The Desert Housing Report for January is indicating a strong sellers’ market! If you’re considering selling your home, now might be the right time to list with us.
The February 1 st “months of supply” ratio was 4.9 months, which is historically a rather low ratio. As the chart clearly shows, next month is usually the high in this ratio and we expect that it not to get over five months anytime during the year. This is a considerable improvement over the last three years, when it often went above six months for extended periods of time. This indicates that inventory will probably remain tight this year, making it a sellers’ market and putting upward pressure on prices. Days on the market remain low at 66 days!
Another strong indicator of a sellers’ market is the median Coachella Valley price for detached homes in January was $380,000, which is up 12% over January of 2017. This represents a great start for the New Year.
Interested in learning more about selling your home? Reach out at any time! We are here to help.