Palm Desert Home Prices Gain 7.6 Percent

Homeowners in Palm Desert, California had another great year for property values. The median home price for a single family detached home in Palm Desert increased 7.6 percent from a year ago. Find more detailed information on housing trends in Palm Desert by clicking the link. Attached homes in Palm Desert had the most significant increase with a 12 percent median price gain from a year ago.  The real estate market in Palm Desert is strong and still improving from the all time record highs. Single family homes are still -31.2 percent away from all time records while attached homes have just a slightly wider gap of -35.1 percent from all time highs in 2006. 

The real estate market in Palm Desert is healthy and expected to continue improving in 2018.  If you are considering buying a home in Palm Desert, there are good deals to be had but having a knowledgeable real estate agent who understands the market is a must.  If you are contemplating whether to buy now or wait, I would suggest now rather than later. Interest rates are rising and are expected to increase during 2018, which means if you are financing your new home, you will be able to afford less of a house. 

According to Market Watch LLC, most homes in the Coachella Valley sell on average for -2.2% from the list price. For example, a house listed at $300,000 would have sold for $6600 under the asking price in November. Working with an experienced Realtor who if familiar with the real estate market in Palm Desert will help ensure you get the best deal for your home.  You'll want an agent negotiating on your behalf  with a thorough market analysis of the Palm Desert home on which you are making an offer.

The median days on the market for homes in the Coachella Vally is 67 days before they sell. Inventory in the Coachella Valley is low overall with 4.7 months of supply. Palm Desert has slightly higher than the Coachella Valley average with 4.8 months of inventory available. Almost all prices brackets have lower months of supply ratios; however, homes priced over $1 million still have room for improvement. Supply for this price bracket is 14.8 months but it is an improvement from last years 18.6 months. This is the lowest December 1st level of inventory in the Coachella Valley since 2012.  

Palm Desert Real Estate Report Summary

• The median sale price in November for a single family homes was $347,500 an increase of 7.6% from the previous year.
• The Palm Desert market is -31.2% away from the all time median high of $543,000 in 2006 for a single family detached home. 
• Months of supply available in Palm Desert was lower this year at 4.8 months compared to 7.2 months last year at the same time. 
• Three month average sales in Palm Desert recorded 138 compared to 130 sales a year ago. Palm Desert along with Palm Springs and La Quinta had the largest increases in sales. 

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 760-799-8460.