Examining the April 2022 Coachella Valley Real Estate Market
Our April 2022 Coachella Valley real estate market recap examines what’s happening across the desert housing landscape. There are some interesting trends emerging in key market metrics, and we are starting to hear the “S” word thrown out a lot in the industry – Shift. Are we heading toward a market shift here in the desert? Read on to find out! The data we use in our real estate market summaries are representative of the desert resort region. If there is a particular city, community, or neighborhood of interest to you please reach out to your local Bennion Deville Homes real estate expert. We will unlock possibilities for you.
The desert real estate market continues its run of strong numbers despite some pattern changes in the data. For the second consecutive month, the number of homes on the market at the end of the month increased. April also saw a large drop-off in the number of homes sold, while the number of new listings was slightly lower than the month prior. However, the sale pace, noted as days on market, continues to quicken, and the listing discount, noted as the percentage difference between the sale price and the list price, exceeds 100%, meaning on average homebuyers are paying a premium for a property. All these factors are squeezing prices higher across the desert. As long as inventory remains at low levels and the sale pace exceeds the pace at which the market can be replenished, we will continue to see these conditions prevail. One measurable sign that change could be in store is the drop in the number of sales, which pushed the months of inventory up for the second straight month. As we head into the summer months it will be interesting to watch how activity levels compare to the previous years, both pre-2020 and over the past 2 years, and if momentum starts to shift.
April 2022 had 925 home sales, a 26.4% drop from the same month in 2021 and a 15.5% decline from March of this year. Those sales created over $712 million in sales volume, a 31.2% increase year-over-year and a slight 0.6% upward nudge from the prior month. There were 1,149 new homes listed on the market in April 2022, a slight 0.5% decrease from the same period last year and a 1.5% stumble from March 2022. The market had 1,246 homes enter pending status, a 5.8% increase year-over-year and a 15.8% leap month-over-month. The median sale price of a home in the Coachella Valley finished at $620,000, a massive 31.9% jump from the same time last year and a 2.1% bump from March of this year. Likewise, the average price per square foot for a sold home ended the month at $443.00, a 39.3% increase year-over-year and a 4% improvement upon March’s figure. The sale pace, noted as average days on the market, clocked in at a speedy 27 days, a 43.8% drop (faster pace) from last year and a 3.6% decline from the previous month. The listing discount, or percentage difference between the sold price and list price, ended the month at 102%, meaning on average homes sold for 2% above the list price across the valley. This is a 3% increase over last year and a 1% bump from the prior month. Overall, there is a 0.8-month supply of homes to feed demand, a 60% increase over the same period last year and a 60% increase over March 2022. A balanced market is considered around a 6-month supply, indicating that the market is still heavily slanted toward the seller’s side of the bargaining table.
If you are thinking about purchasing or selling a property in the Coachella Valley, we would be honored to have the opportunity to assist. Please reach out to a Bennion Deville Homes real estate professional for a free market analysis of your property or to discuss the lifestyle you are looking for in your next home. We will unlock possibilities for you.