Our October 2021 Coachella Valley real estate market recap explores the key patterns emerging as we head into what is typically the peak sales season in the desert. The analysis below includes annual and monthly trends to demonstrate what’s happening for both short and long-term changes in the market. Keep in mind that the data used accounts for all the Coachella Valley resort cities. If you would like to learn more about what’s happening in a particular city, community, or neighborhood, please connect with your local Bennion Deville Homes real estate professional. We will Unlock Possibilities for you.
As we have noted over our recent recaps, the market is starting to demonstrate more typical seasonal patterns. October’s data continues that trend, as the number of homes sold increased on a monthly basis, as did the average sale price, sales volume, and the number of homes for sale at the end of the month. Examining the market year-over-year, the numbers are still occupying extreme ends of the spectrum in each category, with the average sales price up significantly but the number of homes sold and inventory levels drastically reduced. In the short-term, it is highly encouraging to see more homes hit the market even with the lightning-quick sales pace. Despite the growing number of homes for sale in the market, home prices continue to stay elevated due to market demand. This indicates that prices should stay around their current levels even as we see increased inventory hit the market after the holidays. This is excellent news for sellers as they can still maximize the return on their investment. In turn, it is also positive news for buyers as more homes listed on the market means that sellers need to be realistic with their pricing strategies to attract the right buyer to their property.
In October of this year, 767 homes were sold, a 30.7% decrease from October 2020 but a 4.4% increase from September 2021. Those sales accounted for a sales volume of over $546 million, a 15.2% drop from the same month last year but a 6.9% increase month-over-month. The average sales price of a home finished the month at $712,000, a 22.3% increase year-over-year and a 2.4% increase from the previous month. Likewise, the average price per square foot ended the month at $354, a 30.1% increase over last year and a 3.2% increase from last month. The sales pace, noted as average days on market, clocked in at a swift 34 days to sell a home, a 49.3% plummet (faster) from the same month last year and the same pace as September of this year. The listing discount, noted as sold price versus list price, ended the month at 100%, or no discount, a 2% improvement over October of last year and the same as last month. The month finished with 880 homes for a sale, a 55.9% decline from the same month last year but a 3.4% increase over September 2021. Overall, there is a 1.1-month supply of homes for sale on the market, a 38.9% drop from last year and an 8.3% dip from last month. A balanced market is considered at 6 months of inventory, indicating that sellers still enjoy a distinct advantage in the market as demand far outweighs supply.
As the numbers and market analysis illustrate, the desert is still in an extreme sellers’ market heading into peak season, with few signs of slowing. If you are thinking about listing your home for sale, you should strongly consider making your move now. Please connect with your local Bennion Deville Homes real estate professional to learn more about what your home is worth in today’s market.