The Desert Housing Report
April 2024
Produced for Valley agents through the sponsorship and cooperation of GPSR and CDAR by Market Watch LLC
©2022 CDAR & GPSR. All rights reserved. Use and distribution by members only.
The
Coachella
Valley
Bermuda Dunes
Cathedral City
Coachella
Desert Hot Springs
Indian Wells
Indio
La Quinta
Palm Desert
Palm Springs
Rancho Mirage
Thousand Palms
The Desert Housing Report
April 2024
Produced for Valley agents through the sponsorship and cooperation of GPSR and CDAR by Market Watch LLC
©2022 CDAR & GPSR. All rights reserved. Use and distribution by members only.
The Desert Housing Report
April 2024
Produced for Valley agents through the sponsorship and cooperation of GPSR and CDAR by Market Watch LLC
©2022 CDAR & GPSR. All rights reserved. Use and distribution by members only.
The Sales Recovery Chart
This seasonally adjusted curve shows where current sales are as a percent of historic norms. The light blue area is
when sales are below average, the light green area when they’re above average. What is normal is calculated from
sales over the years - 2016, 2017, 2018 and 2019. For example, at the height of the pandemic in April of 2021, sales were
59.5% above the norm. Sales fell to 34.7% below normal by April of 2023, but then began to improve. Sales this month
are 19.8% below normal which, as you can see, is another improvement from the previous month. We hope to see sales
return to normal levels by the end of the year.
Sales Above Normal
Normal
Sales Below Normal
59.4%
-34.8%
-19.8%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
1/1/20 1/1/21 1/1/22 1/1/23 1/1/24 1/1/25
Sales Recovery Chart
Coachella Valley
Summary
PRICES: The median price of a detached home in the Coachella Valley in April reached an all-time record of $724,523, up
6.6% year over year. The median attached price in the Valley ended April at $500,000, up 4.2% year over year. Year over year
price changes of detached homes in April range from a 18.2% gain in Indian Wells to a decline of 4.2% in Desert Hot
Springs. Price changes of average size attached homes range from 7.6% in Indio to -11.4% in Indian Wells.
SALES: Three-month sales are ahead of last year but only by twelve units. The number this April was 716 units per month,
compared to 704 units a year ago. Sales this month are 19.8% below normal, which is another improvement from the
previous month. Dollar sales in April were $669 million, which is 11% higher than last year. The largest dollar sales increase
are in homes priced over $1,000,000. Most of the brackets show comparable sales to a year ago except in homes under
$400,000. This is positive since it shows the housing market is well balanced in most price ranges.
INVENTORY & “MONTHS OF SALES” RATIOS: On May 1st, Valley inventory was 2,597 units, which is the highest number in
almost four years. While inventory has improved, this number continues to be about 1,000 units under what was normal
before the pandemic. The Valley’s “months of sales” ratio was 4.2 months, which is 1.2 months more than last year. We are
pleased to see that most of the cities have ratios between three and four months. This consistency is a good sign.
DIM: At the end of April, the median number of “days in the market” in the Coachella Valley was 44 days, which is one day
more than last year. This includes both detached and attached homes. The city of Coachella continues to have the lowest
average selling time at 27 days. This is followed by Palm Springs at 40 days and Indian Wells at 41. Bermuda Dunes has the
highest average selling time at 54 days.
PRICE DISCOUNTS/PREMIUMS: Currently, both detached and attached homes in the region have average selling discounts
of 2.3% and 2.6%, respectively. Desert Hot Springs has the lowest selling discount for detached homes at .4%, while the
highest average discount is 3.8% in both Rancho Mirage and Bermuda Dunes. One out of seven homes is now selling for a
premium in the Valley.
The Desert Housing Report
April 2024
Produced for Valley agents through the sponsorship and cooperation of GPSR and CDAR by Market Watch LLC
©2022 CDAR & GPSR. All rights reserved. Use and distribution by members only.
The Desert Housing Report
April 2024
Produced for Valley agents through the sponsorship and cooperation of GPSR and CDAR by Market Watch LLC
©2022 CDAR & GPSR. All rights reserved. Use and distribution by members only.
Prices
The Desert Housing Report
April 2024
Coachella Valley Median Detached Price
The median price of a detached home in the Coachella Valley in April reached an all-time record of $724,523, up 6.6%
year over year. Prices usually peak in May or June due to seasonal patterns and we believe that pattern will occur this
year, too. However, as we mentioned in previous months, with inventory rising and sales growing at a slower rate, we
think supply and demand will soon begin to favor buyers.
Produced for Valley agents through the sponsorship and cooperation of GPSR and CDAR by Market Watch LLC
©2022 CDAR & GPSR. All rights reserved. Use and distribution by members only.
$679,900
$724,523
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
$500,000
$550,000
$600,000
$650,000
$700,000
$750,000
$800,000
Coachella Valley Median Detached Home Price
Median Price 5.5% Growth
22 Year Chart
Coachella Valley Median Attached Price
The median attached price in the Valley ended April at $500,000, up 4.2% year over year. As the chart clearly shows, the
seasonal range of prices for attached homes is much larger than that of detached homes, and prices seem to be
following the normal seasonal pattern. We expect three-month median prices to continue to advance for one or two
more months.
The Desert Housing Report
April 2024
Produced for Valley agents through the sponsorship and cooperation of GPSR and CDAR by Market Watch LLC
©2022 CDAR & GPSR. All rights reserved. Use and distribution by members only.
$480,000
$500,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
$500,000
Coachella Valley Median Attached Home Price
Median Price 4.5% Growth
22 Year Chart
City Prices of The Average Size Home
These two tables display the price and price per square foot of the average size home in each city. The average home size is
listed in the second column. The latest price is then compared to the price a year ago. It’s also compared to the all-time lows
made in 2011. Changes in April range from an 18.2% gain in Indian Wells to a decline of 4.2% in Desert Hot Springs. Gains of
average size attached homes range from 7.6% in Indio to -11.4% in Indian Wells.
The Desert Housing Report
April 2024
Produced for Valley agents through the sponsorship and cooperation of GPSR and CDAR by Market Watch LLC
©2022 CDAR & GPSR. All rights reserved. Use and distribution by members only.
City
Avg. Size
Home
Price of Avg.
Size Home
Price One
Year Ago
2011-12
Price Low
% From
Low
Indian Wells 3,450 $537.63 $1,854,824 $1,569,405 18.2% $666,885 178.1%
Coachella 1,700 $278.73 $473,841 $408,944 15.9% $111,367 325.5%
Bermuda Dunes 2,500 $331.24 $828,088 $759,350 9.1% $239,325 246.0%
Palm Springs 2,175 $629.36 $1,368,858 $1,268,612 7.9% $323,879 322.6%
Rancho Mirage 3,175 $441.68 $1,402,334 $1,324,356 5.9% $506,317 177.0%
La Quinta 2,550 $396.80 $1,011,827 $969,854 4.3% $318,164 218.0%
Indio 2,000 $287.54 $575,070 $553,500 3.9% $156,340 267.8%
Cathedral City 1,800 $325.05 $585,090 $564,084 3.7% $153,216 281.9%
Palm Desert 2,200 $344.36 $757,592 $746,603 1.5% $302,302 150.6%
Desert Hot Springs 1,600 $244.48 $391,168 $408,464 -4.2% $86,656 351.4%
Price of Each City's Average Size Detached Home
City
Avg. Size
Home
Price of Avg.
Size Home
Price One
Year Ago
2011-12
Price Low
% From
Low
Indio 1,050 $284.35 $298,568 $277,520 7.6% $56,396 429.4%
Bermuda Dunes 1,450 $287.11 $416,310 $392,704 6.0% $89,117 367.1%
La Quinta 1,750 $402.99 $705,233 $672,315 4.9% $247,713 184.7%
Desert Hot Springs 750 $187.61 $140,708 $134,738 4.4% $16,013 778.7%
Palm Desert 1,600 $342.11 $547,376 $527,056 3.9% $197,896 176.6%
Rancho Mirage 1,775 $330.04 $585,821 $580,762 0.9% $211,030 177.6%
Palm Springs 1,250 $359.17 $448,963 $463,794 -3.2% $129,788 245.9%
Cathedral City 1,250 $269.10 $336,375 $359,181 -6.3% $80,544 317.6%
Indian Wells 1,950 $354.92 $692,094 $781,492 -11.4% $259,126 167.1%
Price of Each City's Average Size Attached Home
The Desert Housing Report
April 2024
Produced for Valley agents through the sponsorship and cooperation of GPSR and CDAR by Market Watch LLC
©2022 CDAR & GPSR. All rights reserved. Use and distribution by members only.
Unit and
Dollar Sales
Monthly Sales – Three Month Average
Three-month sales are ahead of last year but only by twelve units. The number this April was 716 units per month,
compared to 704 units a year ago. Because of seasonality, it's difficult to determine where sales stand on a historical
basis. The first chart in this report was designed to help distinguish seasonal changes from real ones. It shows that
sales continue to improve and are now 19.8% below historic norms.
The Desert Housing Report
April 2024
Produced for Valley agents through the sponsorship and cooperation of GPSR and CDAR by Market Watch LLC
©2022 CDAR & GPSR. All rights reserved. Use and distribution by members only.
481
488
222
228
704
716
0
200
400
600
800
1,000
1,200
1,400
1/1/19 7/1/19 1/1/20 7/1/20 1/1/21 7/1/21 1/1/22 7/1/22 1/1/23 7/1/23 1/1/24 7/1/24 1/1/25
Units per month
Detached, Attached and Total Sales
3 month average
Detached Attached Total
Monthly Sales – Twelve Month Average
The 12-month average of sales, which takes out seasonality, shows that total sales in April averaged 624 units a month.
This long-term average is effectively the same as last year. However, we continue to believe it will recover when mortgage
rates come back down to 5.5% to 6%. Recent declines in inflation give us hope this is not far away.
The Desert Housing Report
April 2024
Produced for Valley agents through the sponsorship and cooperation of GPSR and CDAR by Market Watch LLC
©2022 CDAR & GPSR. All rights reserved. Use and distribution by members only.
431
428
197
196
628
624
0
200
400
600
800
1,000
1,200
1/1/19 7/1/19 1/1/20 7/1/20 1/1/21 7/1/21 1/1/22 7/1/22 1/1/23 7/1/23 1/1/24 7/1/24 1/1/25
Units per month
Detached, Attached and Total Sales
12 month average
Detached Attached Total
Home Sales by City
Sales by city are now ranked left to right by highest average unit sales. Palm Desert has the highest unit sales at 160,
followed by Palm Springs with 157. Two cities have higher sales compared to a year ago - Palm Springs and Indian Wells.
Most of the other cities have sales comparable to year ago levels.
The Desert Housing Report
April 2024
Produced for Valley agents through the sponsorship and cooperation of GPSR and CDAR by Market Watch LLC
©2022 CDAR & GPSR. All rights reserved. Use and distribution by members only.
160
157
111
77
75
41
36
35
12
11
176
138
114
90
71
43
40
23
11
14
0
20
40
60
80
100
120
140
160
180
200
Palm Desert Palm Springs La Quinta Indio Rancho
Mirage
Cathedral
City
Desert Hot
Springs
Indian Wells Bermuda
Dunes
Coachella
Units per Month
Home Sales by City
3 month average
April Year Ago
Home Sales by Price Range
We've changed the price brackets to reflect the price increases of the last few years. The lowest bracket is now $300,000
and there are now two brackets over $1,000,000. The largest sales increases are in homes priced over $1,000,000. Most of
the brackets show comparable sales to a year ago except in homes under $400,000. This is positive since it shows the
housing market is well balanced in most price ranges.
The Desert Housing Report
April 2024
Produced for Valley agents through the sponsorship and cooperation of GPSR and CDAR by Market Watch LLC
©2022 CDAR & GPSR. All rights reserved. Use and distribution by members only.
32
73
111
109
77
55
38
32
137
51
42
88
120
104
78
64
37
30
113
44
0
20
40
60
80
100
120
140
160
<$300K $300K -
$399K
$400K -
$499K
$500K -
$599K
$600K -
$699K
$700K -
$799K
$800K -
$899K
$900K -
$999K
$1M -
$1.999M
>=$2M
Units per Month
Sales by Price Bracket
3 month average
April Year Ago
Coachella Valley Dollar Sales (all homes)
This chart graphs dollar sales, averaged over three months, of all Coachella Valley home sales. The scale on the left is in
millions of dollars. It shows the same seasonal pattern as the chart of three-month unit sales, except the relative highs
and lows are different due to price changes over time. Dollar sales in April were $669 million, which is 11% higher than
last year.
The Desert Housing Report
April 2024
Produced for Valley agents through the sponsorship and cooperation of GPSR and CDAR by Market Watch LLC
©2022 CDAR & GPSR. All rights reserved. Use and distribution by members only.
$604
$669
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
$1,000
1/1/19 7/1/19 1/1/20 7/1/20 1/1/21 7/1/21 1/1/22 7/1/22 1/1/23 7/1/23 1/1/24 7/1/24 1/1/25
x Millions
Coachella Valley Dollar Sales
New
Home Sales by City
On this graph, cities are ranked left to right by largest dollar sales. Some of the cities, like Rancho Mirage and Indian
Wells, rank higher than their unit sales because of the effect of their higher priced homes. Since revenue depends more
on dollar sales than unit sales, the numbers in this chart are a better proxy for “revenue” than unit sales.
The Desert Housing Report
April 2024
Produced for Valley agents through the sponsorship and cooperation of GPSR and CDAR by Market Watch LLC
©2022 CDAR & GPSR. All rights reserved. Use and distribution by members only.
$161.8
$133.1
$131.7
$88.5
$60.6
$43.8
$21.7
$15.2
$8.0
$4.9
$125.1
$139.5
$139.5
$81.1
$36.6
$50.7
$21.9
$15.4
$7.0
$6.5
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
Palm Springs La Quinta Palm Desert Rancho
Mirage
Indian Wells Indio Cathedral
City
Desert Hot
Springs
Bermuda
Dunes
Coachella
Millions per Month
Dollar Sales by City
April Year Ago
New
Home Sales by Price Range
This chart of dollar sales by price bracket shows a different pattern than unit sales by price bracket in the earlier chart.
The large numbers in the two highest price brackets over a million dollars are more accentuated than the unit sales chart.
In fact, dollar sales in these two brackets account for approximately 50% of all dollar sales in the Coachella Valley.
The Desert Housing Report
April 2024
Produced for Valley agents through the sponsorship and cooperation of GPSR and CDAR by Market Watch LLC
©2022 CDAR & GPSR. All rights reserved. Use and distribution by members only.
$7.8
$26.1
$50.0
$59.6
$49.6
$41.0
$32.7
$30.3
$189.1
$183.0
$10.0
$31.2
$54.2
$56.9
$50.5
$47.8
$31.4
$28.4
$156.1
$157.1
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
<$300K $300K -
$399K
$400K -
$499K
$500K -
$599K
$600K -
$699K
$700K -
$799K
$800K -
$899K
$900K -
$999K
$1M -
$1.999M
>=$2M
Millions per Month
Dollar Sales by Price Bracket
April Year Ago
New
The Desert Housing Report
April 2024
Produced for Valley agents through the sponsorship and cooperation of GPSR and CDAR by Market Watch LLC
©2022 CDAR & GPSR. All rights reserved. Use and distribution by members only.
Inventory & “Months of
Sales” Ratios
Coachella Valley Total Inventory
On May 1
st
, Valley inventory was 2,597 units, which is the highest number in almost four years. While inventory has
improved, this number continues to be about 1,000 units under what was normal before the pandemic. Some of this
increase is seasonal, but the same seasonal pattern now suggests the current number may be near the highs for 2024
since inventory usually declines between March and September.
The Desert Housing Report
April 2024
Produced for Valley agents through the sponsorship and cooperation of GPSR and CDAR by Market Watch LLC
©2022 CDAR & GPSR. All rights reserved. Use and distribution by members only.
1,901
2,597
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
1/1/19 7/1/19 1/1/20 7/1/20 1/1/21 7/1/21 1/1/22 7/1/22 1/1/23 7/1/23 1/1/24 7/1/24 1/1/25
Units
Coachella Valley Housing Inventory (all homes)
Inventory by City
This chart ranks Coachella Valley cities left to right by highest number of homes for sale. The dark colored bars are
current listings, while the lighter colored bars are last year’s number. This chart helps agents know what cities have
homeowners with the greatest selling interest and how it compares to last year.
The Desert Housing Report
April 2024
Produced for Valley agents through the sponsorship and cooperation of GPSR and CDAR by Market Watch LLC
©2022 CDAR & GPSR. All rights reserved. Use and distribution by members only.
630
539
364
331
273
163
147
79
40
24
442
411
282
201
212
117
124
54
28
22
0
100
200
300
400
500
600
700
Palm Springs Palm Desert La Quinta Indio Rancho
Mirage
Cathedral
City
Desert Hot
Springs
Indian Wells Bermuda
Dunes
Coachella
Units
Inventory by City
5/1/2024 Year Ago
New
Inventory by Price Bracket
This chart shows the number of homes selling in the different price brackets. Current numbers, shown by the dark
colored bars, are compared to last year’s numbers, shown by the light colored bars. The price brackets now include the
two, new brackets of homes priced over $1,000,000. This chart helps locate what price brackets might be responsible
for the growth or contraction of inventory.
The Desert Housing Report
April 2024
Produced for Valley agents through the sponsorship and cooperation of GPSR and CDAR by Market Watch LLC
©2022 CDAR & GPSR. All rights reserved. Use and distribution by members only.
119
221
298
349
307
237
179
146
472
269
64
156
275
263
212
167
110
83
361
210
0
50
100
150
200
250
300
350
400
450
500
<$300K $300K -
$399K
$400K -
$499K
$500K -
$599K
$600K -
$699K
$700K -
$799K
$800K -
$899K
$900K -
$999K
$1M -
$1.999M
>$2M
Units
Inventory by Price Bracket
5/1/2024 Year Ago
New
Regional “Months of Sales” Ratio
On May 1
st
, the Valley’s “months of sales” ratio was 4.2 months, which is 1.2 months more than last year. As you can see
from the chart, this fundamental ratio, which measures supply and demand, is now back to pre-pandemic levels. Even
though inventory is still relatively low, the low sales numbers keep supply and demand in balance. This is one major
reason why home prices have remained firm over the last twelve months.
The Desert Housing Report
April 2024
Produced for Valley agents through the sponsorship and cooperation of GPSR and CDAR by Market Watch LLC
©2022 CDAR & GPSR. All rights reserved. Use and distribution by members only.
3.0
4.2
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
6.0
1/1/19 7/1/19 1/1/20 7/1/20 1/1/21 7/1/21 1/1/22 7/1/22 1/1/23 7/1/23 1/1/24 7/1/24 1/1/25
Months
Coachella Valley "Months of Sales" Ratio
(based on average 12 month sales)
The “Month of Sales” Ratio by City
This chart ranks cities left to right by smallest number of “months of sales.” The sales and inventory in the ratios
includes both attached and detached homes. Since “months of sales” is really the supply-demand equation for
housing, it shows if the housing market is balanced. We are pleased to see that most of the cities have ratios between
three and four months. This consistency is a good sign.
The Desert Housing Report
April 2024
Produced for Valley agents through the sponsorship and cooperation of GPSR and CDAR by Market Watch LLC
©2022 CDAR & GPSR. All rights reserved. Use and distribution by members only.
2.2
2.3
3.2
3.3
3.4
3.6
3.9
4.0
4.1
4.3
2.2
1.5
2.8
2.6
2.4
3.1
2.8
3.3
3.1
2.2
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
Indian Wells Coachella Bermuda
Dunes
La Quinta Palm Desert Rancho
Mirage
Cathedral
City
Palm Springs Desert Hot
Springs
Indio
Months
"Months of Sales" by City
5/1/2024 Year Ago
The Desert Housing Report
April 2024
Produced for Valley agents through the sponsorship and cooperation of GPSR and CDAR by Market Watch LLC
©2022 CDAR & GPSR. All rights reserved. Use and distribution by members only.
3.7
3.0
2.7
3.2
4.0
4.3
4.7
4.6
3.4
5.3
1.5
1.8
2.3
2.5
2.7
2.6
3.0
2.8
3.2
4.7
0.0
1.0
2.0
3.0
4.0
5.0
6.0
<$300K $300K -
$399K
$400K -
$499K
$500K -
$599K
$600K -
$699K
$700K -
$799K
$800K -
$899K
$900K -
$999K
$1M -
$1.999M
>$2M
Units
"Months of Sales" by Price Bracket
5/1/2024 Year Ago
The “Month of Sales” Ratio by City
This chart shows “months of sales” by price bracket. The sales and inventory in the ratios includes both attached and
detached homes. Since “months of sales” is really the supply-demand equation for housing, the consistency shows the
housing market is relatively balanced in all price ranges. We do see a slight increase in year over year ratios of homes
priced between $600,000 and a million.
The Desert Housing Report
April 2024
Produced for Valley agents through the sponsorship and cooperation of GPSR and CDAR by Market Watch LLC
©2022 CDAR & GPSR. All rights reserved. Use and distribution by members only.
DIM & Price
Premium/Discount
Regional “Days in the Market”
The median selling time in the region has been stable for the last three months. At the end of April, the median number of
“days in the market” in the Coachella Valley was 44 days, which is one day more than last year. This includes both
detached and attached homes. We continue to believe the median selling time will remain around current levels as we
continue into the year.
.
The Desert Housing Report
April 2024
Produced for Valley agents through the sponsorship and cooperation of GPSR and CDAR by Market Watch LLC
©2022 CDAR & GPSR. All rights reserved. Use and distribution by members only.
43
44
0
10
20
30
40
50
60
70
1/1/19 7/1/19 1/1/20 7/1/20 1/1/21 7/1/21 1/1/22 7/1/22 1/1/23 7/1/23 1/1/24 7/1/24 1/1/25
Days
Median DIM - Coachella Valley (all homes)
“Days in the Market” by City
This graph compares the medium number of “days in the market” in each city to their ratios a year ago. The number
includes both detached and attached homes. We have sorted the cities left to right by lowest number of days. The city of
Coachella continues to have the lowest average selling time at 27 days. This is followed by Palm Springs at 40 days and
Indian Wells at 41. Bermuda Dunes has the highest average selling time at 54 days.
The Desert Housing Report
April 2024
Produced for Valley agents through the sponsorship and cooperation of GPSR and CDAR by Market Watch LLC
©2022 CDAR & GPSR. All rights reserved. Use and distribution by members only.
27
40
41
43
45
45
47 47
48
54
36
39
56
33
27
33
50
42
43
60
0
10
20
30
40
50
60
70
80
Coachella Palm Springs Indian Wells Desert Hot
Springs
Cathedral
City
Palm Desert Indio Rancho
Mirage
La Quinta Bermuda
Dunes
Days
Median DIM by City (all homes)
April Last Year
The Desert Housing Report
April 2024
Produced for Valley agents through the sponsorship and cooperation of GPSR and CDAR by Market Watch LLC
©2022 CDAR & GPSR. All rights reserved. Use and distribution by members only.
41
48
37
45
47
50
49
41 41
47
33
41
48
45
40
52
47
50
39
34
0
10
20
30
40
50
60
70
80
<$300K $300K -
$399K
$400K -
$499K
$500K -
$599K
$600K -
$699K
$700K -
$799K
$800K -
$899K
$900K -
$999K
$1M -
$1.999M
>$2M
Days
Median DIM by Price Bracket (all homes)
April Last Year
“Days in the Market” by Price Bracket
This graph compares the medium number of “days in the market” by price bracket to the ratio a year ago. The number
includes both detached and attached homes. It's important, when looking at these numbers, to notice if any price bracket
has an abnormal number of days. A high number might show a slight market disruption in that price bracket.
New
The Desert Housing Report
April 2024
Produced for Valley agents through the sponsorship and cooperation of GPSR and CDAR by Market Watch LLC
©2022 CDAR & GPSR. All rights reserved. Use and distribution by members only.
-2.5%
-2.3%
-2.7%
-2.6%
-5.0%
-4.0%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
1/1/19 7/1/19 1/1/20 7/1/20 1/1/21 7/1/21 1/1/22 7/1/22 1/1/23 7/1/23 1/1/24 7/1/24 1/1/25
Coachella Valley Average Price Premium/Discount
Detached Attached
Discount
Premium
Discount
Premium
Regional Price Premium/Discount
This graph charts the average price premium or discount of detached and attached homes selling in the region. Currently
both type homes are selling at discounts over 2%. We are always amazed to see how close the average price discounts
are for both detached homes and condominiums. We also notice how the trends seem to move up and down together.
Current numbers seem in line with the pre-covid averages.
New
Price Discount by City
This shows the average price discount for detached homes in each city to their ratios a year ago. We have sorted the
cities left to right by lowest discount. Desert Hot Springs has the lowest selling discount at .4%, while the highest
average discount is 3.8% in both Rancho Mirage and Bermuda Dunes.
The Desert Housing Report
April 2024
Produced for Valley agents through the sponsorship and cooperation of GPSR and CDAR by Market Watch LLC
©2022 CDAR & GPSR. All rights reserved. Use and distribution by members only.
-0.4%
-1.2%
-1.6%
-1.7%
-1.9%
-2.5%
-2.6%
-3.3%
-3.8%
-3.8%
-1.2%
0.1%
-1.8%
-1.7%
-2.5%
-2.8%
-3.5%
-2.6%
-3.4%
-3.1%
-4.5%
-4.0%
-3.5%
-3.0%
-2.5%
-2.0%
-1.5%
-1.0%
-0.5%
0.0%
0.5%
Desert Hot
Springs
Coachella Cathedral
City
Indio Palm Desert Indian Wells La Quinta Palm Springs Rancho
Mirage
Bermuda
Dunes
Average Selling Discount by City
Detached Homes
April Year Ago
The Desert Housing Report
April 2024
Produced for Valley agents through the sponsorship and cooperation of GPSR and CDAR by Market Watch LLC
©2022 CDAR & GPSR. All rights reserved. Use and distribution by members only.
-3.1%
-2.3%
-1.6%
-1.8%
-2.0%
-2.4%
-2.3%
-3.5%
-2.8%
-3.8%
-3.5%
-2.2%
-2.0%
-2.1%
-1.9%
-3.1%
-2.4%
-2.9%
-2.8%
-4.3%
-5.0%
-4.5%
-4.0%
-3.5%
-3.0%
-2.5%
-2.0%
-1.5%
-1.0%
-0.5%
0.0%
<$300K $300K -
$399K
$400K -
$499K
$500K -
$599K
$600K -
$699K
$700K -
$799K
$800K -
$899K
$900K -
$999K
$1M -
$1.999M
>$2M
Average Selling Discount by Price Bracket
April Year Ago
Price Discount by Price Bracket
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, the average price discount increases with
higher priced homes.
Percent Homes Selling Above List
This chart graphs the percentage of Valley homes that sold above list price over the last three months. In April, the
percent of homes selling over list price was 14.8%. This is marginally lower than last year. As we said last month, we
continue to expect the number of homes selling above list to remain approximately one out of seven.
The Desert Housing Report
April 2024
Produced for Valley agents through the sponsorship and cooperation of GPSR and CDAR by Market Watch LLC
©2022 CDAR & GPSR. All rights reserved. Use and distribution by members only.
15.1%
14.8%
0%
10%
20%
30%
40%
50%
60%
70%
1/1/19 1/1/20 1/1/21 1/1/22 1/1/23 1/1/24 1/1/25
Percent Homes Selling Over List Price (all homes)
Explanation and Description of Market Watch’s Graphs and Calculations
Regional Numbers: For the purposes of this report, the Coachella Valley region consists of these eleven cities or CDPs – Bermuda Dunes, Cathedral City,
the city of Coachella, Desert Hot Springs, Indian Wells, Indio, La Quinta, Palm Desert, Palm Springs, Rancho Mirage and Thousand Palms. Regional sales
and regional inventory numbers are the sum of sales or inventory of these 11 cities averaged over some time interval – usually three or twelve months. The
Coachella Valley median detached home price is the median price of sales of single-family residences over the prior three months in all 11 cities. The
Coachella Valley Median Attached Price is the median price of sales of condos and townhomes over the past three months in all 11 cities.
City Prices: Our city price tables display the median price per square foot as well as the price of the average size home of all detached or attached sales
over the last three months (6 months for Indian Wells). The price of the average size home is determined as follows: the median price per sq. ft. is
multiplied by the size of the average home in that city. The size of the average home is determined from the square feet of all sales in that city over the last
twenty years, which is then rounded to the nearest 25 sq. ft.. The size of the average home is therefore constant month by month.
Sales: For cities, sales numbers are the sum of sales of SFR, Condos and townhomes. We present two sales numbers – three-month average of sales
and twelve-month averages. The three-month average measures and shows the seasonal variations of the region. These three-month averages should
only be compared against the same three months of previous years. For example, one should never compare three-month sales in spring to that of the fall.
The twelve-month average of sales takes out all seasonality and is very useful when trying to assess the long-term growth or contraction of sales in the
region and at the city level. In our calculations every month is represented by sales over the preceding 31 days. This gives equal weight to each month.
Inventory and “Months of Sales”: Our inventory numbers are homes classified as “active” listings; we exclude listings called “active under contract.” We
believe this is a more accurate measure of real supply since most “active under contract” listings will soon be closed sales. Remember sales and prices are
accumulative while inventory is a momentary snapshot of inventory on a specific date. When we provide a monthly report for, say, the month of April, all
sales and pricing are done using transactions through that and the previous two months. However, when we measure inventory at the end of April, it’s the
inventory as of April 1
st
. Even though inventory April be labeled April inventory, it is the inventory on the 1
st
of the next month. Our inventory is the sum of
both attached and detached homes.
When calculating the “months of sales” ratio, we almost always use average sales over the last twelve months and not three months. If we do use three
month sales, we indicate it. We use the classic “months of sales ratio”, which is inventory divided by sales, and not its inverse called the “absorption rate”
since most people feel the ratio is much clearer and more easily understood.
Days in the Market and Sale Price Discount from List Price: These calculations are also the median value of the metrics reported from the MLS listing
and are calculated over the last three months of transactions like price and sales. This is done to help reduce random variation and movements.
Call Out Numbers: The two numbers inserted in the charts are the most recent value(s) and the value(s) one year ago. Each number is connected to the
point on the chart it refers to by a small thin line.
To contact Market Watch call Vic Cooper at 714-390-1418.
The Desert Housing Report
April 2024
Produced for Valley agents through the sponsorship and cooperation of GPSR and CDAR by Market Watch LLC
©2022 CDAR & GPSR. All rights reserved. Use and distribution by members only.