Rounding Up the November 2021 Desert Real Estate Market
Our November 2021 Coachella Valley real estate market recap outlines the major trends taking shape as we head into the last month of the year. We are including annual and monthly comparisons in the recap below to identify macro and micro-level trends in the data. As with all of our recaps, the numbers and analysis below are a snapshot of the entire Coachella Valley. If you are interested in learning more about a specific city, community, or neighborhood, please connect with your local Bennion Deville Homes real estate professional. We will Unlock Possibilities for you.
The Coachella Valley real estate market’s run to more typical seasonal trends continued in November. Usually a quieter month due to the approach of the holidays, November saw big dips in inventory levels and the number of sales on an annual basis. Similarly, compared to October, the November numbers reflect fewer homes for sale but a slight uptick in the number of homes sold. Encouragingly, peripheral stats, such as average days on market and sold/list price ratio, helped buoy home prices and pushed them up both on an annual and monthly comparison basis. December is also a quiet month for activity as both prospective buyers and sellers focus on the holidays, but come January we expect to see the market come roaring back. With a short average days on market time, the absence of a listing discount, and elevated demand for homes in the desert, the Coachella Valley is poised for another strong peak season in 2022.
In November of this year, 774 homes changed hands, a 19.6% drop from the year prior and a slight 0.1% uptick from the month prior. Those sales accounted for over $575 million in sales volume, a 0.5% increase over the same month last year and a 4.5% increase over last month. The average price for a home in the Coachella Valley ended the month at $743,000, a 25.1% leap from last year and a 4.4% bump up from October. Likewise, the price per square foot ended the month at $366, a 28.9% increase over last November and a 3.7% increase from the previous month. The average days on market, or sales pace, clocked in at a swift 34 days to sell a home, a 45.2% drop (faster) from last year and the same mark as the previous month (no change). The listing discount, noted as the percentage difference between the sold price and the list price, ended the month at 0, or no discount at all, a 3.1% increase over last year and the same as October of this year. There were 722 homes for sale at the end of November, a 60.5% plummet from the same month last year and an 18% decline from October. Overall, there is a 0.9-month supply of homes for sale, a 52.6% drop from last year and an 18.2% decrease from October. A balanced market is considered at 6 months, indicating how strong the current seller’s market is at present in the desert resort cities.
As demonstrated by the numbers and analysis above, the Coachella Valley is still experiencing an extreme shortage of homes for sale. This inventory deficiency is pushing up home prices, creating a potentially lucrative opportunity for anyone considering selling a property. If you would like to learn more about your options, including a free home valuation to see what your home is worth in today’s market, please connect with your local Bennion Deville Homes real estate professional.