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Kevin Stanley Best Realtor in Palm Springs
Kevin Stanley Best Realtor in Palm Springs

Greater Palm Springs Real Estate Housing Report

December 2024

PRICES
  • The median price of a detached home in the Coachella Valley increased last month for the second time in eight months. It ended December at $665,000, which is $8,750 above last year.
  • Year over year price changes in detached homes range from a gain of 20.9% in Coachella to a decline of 10.7% in Indian Wells.
  • The median attached home in the Valley ended December at $474,5 00, which is $13,500 more than last year. 
  • Gains of the average size attached home in each city range from 14.9% in La Quinta to minus 10.4% in Indio.
SALES
  • When you take out seasonality, Valley sales are running 32.9% below normal. The three-month average in December was 493 units compared to 487 units a year ago.
  • The 12-month average of sales in December was 607 units a month compared to 606 last year. Dollar sales were $421 million, which is 10% higher than last year.
INVENTORY & MONTHS OF SALES RATIOS
  • Inventory is back to pre-pandemic levels. On January 1st, Valley inventory was 2,898 units, which is 759 units higher than last year.
  • The seasonal pattern now suggests that inventory will continue to increase through April.
  • The Valley’s “months of sales” ratio was 4.8 months, which is 1.3 months more than last year but is not at a worrisome level yet.
DAYS IN MARKET
  • Selling times are coming down as the median number of days in the market dropped for the third time in nine months. It was 41 days, which is five days more than last year. This includes both detached and attached homes.
  • The city of Bermuda Dunes has the lowest selling time at just 33 days. This is followed by Palm Springs at 37 days and Indian Wells at 39 days.
  • Cathedral City has the highest median selling time at 49 days.
PRICE DISCOUNTS/PREMIUMS
  • Price discounts have returned to normal. Currently, detached homes are selling at an average discount of 2.3% compared to 2.2% a year ago.
  • Attached homes are selling at a 2.7% discount.
  • Indio, Coachella and Cathedral City have the smallest selling discount at 1.5% while Palm springs and Rancho Mirage are selling homes with the highest average discount of 3.2%. The percent of homes selling over list price was 13.1%. This is 2.1% less than last year.

12-Month Change In Average Prices

Price of The Average Size Single Family/Detached Home

Average Size HomeAverage Price Per SFPrice of Avg. Size HomePrice One Year Ago12 Month Change2011-12 Price Low% From Low
Coachella1,700 $308 $523,592 $433,024 20.9%$111,367 370%
Indio2,200 $292 $643,148 $610,269 5.4%$156,340 311%
Rancho Mirage3,175 $440 $1,397,349 $1,365,806 2.3%$506,317 176%
Cathedral City1,800 $318 $572,949 $565,632 1.3%$153,216 274%
Palm Springs2,175 $547 $1,189,127 $1,193,966 -0.4%$323,879 267%
Palm Desert2,200 $335 $737,055 $740,806 -0.5%$302,302 144%
La Quinta2,200 $386 $848,320 $861,542 -1.5%$318,164 167%
Desert Hot Springs1,600 $253 $405,328 $426,168 -4.9%$86,656 368%
Bermuda Dunes2,200 $313 $688,490 $735,900 -6.4%$239,325 188%
Indian Wells3,450 $496 $1,711,994 $1,916,717 -10.7%$666,885 157%

Price of The Average Size Condominium/Attached Home

Average Size HomeAverage Price Per SFPrice of Avg. Size HomePrice One Year Ago12 Month Change2011-12 Price Low% From Low
La Quinta1,750 $406 $711,008 $618,975 14.9%$247,713 187%
Indian Wells1,950 $414 $807,008 $730,753 10.4%$259,126 211%
Bermuda Dunes1,450 $272 $394,473 $379,668 3.9%$89,117 343%
Palm Desert1,600 $335 $536,480 $530,160 1.2%$197,896 171%
Palm Springs1,250 $359 $448,775 $452,819 -0.9%$129,788 246%
Rancho Mirage1,775 $308 $547,463 $557,545 -1.8%$211,030 159%
Cathedral City1,250 $256 $320,550 $328,225 -2.3%$80,544 298%
Indio1,050 $258 $271,016 $302,610 -10.4%$56,396 381%

Home Sales By City - All Homes

  • December sales are comparable toyear ago levels. Only Palm Desert has sales measurably above last year.

Home Sales By Price Range - 3 Month Average Sales - All Homes

  • The price brackets have been changed to reflect the effect of price increases of the last few years. The lowest bracket is now $300,000 and under, and there are now two brackets over $1,000,000.
  • The largest part of the overall sales decline continues to be sales of homes in the price brackets of $300K to $399K and $900K to $999K.

Coachella Valley Housing Annual Listing Inventory December 2024 - All Homes

  • On January 1st, Valley inventory was 2,898 units, which is 759 units higher than last year.
  • The seasonal pattern now suggests that inventory will continue to increase through April.
  • Current numbers remain close to what was normal before the pandemic.

Listing Inventory By City - All Homes

  • This chart shows what cities have homeowners with the greatest selling interest and how it compares to last year.

Listing Inventory By Price Bracket - All Homes

  • This chart helps locate what price brackets might be responsible for the growth or contraction of inventory.

Months of Sales By City - All Homes

  • The sales and inventory in these ratios include both attached and detached homes. Sales are averaged over three months.
  • You see consistent ratios between 5.0 and 6.5 months in most of the nine cities.
  • The ratio in Indian Wells is now the highest at 8.9 months.
  • Since “months of sales” is really the supply-demand equation for housing, it shows the housing market may begin to experience longer selling times, especially in the higher priced cities. So far, however, you don’t see that.

Months of Sales By Price Range - All Homes

  • The sales and inventory in the ratios include both attached and detached homes.
  • Since “months of sales” is really the supply-demand equation for housing, the large increases over last year shows the supply side of the market is increasing in all price brackets.

Days In The Market All Homes By City

  • The number includes selling times of both detached and attached homes.
  • Notice how similar median selling times are in the all cities.
  • The city of Bermuda Dunes has the lowest selling time at just 33 days. This is followed by Palm Springs at 37 days and Indian Wells at 39 days.
  • Cathedral City has the highest median selling time at 49 days.

Median Days in the Market by Price Bracket - All Homes

  • The number includes both detached and attached homes.
  • When looking at these numbers, it’s important to notice if any price bracket has an abnormal number of days. Usually, selling times increase with higher priced homes. However, in the current market you don’t see that. This is a positive feature for higher priced homes.

Average Selling Discount % by City - Detached Homes

  • This shows the average price discount for detached homes in each city to their ratios a year ago.
  • Every city in the region is selling homes at an average discount.
  • Indio, Coachella and Cathedral City have the smallest selling discount at 1.5% while Palm springs and Rancho Mirage are selling homes with the highest average discount of 3.2%.

Average Selling Discount % by Price Bracket - All Homes

  • This chart shows the average price discount by price bracket throughout the region compared to the discount a year ago. The average includes both detached and attached homes.
  • As a rule, price discounts increase with higher priced homes, except here we have the lowest discounts in the mid range price brackets.
  • Homes over two million dollars now sell with an average discount of 4.3%.

Source:  The Desert Housing Report December 2024
PSRAR and CDAR by Market Watch LLC.

 Desert Cities includes cities of Indio, Indian Wells, Palm Desert, Cathedral City, La Quinta, Palm Springs, Rancho Mirage, Coachella and Desert Hot Springs. Data provided by Desert Area Multiple Listing Service and its member Associations of REALTORS, who are not responsible for its accuracy.

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