The Desert Housing Report – July 2020
The Coachella Valley median detached home price in July 2020 was $460,000, up 10.2% above a year ago. The Valley’s median attached price in July 2020 was $279,500, down 2.1% from last year. The price strength of detached homes compared to condominiums is found in all the cities and is confirmed by increasing sales in detached homes. Seven cities show positive year-over-year price gains for detached homes while two are lower. The cities of Palm Desert and Palm Springs, with year-over-year gains of 11.5% and 11.2%, are the region’s leaders. Sales averaged over the last 12 months declined in April, May and June but have stabilized and are now beginning to slightly turn up. We can expect this increase in long-term sales to continue over the next three or four months, potentially rising back to normal levels. Valley inventory, at 2,050 units, is historically at the lowest level in history. Because of growing sales and record low inventory, the “month of sales” ratio is also at a record low of 2.7 months. This low ratio, which means that demand far exceeds supply, coupled with the lowest mortgage interest rates of the last 70 years, should continue to put upward pressure on home prices throughout the Valley.
For additional information or a Comparative Market Analysis Report, call Michael Lazovsky at 760-899-2629