Our November 2020 Coachella Valley real estate market recap covers the latest trends taking shape in the desert. To better demonstrate the state of the market, we are including year-over-year and month-to-month comparisons so you can see the emerging trend line. The November market proved to be one for the record books as buyers feverishly snapped up a scarce level of homes, pushing sale prices up and continuing a string of high monthly activity. As with all of our monthly snapshots, the numbers and analysis below are representative of the entire desert market. If you are interested in learning more about the state of a specific city, community, or neighborhood, connect with your local Bennion Deville Homes real estate professional. We look forward to unlocking possibilities for you.
Carrying over from October, the November real estate market in the desert remained incredibly strong. Usually the beginning of a lull in activity around the holidays, November bucked the annual trend and shattered the previous year’s numbers in all categories. On a monthly basis, November saw modest gains in price but some dips in inventory and activity, which may have occurred due to the Thanksgiving holiday at the end of the month. Overall, prices continue to creep up, buttressed by historically low inventory and soaring demand to live the desert lifestyle. As a result of these factors, the sales pace (days on market) quickened and the listing discount (sold price versus list price) inched closer to asking price. November finished with just under 2 months of inventory, a razor-thin level of homes for sale. A market is balanced at 6 months, indicating the current market heavily favors sellers.
In November, there were 940 homes sold, a 41.8% leap over last year’s numbers but a 14.5% drop from October 2020. Those sales accounted for a 69.4% increase in sales volume and a 12.3% decline from the previous month of this year. The average sale price of a home finished the month up 19.5% over November 2019 and 2.6% higher than last month, coming in at $597,500. Likewise, the average price per square foot finished the month at $278.90 valley-wide, a 13.6% bump from the same month last year and a 3.6% increase over October 2020. The sales pace, noted as average days on market, clocked in at just over 62 days, an 11.4% drop (faster) than the same period last year and a 7.3% decline from October of this year. The sold price versus list price, or listing discount, finished at 98.06% (1.94% discount from the list price) a 2% increase over last November (closer to asking price) and was the same (no change) month-over-month. November finished with 1,810 homes for sale, a 43.3% drop from the same month last year and an 8.5% decline from October. Overall, there is a 1.9-month supply of homes available, a steep 60.4% decline from last year and a 5.6% increase from last month.