CONNECT FOR A FULL AND COMPLIMENTARY COPY OF THIS MONTH COMPLETE HOUSING REPORT

Marius C. Olbrych DRE 02101685

Marius.Olbrych@CbRealty.com

Office Cell: (760) 292-3612

UPDATE FOR SEPTEMBER 2024 

Prices: The median price for detached homes fell to $653,726, which is $5,274 below last year’s figure. Attached homes’ median price also dropped slightly to $445,000. Price changes vary by city, with gains up to 22.2% in Coachella and a decline of 6.1% in Palm Springs.

Sales: Total three-month average sales have decreased to 578 units per month, down by 51 units compared to last year. Sales are 29.7% below historical norms, with Palm Desert leading in unit sales.

Inventory: The Valley's inventory has increased to 2,237 units, 576 higher than last year, but still below pre-pandemic levels. The “months of sales” ratio is at 3.7 months, indicating a balanced supply-demand situation.

Market dynamics: Homes are staying on the market longer, with a median of 48 days, up by 10 days from last year. Most homes are selling at slight discounts, with detached homes at a 2.3% discount and attached homes at 3.0%.