Coachella Valley Desert Housing Report - June 2024

Market Update

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.

SALES

Three-month sales are running behind last year’s numbers by 59 units. The number this month was 739 units per month, compared to 798 units a year ago. Palm Desert has the highest unit sales per month at 163, followed by Palm Springs, with 151. The 12-month average of sales, which takes out seasonality, was 617 units a month. This long-term average is effectively the same as last year. For 15 months, long-term sales have been hovering between 600 and 620 units a month.

Verbiage

INVENTORY & “MO. SALES” RATIOS

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 IN MARKET

At the end of June, 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.Verbiage

PRICE DISCOUNTS / PREMIUMS

 In June, detached homes were selling at an average discount of 2.0% while attached were selling at a discount of 2.6%. Coachella is the only city selling homes at an average premium of .1%. Bermuda Dunes is selling homes with the largest average discount of 4.2%. In June, the percent of homes selling over list price was 14.8%. This is 3% less than last year.

LOCAL EVENTS

PALM SPRINGS AERIAL TRAM - Escape the Heat.

Cooler temperatures and outdoor adventures ranging from guided nature walks to camping under the stars make the Palm Springs Aerial Tramway the perfect year-round escape for every type of traveler. Explore over 50 miles of hiking trails, such as the Long Valley Discovery Loop , an easy 1-mile path that envelops hikers in woodlands, wildflowers and birdsong. Climb new heights while bouldering your way up a massive wall of rocks. You can even build a snowman during winter months, when the mountaintop transforms into a glistening winter wonderland, complete with cross-country skiing, snowshoeing, and more.

CONCERTS & LIVE MUSIC

Experience the vibrant pulse of Greater Palm Springs through its electrifying live music scene. From intimate shows to worldwide festivals and world class events at venues like Acrisure Arena  or The Show at Agua Caliente , this artistic oasis is a haven for all music enthusiasts alike. Get ready to dance, sing along, and create unforgettable memories at the pulsating heart of live music in the desert.