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Greater Palm Springs Real Estate Housing Report

March 2024

PRICES
  • The median price of a detached home in the Coachella Valley in March was exactly $700,000, up 2.2% year over year.
  • Changes in city prices of the average size home ranged from a 21.7% gain in Indian Wells to a decline of 5.9% in Desert Hot Springs.
  • The median attached price was $500,000, up 8.7%. 
  • Six cities have year over year gains for their average size attached home.
SALES
  • For another month, three-month sales were more than last year. This month sales averaged 633 units compared to 577 units a year ago.
  • Every city except Desert Hot Springs and Indio had higher three-month sales compared to last year.
  • The cities with the largest percentage-wise increase in sales are Indian Wells and Palm Springs, with sales increases of 49% and 23%, respectively.
INVENTORY & MONTHS OF SALES RATIOS
  • On April 1st, Valley inventory was 2,450 units, which is the highest number of units for sale since June of 2020. While improved, this number is still 500 to 1,000 units less than historic norms.
  • The Valley’s “months of sales” ratio was 3.9 months, which is .8 higher than last year.
  • Every city but Coachella has a ratio over three months, with four cities now having ratios over four months. A ratio of three to four months is considered normal.
  • The current even distribution of ratios by price range indicates that supply and demand remain balanced throughout the region.
DAYS IN MARKET
  • At the end of March, the median number of “days in the market” in the Coachella Valley was 42 days, which is two days less than last year.
  • The City of Coachella has the smallest median selling time for detached homes at 31 days, followed by Indian Wells at 38 days.
  • In the attached market, Bermuda Dunes has the shortest average selling time at 16 days, followed by Indio and Rancho Mirage at 35 days. 
  • It is believed that these median selling times will remain around current levels going further into the year.
PRICE DISCOUNTS/PREMIUMS
  • In March, the percent of homes selling over list price was 14.1%. This is marginally higher than last year.
  • There are currently no average selling premiums.
  • All cities are selling detached homes at an average discount, which range from .7% in Desert Hot Springs to 4.1% in Bermuda Dunes.
  • Average discounts for attached homes range from 1.5% in Indio to 3.9% in Bermuda Dunes.

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
Indian Wells3,450 $556 $1,916,720 $1,574,898 21.7%$666,885 187%
Bermuda Dunes2,500 $328 $821,046 $754,623 8.8%$239,325 243%
Indio2,000 $290 $580,401 $548,680 5.8%$156,340 271%
Palm Desert2,200 $344 $757,371 $728,284 4.0%$302,302 151%
Coachella1,700 $256 $435,342 $419,122 3.9%$111,367 291%
Rancho Mirage3,175 $441 $1,399,409 $1,350,098 3.7%$506,317 176%
La Quinta2,550 $389 $991,235 $976,785 1.5%$318,164 212%
Palm Springs2,175 $605 $1,316,506 $1,299,197 1.3%$323,879 307%
Cathedral City1,800 $313 $562,500 $589,286 -4.5%$153,216 267%
Desert Hot Springs1,600 $239 $382,025 $406,085 -5.9%$86,656 341%

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
Bermuda Dunes1,450 $288 $416,875 $379,385 9.9%$89,117 368%
Indio1,050 $280 $294,289 $277,033 6.2%$56,396 422%
La Quinta1,750 $391 $684,307 $653,962 4.6%$247,713 176%
Palm Desert1,600 $339 $541,780 $529,240 2.4%$197,896 174%
Rancho Mirage1,775 $335 $594,260 $581,065 2.3%$211,030 182%
Palm Springs1,250 $371 $463,272 $455,163 1.8%$129,788 257%
Indian Wells1,950 $362 $705,592 $736,358 -4.2%$259,126 172%
Cathedral City1,250 $259 $324,157 $346,643 -6.5%$80,544 302%

Home Sales By City

  • For another month, every city except Desert Hot Springs and Indio had higher three-month sales compared to last year.
  • The cities with the largest percentage-wise increase in sales are Indian Wells and Palm Springs, with sales up 49% and 23% respectively.

Home Sales By Price Range - 3 Month Average Sales

  • The largest sales increases are in homes priced from $500k to $600k.
  • Sales of homes priced over a million dollars are higher by 31%, much of it due to more homes now in that price bracket.
  • This evenness of sales by price bracket is positive since it shows the housing market is well balanced in all price ranges.”

Months of Sales By Price Range

  • As with the entire region, most price brackets have a ratio slightly above year ago levels, except in higher priced homes where ratios are starting to move higher.
  • These ratios are not high enough, however, to cause any disruption to supply and demand.”

Months of Sales By City

  • Like with price brackets, every city has a ratio measurably higher than a year ago.
  • Every city but Coachella has a ratio over three months, with four cities having ratios over four months. A ratio of three to four months is considered normal.
  • The current distribution of ratios indicates that supply and demand remain pretty much balanced throughout the region.

Median Days In Market - Detached Homes

Median Days In Market - Attached Homes

  • The City of Coachella continues to have the lowest median selling time for detached homes at 31 days, followed by Indian Wells at 38 days.
  • In the attached market, Bermuda Dunes has the shortest average selling time at 16 days, followed by Indio and Rancho Mirage at 35.

Average Price % Discount - Detached Homes

Average Price % Discount - Attached Homes

  • All cities are selling detached homes at an average discount, which range from .7% in Desert Hot Springs to 4.1% in Bermuda Dunes.
  • Average discounts for attached homes range from 1.5% in Indio to 3.9% in Bermuda Dunes.

Coachella Valley Housing Annual Inventory March 2024

  • On April 1st, Valley inventory was 2,450 units, which is the highest number since June of 2020.
  • While inventory has improved, this number is still 500 to 1,000 units less than historic norms.
  • The seasonal pattern now suggests this may be the high for awhile, since inventory usually declines between April and September. It will be important to see if this pattern continues this year.

Source:  The Desert Housing Report March 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, Desert Hot springs and Thousand Palms. Data provided by Desert Area Multiple Listing Service and its member Associations of REALTORS, who are not responsible for its accuracy.