Coachella’s Real Estate
Coachella’s real estate market trends for September continue to show a favorable market. Inventories decreased sharply on a month to month basis while the median listing price stayed the same. Overall, current trends look good in many areas, with the exception of an increase of foreclosures on the market. Let’s take a closer look on a month over month to year over year basis.
From August 2013 to September 2013 total inventory decreased by 16 percent. Currently, there are 16 homes on the market as opposed to 19 homes during August. On a year over year basis, the figure is up 45 percent, showing total inventory a year ago at 11 homes.
The median list price is currently at $200K. This is a slight change from last month when the median list price was at $199,950. On a year over year basis, the median list price is up by 33 percent when the median list price was at $150K.
The median days on market now stands at 39 days. On a month over month basis we see an increase of 39 percent with a figure of 28 days on market. When we look back a year, we see a decrease of 5 percent when the median days on market was reported to be 41 days.
The median house size is currently at 1863 square feet. This stat remains unchanged from last month. However, when we look back a year we see the figure is up by 4 percent when the median house size was reported to be 1,798 square feet.
The median price per square foot is currently at $100 per square foot. This is down by 1 percent from last month when the median price per square foot was at $101 per square foot. On a year over year basis we see an increase of 12 percent when the median price per square foot was at $89.
Overall, the market looks good. Property values continue to rise, interest rates are still low, and the recovery is expected to continue. For investors, there is great potential for profit. With condo conversions picking up it is projected we may see a boom in the multifamily sector.