Trilogy Insider: February Market Report

Year-Over-Year Comparison, Feb. 2019 vs. Feb. 2018

Trilogy prices are increasing on homes that are updated or offer something extra for the money.

It’s no secret that Coachella Valley homes are typically either vacation or second homes, even for retirees. And, it seems that our improving economy has made fixer uppers and DIY projects, less appealing. Lately, my clients are wanting to buy either a new home, or one that has been recently updated.

The same is happening at Trilogy at La Quinta. Now that the  homes are 12+ years old, buyers are more often choosing homes that are freshly painted in today’s current color palettes, and that offer updated amenities or special features.

Really choosy buyers are looking for refreshed flooring, cabinets, and fixtures, and other attention grabbers like well-designed and landscaped outdoor spaces, a built-in barbecue, firepit, water feature, spa, and views.

Trilogy by the Numbers*:

  • Number of Homes for Sale down (-29%), 54 vs. 76 in 2018; (4%) of Trilogy’s 1,238 homes.  
  • Average Sold Prices increased (+22%), while Median Home Prices increased by (+12%). 
  • Number of Homes Sold decreased (–17%), 5 vs. 6 in 2018.
  • Number of Homes Pended Feb. 2019 doubled to 10.
  • Days on Market increased (56%), 148 days in 2019 vs. 95 days in 2018.

2019 Color Trends, Click Below

The Valley’s Hot Housing Market is Normalizing

Prices Up Slightly; Number of Homes Sold and For Sale, Continue to Lag 

Coachella Valley, Year-Over-Year Comparison, Feb. 2019 vs. Feb. 2018

  • Number of Homes Sold: FEB 2019 home sales decreased across the board, compared to FEB 2018. (above)

The Number of Homes sold under $500k, decreased by almost 20%. The City of Bermuda Dunes sold (-36%) fewer homes compared to last FEB, while the cities of Rancho Mirage, Indian Wells, La Quinta, Palm Desert, and Indio, decreased (-17% to –24%).

  • Average Home Sold Price: The price of homes increased (+3% ) for homes under $1M. Homes $1M+ decreased (–7%).

Cities with the highest price increases were: Palm Springs (+20%), Rancho Mirage (+19%), Indio (+18%). The Cities of La Quinta and Indian Wells saw decreases in home sold prices of about (-10%).

  • Average Days on Market (DOM): Homes under $1M sold on average (2% to 3% ) faster compared to FEB 2018. Although good, these numbers indicate a softening of the hot market we’ve been experiencing during the past 6 months.

Homes in the Cities of Palm Springs, Palm Desert, Cathedral City, and Bermuda Dunes sold about (10%) faster compared to FEB 2018, while Indio and La Quinta homes took longer to sell.

  • Number of Homes for Sale:  Inventory of houses for sale is lower than FEB 2018, but is catching up to normal. Typical of our Coachella Valley high season home market, the number of homes on the market is increasing compared to the past 6 months.

Inventory of homes is still lower in 5 of the 8 major cities. Bermuda Dunes (-24%) and, Indian Wells (-12%) well below average. 

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*MAR 2019 Trendvision® Reports were used to calculate this report and were based on data available at the end of FEB 2019. All reports presented are based on data supplied by the Desert Area MLS. Neither the Association nor its MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Association of its MLSs may not reflect all real estate activities in the market.  Information deemed reliable but not guaranteed.