March Average Home Sale Prices Sprint Ahead

Trendvision’s™ March year-over-year statistics are in, and it seems there is no stopping the marathon of higher Average Home Sales Prices. In every category home prices increased and once again, the highest percentage increases were with homes priced under $500,000, and those priced over $1,000,000, with gains of (5.2%), and (4%).

Home Sale Price Comparison, Last Three Months

A First Quarter 2018 comparison of Average Home Sale Prices by pricing categories reveals a robust picture. Comparing Dec. 10, 2018 through Mar. 10, 2018, Average Home Sale Prices saw strong gains.  The big winner being homes priced $1+ million, up a whopping 47%!

  • Homes to $499,999, up from $277,000 to $322,000, (16%).
  • $500,000 to $999,999, up from $671,000 to $710,000, (6%).
  • $1+ million, up from $1,662,000 to $2,411,000, (47%).

Coachella Valley – A Fit Bottom Line

Year-over-year stats reflect solid increases in the Number of Homes Sold in every category, again with homes in the 1+ million category increasing year-over-year by (17.3%), while homes under $499,999, and $500,000 to $999,999, gaining roughly the same, just under (5%).   

The number of Days on Market for homes continues to decrease, especially for homes under $500,000 showing a sharp decline of (21.8%). Homes in that category sell on average in 79 days, while it may take 98 days to sell a $500,000 to $999,999 home, and 110 days for a home $1+ million.

Inventory of homes for sale at any given time, is still declining in every pricing category. The number of Homes for Sale, under $$500,000 decreased from March 2017, by almost (30%), homes $500,000 to $999,999 by (12.7%), and homes 1+ million by a hair under (10%).  If the contraction of the housing market continues, the upward pressure on home prices may also continue.

High Season vs. Low Season – What Lies Ahead

With the Coachella Valley’s high season coming to an end soon we will be watching the numbers closely to see what, if any impact it has on sales, inventory, and number of days on market, throughout late Spring and Summer months.

Those of us experienced in Real Estate sales have noticed that during the last few summers we have not seen the sharp decrease in home sales, as in years past. Instead, people willing to list or keep their homes on the market throughout the summer have a better chance of selling due to fewer homes on market, and the increased number of buyers looking to buy ahead of next year’s cold, winter weather.   In fact, last year over half, (54%) of home sales took place in the off-season (April-September.)

All in all, the underlying health of the Coachella Valley housing market is keeping the housing market strong year-round.

March 2018 Home Market Stats – City Standouts!

Seven of ten cities had double-digit increases in Average Sales Price. Eight cities experienced increases, while the cities of Palm Desert and Coachella saw decreases of (2%), and (9%).

Cities with the highest percentage increases in Average Sale Price: Bermuda Dunes-(28.9%); Indian Wells-(18.1%); Palm Springs-(14%); Rancho Mirage-(13.3%); Cathedral City-(12.6%); Indio-(12.3%); La Quinta-(11.9%).

Four of ten cities had double-digit increases in the Number of Homes Sold. Nine of ten cities experienced increases.  Indio showed a decrease in home sales by 8%. 

Cities with the greatest percentage increases in the Number of Homes Sold: Bermuda Dunes (66.7%); Coachella-(54.5%); Cathedral City-(30.4%); Indian Wells-(20%); Desert Hot Springs (14.3%); Palm Desert (7.5%); Rancho Mirage-(7.2%).

Six of ten cities had double-digit decreases in the number of Days on Market. Eight of ten had decreases. Bermuda Dunes and Indian Wells saw increases.

Cities with the greatest percentage increases in Days on Market: Coachella-(46%); Indio-(21.6%); Cathedral City-(26.5%); Palm Springs-(21%); Rancho Mirage-(20.8%); Palm Desert-(12.6%); La Quinta-(8.7%).

Call me for a report on a neighborhood or a comparative report on your home. Call me anytime!

Donna Ambrose (206) 755.9823