Due to the consistent rise in prices of single-family homes over the past 3 years, buyers looking to spend less than $300,000 have shifted their attention to the condo and townhouse inventory of the Coachella Valley. To understand this trend, let's focus on five desert cities: Palm Springs, Rancho Mirage, Palm Desert, Indian Wells, and La Quinta. In these cities, condos and townhouses that sold for under $300,000 accounted for roughly 66 per cent, nearly 2/3 of all sales. There were 1506 total sales of condos and townhouses under $300,000, while just 775 single family properties sold.
A total of 2278 condos and townhouses sold in 2015 in the cities measured below:
Palm Springs: 1004 total sales
Under $100,000: 101
From $100K-$200K- 371
From $200K-$300K- 296
From $300K-$400K- 129
Over $400K- 108 Sold
Palm Desert: 732 total sales
Under $100,000: 13
From $100K-$200K: 153
From $200K-$300K: 309
From $300K - $400K: 159
Over $400K- 98 sold
Rancho Mirage: 281 total sales
Under $100,000: 5
From $100K-$200K: 71
From $200K-$300K: 77
From $300K - $400K: 84
Over $400K- 45 sold
La Quinta: 191 total sales
Under $100,000: 1
From $100K-$200K: 36
From $200K-$300K: 57
From $300K - $400K: 42
Over $400K- 56 sold
Indian Wells: 70 total sales
Under $100,000: 1
From $100K-$200K: 11
From $200K-$300K: 4
From $300K - $400K: 23
Over $400K- 31 sold
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