August 2021 Coachella Valley Real Estate Market Recap
Check out the Bennion Deville Homes August Coachella Valley real estate market recap to catch up on the latest trends in the market.
The Coachella Valley real estate market appears to be undergoing a shift as we head into the fall.

Catch the Latest Real Estate Market Trends

Our August 2021 Coachella Valley real estate market recap covers the major trends taking shape in the desert based on the most recent MLS dataset. Our market summaries are representative of the region’s market shape, taking into account all of our desert resort cities. If you are interested in learning more about what’s happening in a specific city, community, or neighborhood, connect with your local Bennion Deville Homes real estate professional. We will Unlock Possibilities for you.

The August numbers indicate the desert real estate market is starting to level off and return to a semblance of normalcy. On an annual basis, similar patterns that we have tracked over the past year are present, including a significant increase in average sale price, a dramatically lower inventory level, and a sales pace (average days on market) that is almost one-third of the August 2020 figure. The beginning of the market’s ascent took place last July, so it’s not surprising to see numbers that are in stark contrast year-over-year. Month-over-month is where things get more interesting. The number of homes sold backslid while the number of homes for sale increased, marking the second straight month this has happened. However, supporting stats, such as average sale price (up), days on market (down/faster), and listing discount (no discount!), all support a market that is still robust and does not indicate signs of a significant price drop.

The general pattern shows that many buyers may have reached a point of waiting out the market, whether it’s through price aversion, fatigue, or simply wanting to see what else comes on the market. As more inventory becomes available, homeowners listing a property for sale should take these factors into consideration and set a price that is more in line with current market conditions to attract serious buyers. The good news for sellers is that home prices remain strong, while the good news is for buyers is that increasing inventory means additional options to consider and a little more leverage at the bargaining table. As always, inventory levels will be a key factor heading into the fall and winter months, the busiest period of activity in our traditional sales cycle. However, as the last 18+ months have taught us, we are still in times that are anything but normal. Sellers looking to cash in at the height of the market should strongly consider now as the ideal time to sell to get ahead of a cresting wave of properties anticipated to hit in the next few months.

In August 2021, 750 homes changed owners, marking a 31% plummet from last August and a 16.3% decrease from July. Those home sales accounted for a sales volume in excess of $497 million, a 22.1% decrease from the same period last year and a 15% drop from last month. The month ended with an average sale price of $663K, a 12.9% increase over the same period last year and a 1.5% upward nudge from July of this year. Similarly, the average price per square foot ended the month at $333, a 23.8% increase over August 2020 and a slight 0.9% increase over July 2021. The average days on market to sell a home, or sales pace, in the valley ended the month at a breezy 32 days, a 64% decline (faster) than last August and a 3% decrease from last month. The listing discount, noted as the percentage difference between the sale price and list price, finished the month at 101% (1% over list price on average!), a 4.1% increase over last year and the same as last month. Overall, there were 812 homes for sale at the end of the month, a 58.6% drop from last year and an 8.7% increase over last month. The market has 1.1 months of inventory for sale, a 38.9% decrease from last year and a 37.5% increase over last month. A balanced market is considered at 6 months of inventory, indicating the advantage sellers have in our current conditions.

The numbers and analysis above indicate we are in a sellers’ market. If you are considering a sale of a property, please connect with your local Bennion Deville Homes real estate professional. We can provide a no cost, no obligation home value estimate to help you decide if the timing is right to make your move. Visit BDHomes.com for more information.

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