As we head into the last few weeks of the year, I want to share with you the latest market data for the previous month. 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 1st it stood at 2,260 units. This is the highest inventory since the start of the pandemic in early 2020. At the end of November, the median number of “days in the market” in the Coachella Valley was 36 days, which is one day less than last month, but one day more than last year. In November, 15.9% of sales sold above list price, compared to 17.5% a year ago. We continue to expect the percent of homes selling at a premium to remain around 16%, which is one out of every six sales.
