COACHELLA VALLEY MARKET UPDATE 2024

Check out this video to get your latest market update for the Coachella Valley in 2024.
PRICES: The median price of a detached home in the Coachella Valley, after reaching an all-time high two months ago, declined in June to $695,000. It's up only .7% year over year. The median attached price in the Valley ended June at $475,000, unchanged year over year. Year over year price changes range from a 19.6% gain in Coachella to a decline of 11.5% in Bermuda Dunes. Gains of average size attached homes range from a 19.4% gain in Bermuda Dunes to -7.0% in Desert Hot Springs.
INVENTORY: On July 1st, Valley inventory was 2,464 units, which is lower by 146 units from last month. The seasonal pattern now suggests that inventory will continue to decline as we enter the summer months. On July 1st, the Valley's "months of sales" ratio was 4.0 months, which is 1.1 months more than last year. We continue to see ratios between 2.5 and 4.0 months in the ten cities. This is the general sign of a balanced market.
DAYS ON MARKET: At the end of June 2024, the median number of "days in the market" in the Coachella Valley was 45 days, which is the same as last month, but seven days more than last year. The city of Coachella continues to have the lowest, average selling time at 18 days. This is followed by Cathedral City at 30 days and Desert Hot Springs at 43 days. At the other end, La Quinta has the highest average selling time at 53 days.
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