Coachella Valley Desert Housing Report - September 2024

Prices

Even though the median price of a detached home in the Coachella Valley declined again for the fifth month to $640,000, it’s still $3,750 higher than last year. The median attached price in the Valley ended September at $436,500, which is $1,500 above last year. Year-over-year price changes in detached homes range from a 25.6% gain in Indian Wells to a decline of 9.1% in Palm Springs. Gains of the average size attached home range from a gain of 13.8% in Bermuda Dunes to minus 10.9% in Desert Hot Springs.

SALES

Three-month average sales in September were 496 units per month, compared to 555 units a year ago. Palm Desert still has the highest unit sales at 104 units, followed by Palm Springs with 92. Only one city, La Quinta, with sales of 70 units a month, is higher than last year. Dollar sales were $373 million, which is 13% below last year.

INVENTORY & “MO. SALES” RATIOS

On October 1st, Valley inventory was 2,421 units, which is 619 units higher than last year. The Valley’s seasonal sales pattern suggests that inventory will begin an increase that usually carries through February. The “months of sales” ratio was 4.0 months, which is one month more than last year. We see ratios between 4.0 and 5.0 months in most of the nine cities. The ratio in Indian Wells is the highest at 6.4 months. None of the ratios are at worrisome levels.

DAYS IN MARKET

At the end of September, the median number of “days in the market” in the Coachella Valley was 49 days, which is eleven days more than last year. The city of Coachella continues to have the lowest average selling time at 34 days. This is followed by Desert Hot Springs at 36 days and Cathedral City at 43 days. Homes in Bermuda Dunes have the highest average selling time at 66 days.

PRICE DISCOUNTS/PREMIUMS

Currently, detached homes are selling at an average discount of 2.1% compared to a discount of 1.8% a year ago. Attached homes are selling at a 3.0% discount. Every city in the region is now selling homes at an average discount. Coachella has the smallest discount at .8%, while Indian Wells is selling homes with the highest discount of 3.6%. In September, the percent of homes selling over list price was 13.8%. This is 3.1% below last year and slightly above the historic average of 10%.

JOSHUA TREE MUSIC FESTIVAL - October 10-13

The Joshua Tree Music Festival blends beautiful surroundings with soulful tunes from Oct. 10-13. Though the music is the focus, the artwork that fills the festival is equally as impressive, and upon arriving, you’ll quickly understand why people travel from all over the country to attend this bi-annual event. This year’s lineup includes several DJ sets along with performances by artists like Al-Qasar, Mak Nova & The Homies, the Lowdown Brass Band, Honeywild and more. There will also be a positive vibration station for yoga and movement, a colorful Queer Salon, an Astro Mojo Dojo tea lounge and Kidsville children’s activities, making this an event that everyone can enjoy.

MODERNISM WEEK -  October 24-27

For design enthusiasts and architecture aficionados, Modernism Week — October is a dream come true. A mini version of the main Modernism Week in February, Modernism Week — October is a four-day event that showcases the impact that midcentury modern design and style has had on the Palm Springs area. This October, you can expect a handful of fun and exciting events to choose from, which will include the staple open-air bus tours, engaging presentations, iconic home tours, the Palm Springs Modernism Fall Show and Preview Party and more. It’s a chance to immerse yourself in the timeless allure of sleek lines juxtaposed by organic shapes and the spirit of an era that’s still alive and well in the destination.