Published on October 2, 2019
Coachella Valley & National Real Estate Market Update
Changes in the MLS in the Coachella Valley
There were big changes for Realtor’s in the Desert this summer. Both the Desert Area and Palm Springs Associations of Realtors have changed their MLS provider to FLEXMLS. Hopefully you haven’t noticed this change in the way you search property values or your home search.
Initially, the transition created some problems with how listings were being syndicated across the web. Our marketing team has been working diligently with all parties involved to insure jelmbergteam.com has the most accurate listing information in the Coachella Valley. Our team and our clients are so thankful for their efforts and are reaping the benefits.
Despite these changes in the MLS we wanted to highlight some interesting trends nationally and show how these trends may have contributed to the sky-rocketing numbers for the Jelmberg Team during the summer of 2019.
National Real Estate Trends in 2019
September 3rd CoreLogic®, a leading global property information and analytics provider, released their CoreLogic Home Price Index (HPI™) and HPI Forecast™ for July 2019, which shows home prices rose both year over year and month over month. Home prices increased nationally by 3.6% from June 2018. On a month-over-month basis, prices increased by 0.5% in July 2019.
Home prices continue to increase on an annual basis with the CoreLogic HPI Forecast indicating annual price growth will increase by 5.4% by July 2020. On a month-over-month basis, the forecast calls for home prices to increase by 0.4% from July 2019 to August 2019. The CoreLogic HPI Forecast is a projection of home prices calculated using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.
The Jelmberg Team had its best summer ever! Our sales volume (from May to August) grew over 40% to approx. $20.8MM (representing 28 buyers and 32 sellers). Our top four months in sales volume this year are March ($10.25MM), January ($6.8MM) and ……. wait for it… June ($6.4MM) & July ($6.3MM). We also had no shortage of sellers, as the team listed 39 homes during this time (also an all-time record for us).
We have noticed over the last 3 years that the traditional seasonality the market has experienced is gradually having less influence on home sales. We anticipate this trend to continue, and believe the strong sales numbers in June, July and August to continue into the 3rd quarter of 2019.