Our local real estate experts, Market Watch LLC, have just released their October 2018 Desert Housing Report containing their opinion on the state of our local real estate market. Some highlights: · The Coachella Valley detached home median price in Oct. was $387,000 ($37,000 or 10.5% higher than in Oct. 2017).
· The Coachella Valley attached home median price in Oct. was $265,000 ($30,000 or 12.8% more than in Oct. 2017).
· Detached home median prices increased in all 9 Coachella Valley cities, with year-over-year increases ranging from 31.4% in Indian Wells down to 4.1% for Cathedral City.
· Attached home median prices increased in all Coachella Valley cities except Cathedral City. Increases in the attached home median price in the other cities ranged from 31.3% in Indio to 4.6% in Indian Wells.
· The average 12 months sales of detached homes rose from 536 in Oct. 2017 to 540 in Oct. 2018; the average 12 months sales of attached homes rose from 286 in Oct. 2017 to 304 in Oc. 2018, and the total average 12 months sales rose from 822 in Oct. 2017 to 849 in Oct. 2018.
· Three-month sales at the city level show three cities (Palm Desert, Rancho Mirage and Desert Hot Springs) with higher sales year-over-year.
· Generally, sales continue to increase in higher price brackets, with the largest numerical increase in sales is for homes priced from $600k to one million.
· Coachella Valley housing inventory was 3,173 units on Nov. 1st (vs 3,625 units available on Nov. 1st, 2017).
· The months of supply ratio on Nov. 1st was 3.7 months, down from 4.7 months on Nov. 1st, 2017. Days on the market on Nov. 1st was 64 days, three days less than on Nov. 1st, 2017.
· The months of supply ratio continues to be lower across all price brackets compared to a year ago.
· Except for Thousand Palms, Indio and Coachella, the months of supply ratio was lower for every city in the Coachella Valley on Nov. 1st compared to last year.
For more information, please read our blog post at: http://bit.ly/Oct2018CoachellaValleyMarketUpdate . . .
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