Our July 2020 Coachella Valley real estate market recap rehashes the general trends emerging around the desert communities. Since this summer is shaping up to be one for the books, and 2020 has been anything but a typical year for our market, we are also going to compare the July numbers to June to see how one month can make a difference. As with all of our market reports, the numbers and analysis below are representative of the full desert real estate landscape. If you are curious to learn more about a specific city, community, or neighborhood, please connect with one of our Bennion Deville Homes real estate professionals. We look forward to unlocking possibilities for you.
The Coachella Valley real estate market stayed sizzling hot in July, piggybacking off of the momentum gained in the month of June. We have been predicting a strong summer of sales and so far, that has been proven true. Year-over-year the number of sales picked up by a significant margin, leading to a larger total sales volume as well. The average price of a home saw a healthy boost thanks to inventory levels that continue to shrink. In addition to pushing prices upward, the reduction in available inventory has helped the listing discount (noted as sold price versus list price), which saw sellers get closer to asking price than the previous comparable periods. Overall, the months of inventory to sustain demand reached a meager 2 months, one of the lowest inventory levels we have seen in the desert in some time. A balanced market is considered 6 months, so the desert real estate market heavily favors sellers. Given the low inventory, pent-up demand for homes in less populated areas, desire to live in our beautiful paradise, and historically low interest rates, if you have been thinking about selling your home you should seriously consider making your move now. You have an incredible opportunity to receive top dollar and maximize any equity built up in your current property.
In the month of July, the Coachella Valley saw 999 home sales, a 9.2% increase from the previous year and a 36.7% leap from June. Those home sales accounted for $533,431,000 in sales volume, a 25.2% bound from July 2019 and a 26.2% increase from June 2020. The average sale price of a home in the desert finished at $534,000, a 14.7% increase year-over-year, and a 7.7% decline from the month prior. Likewise, the price per square foot finished at $255.70, an 11.6% increase from last July and a 4.9% drop compared to the previous month. The average days on market clocked in at 80.9 days to sell a home, a 3.6% increase (slower) from July 2019 and 7.3% decline (faster) from June 2019. The listing discount, noted as sold price versus list price, was 96.88%, representing a 0.2% increase from last year and a 0.9% increase from June. Overall, the month ended with 2,030 homes available on the market, a 25.4% decline from last July and a 13.1% drop from last month. July finished with 2 months of inventory on the market, a 33.3% decline from the previous year and a 37.5% drop from June.