The median price of a detached home in the Coachella Valley in February was $680,500, up $20,500 for the month and 1.2% year over year. The median attached price in the Valley ended February at $488,250, up 12.7% year over year.
The median price of a detached home in the Coachella Valley in January was $660,000, down 1.8% year over year. The median price of an attached home in January was $475,000, up 9.2% year over year. Prices often begin to rise in January, and we think this seasonal pattern has started this year. For another month, three-month sales are ahead of last year. The number this January was 510 units sold, compared to 436 units a year ago. Sales in January are now running 28.6% below normal, which is an improvement from last month.
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The median price of a detached home in the Coachella Valley ended November at $635,000, down for the month and also down 1.6% year over year. The median attached price in the Valley rose to $457,000 and is now up 2.7% year over year. The three-month average of sales was 480 units a month in November, which is 20 units below last year. In November, Valley inventory increased 150 units and by December 1 st it stood at 2,260 units. This is the highest inventory since the start of the pandemic in early 2020.
The median price of a detached home in the Coachella Valley ended October at $642,450, up slightly for the month but down 2.7% year over year. The price decline over the last five months has been primarily seasonal. The median attached price in the Valley was effectively unchanged last month at $435,000 and is now down 4.4% year over year. The three-month average of sales was 513 units in October, which is 53 units less than last year. The 12-month average of sales, which takes out seasonality, shows sales are averaging 599 units a month. In October, Valley inventory increased 348 units and by November 1st it stood at 2,110 units. While most of this increase is seasonal, we’re struck by the size of the gain, which is larger than most increases in October.
