Median home prices on the rise in the Coachella Valley

Home values are on the rise in the Coachella Valley, but sales still remain dictated by the season, however it could get a bump from out of town buyers.

A realtor’s sign sits at a home in Palm Springs ready to be sold. Homeowner Steve Reeves and his partner are looking for a much smaller space.

“My partner and I are both in our 70s. We both have medical problems and that’s why were looking to downsize,” he said.

Selling their two bedroom, two bathroom house though has been slow however. Since putting it up on the market in June, Reeves thinks the weather is playing a role.

“You might be wasting your time, because when it 115 degrees outside, no one’s going to come looking for a house,” he said.

According to data from the California Desert Association of Realtors, the summer months have typically seen a decline in sales. However, median home prices in the valley are still on the rise overall, growing from $365,000 to $390,000 in a year. Realtor George Rider says reasons could include lower inventory or inflation, but also more buyers from areas like the Bay Area.

“Here,they’re just buying an investment property or a second home and that trend coming out of the Bay Area is a little higher now than we’ve seen historically,” he said.

Reeves say four interested buyers have looked at the house, including one from the Bay Area not deterred by the approximately $560,000 price tag.

“As soon as they say San Francisco, I think money, with the way prices are up in San Francisco,” he said.

Reeves believes once the weather cools down and the tourism season picks up, interest will rise in his home.

“I know the Canadians have really invested a lot of money down here in the desert, so if they want to look at my house, they’re more than welcome too,” he said.