 units, which analysts think will continue to increase for another month. Still, the average of sales is 23% below the pre-pandemic average.
- Valley inventory dropped by 100 units compared to last month and now sits at 1,876 units.
Analysis: The report points out that the inventory isn’t growing in the low sales environments because monthly new listings are still near historic lows.
Bottom line: The housing report offers some analysis for future prices, saying the Coachella Valley is ending a “strong seasonal period” and that the price increases should relax somewhat. Inventory, however, is expected to continue dropping throughout the summer.
