As we head into the our shoulder season here in the desert, I want provide an updated market report that includes sales data through August 2023. I've taken a look at average sales prices, days on market and price per square foot to give you a snapshot of current market demand and conditions. Want to know more about your specific neighborhood? Simply reply back to this email and I'll put together a custom report for your property or area. Now, let's take a look at Coachella Valley's real estate market report for the past month. The median price of a detached home in the Coachella Valley at the end of August fell $5,000 to $660,404, down 3.1% year over year. The median attached price declined to $439,000 and is now down 6%. The three-month average of sales declined in August to 623 units, which is 51 units less than last year. The sales decline mirrors the seasonal price decline. On September 1st, Valley inventory was 1,601 units, which is just 28 units less than the previous month. At the end of August, the median number of “days in the market” in the Coachella Valley was 38 days, compared to 28 days last year (it was 78 days prior to Covid). In August, 17.5% of sales sold above list price, compared to 38% a year ago. We expect this percent to stay around current levels as inventory grows as we move into fall and winter.
