Market Watch - Greater Palm Springs Area
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The median Valley price for detached homes in January was $380,000 up 12% over January of 2017. This represents a strong start for the New Year. The median price of Valley attached homes in January was $255,000, which is 8.6% above January of last year. We think this is a positive sign for the attached market price wise, which has been lagging the detached market by trending sideways for the last four years. Year over year changes in detached median home prices of the nine cities remains remarkably strong. Only La Quinta has a lower median price than a year ago. The other eight cities are all higher. Coachella is higher by 3.3% and Desert Hot Springs continues to lead in month over month price changes, being up 21.6% over a year ago. The average of twelve month sales takes out all seasonality and allows comparing year over year sales at any month. January shows an increase of 14% in attached sales compared to 2016, a 12% increase in detached sales and a 12.7% increase in total sales over a year ago. Inventory rose 330 units in the month of January for a reading of 4,083 units listed on February 1st. As the graph clearly shows, for the last five years every January has shown an increase in inventory, some larger than others.