Coachella Valley Market Report-Jan 2019

Trilogy La Quinta: Year-Over-Year Comparison, Jan. 2019 vs. Jan. 2018

Choosy Buyers Take Their Time, But Willing to Pay More

• Number of Homes for Sale in Jan. 2019, (52 vs. 82) in 2018; (4%) of Trilogy’s 1,238 homes.
• Average Home Sold prices rose on average (+13%).
• Number of Homes Sold stayed the same, 6 sold in both 2019 and 2018.
• Number of Homes Pended decreased (-44%); 5 homes in 2019 vs. 9 in 2018.
• Days on Market increased (+13%), 105 days in 2019 vs. 93 days in 2018.

Bottom Line

The 2019 market is off to a slow start. In January the Number of Homes Sold stayed the same as last year, but the Number of Pending Home sales is almost half of what it was in January 2018. It’s also taking about two weeks longer on average to sell our Trilogy homes. Today’s home buyers are taking their time and are picking up homes offering good value for the dollar.

Tip: Buyers are willing to part with their money for homes that are in excellent condition and offer a little something extra. Make sure your home is clean, bright and inviting, especially your front entry.

Coachella Valley Cities: Year-Over-Year Comparison, Jan. 2019 vs. Jan. 2018

Number of Homes for Sale & Sold Down; Prices Tick Up

Compared to January 2018, the Number of Homes Sold decreased in every pricing category. But the Average Active Price and Average Sold Price of homes increased for homes priced up to $999,999. What’s more, they are selling from (8% – 14%) quicker than January last year.

Homes priced 1+ million slowed in sales and prices, and are on the market 122 days, (47%) longer on average than last year.

Inventory overall, is still lower than last year except for a small increase in the number of homes, 1194, up 2% in the $500,000 to $999,999 price range.

Coachella Valley Cities by the Numbers

• Number of Homes Sold: January 2019 sales were down across the board compared to January 2018. All were down at minimum of 11%, with Cathedral City, Bermuda Dunes and Rancho Mirage showing the sharpest declines.
• Average Days on Market (DOM): Although fewer sold in January, on average, homes sold quicker in the cities of Bermuda Dunes, Cathedral City, Palm Desert, and Palm Springs. Cities of Indian Wells, Indio, La Quinta and Rancho Mirage sold at a slower pace.
• Average Sold Price: The price of homes increased in 5 of the 8 cities shown. The cities of La Quinta, Indio, Cathedral City, and Rancho Mirage experienced the highest percentage increases from 10% to 17%. Bermuda Dunes and Indian Wells home prices had the largest decreases, -13% and –18%.
• Number of Homes for Sale: There were significant decreases in the number of homes for sale in the cities across Coachella Valley, with the exception of Indio, where the number of homes for sale in January increased by 7%. The inventory of homes has remained low year over year for more than 6 months.

Trilogy at La Quinta, 81484 Jacaranda Ct., La Quinta

Snowbirds, live your winters in the sun. Enjoy the luxury of living in a home and neighborhood designed around all the amenities of a resort destination, outdoor living, all with a friendly, hometown feel. Call today for details.