Home Prices in Indio CA for November 2017

83833 Ozark Dr, Indio CA - Listed at $305,000

Indio Home Prices Gain 5.1 Percent

It's the end of the year and the most common question I get throughout the year is, "how's the market?" It doesn't matter if you are looking to sell your home or if you're a first time buyer, knowing the year over year trends of the local real estate market is essential. 

Year over year changes in median prices for detached single family homes in Indio are again positive with a 5.1% gain from a year ago. Attached homes in Indio had the most significant increase from a year ago with a 20.6% gain.  The real estate market in Indio is strong and still improving from the all time record highs. Single family homes are a modest -18.5% away from all time records while attached homes have a wider gap of -30.8% from all time highs. 

Don’t expect things to slow down anytime soon.  If you are considering buying a home you can still find deals on a house in Indio but having a good real estate agent who understands the market is a must.  Don’t wait on the sidelines for too long, listings that are priced right sell within a few days of hitting the market. In addition, interest rates are expected to go up for a third time this year. With rates forecasting to increase even further during 2018, means less affordability in the amount of house you can buy. 

The average home in the Coachella Valley is selling for -2.2% from the list price. This means an average home listed for $300,000 sold in November for a $6600 discount. To make sure you don't overpay for your home, you'll want to have an agent that does a thorough market analysis of the Indio home on which you are making an offer.

Currently in this area of the Coachella Valley, homes have a median time of 67 days on the market before they sell. Inventory is overall low in the Coachella Valley with 4.7 months of supply. Indio has only 3.5 months of inventory available, indicating it is a more favorable market for sellers. A healthy market is considered to be 6 months of supply. Low inventory in Indio has created multiple offers coming in on homes that have been priced right when they hit the market. This is the lowest December 1st level of inventory since 2012. Low inventory is one indicator that prices should continue to rise and indicate another good year for Coachella Valley housing market in 2018.  

Indio Real Estate Report Summary

• The median sale price in November for single family homes in Indio is $310,000 which is an increase of 5.1% from the previous year.
• The Indio market is -18.5% away from the all time high of $380,500 in 2006 for a single family detached home. 
• Months of supply available in Indio was lower this year at 3.5 months compared to 4.5 months last year at the same time. 
• Three month average sales in Indio recorded 104 sales in November 2017 compared to 100 sales a year ago. 

Source: Market Watch LLC with cooperation of PSRAR and CDAR.

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To find out what your home is worth in the current market email me or call 760-574-8486.