While we remain a retirement destination, the Valley is attracting outside investment for large projects and a younger demographic. Large projects like the Acrisure Arena in Palm Desert, Cotino by Disney in Rancho Mirage, and TALUS at Silver Rock in La Quinta to name a few. The buzz around many of these new projects brings revenue and renewed interest in the Coachella Valley. Currently 76% of the Valley population is below 65 years of age.
At the Coachella Valley Market Watch, presented by Market Watch LLC, some of So Cal’s leading economists met to discuss local market conditions, outside influences affecting our market, trends developing and model-out what we can expect in coming months. We discussed many topics, but one of interest, was how the demographics of our valley is changing….. and also not changing.
Of the roughly 155,000 residences in the Valley, 50.5% are Remote Owners, which remains about the same from pre-pandemic levels.
Coachella Valley Demographics – Ownership by City and Housing Type
OO = Owner Occupied RO = Remote Owner
Six out of Ten Single Family Homes in the Valley are Owner Occupied
Three out of Four Condominiums are Remotely Owned.
Where Do Remote Owners Live?
Coachella Valley Demographics show that most, 25%, live right here in the Valley. After that, the location is Los Angeles County, then Orange County. The chart below shows the percentage of remote owners by city and where those Remote Owners live.
As a marketer, we want to know who our audience is before we bring a property to market. The first question we ask and answer; “Who is our most likely Buyer and where can we expect to find them?” These charts help answer that question.
This Weeks Monday Morning HotSheet for the Coachella Valley
Valley wide, homes going under contract were up 12% while inventory was down 5% from last week. Closings were about level. Rancho Mirage was the only city that had an inventory gain +11. La Quinta had the most homes going under contract, +7, followed by Palm Desert +6.
For a market in transition, we are your Trusted Resource for Real Estate in the Desert. We’re bringing clarity to what’s happening in the local market vs what you may be hearing. No mystery and no fluff.
If You’re Curious What Home Buyer’s Are Paying for a Home Like Yours, I’m happy to prepare a Professional Home Valuation Using my 20 years of local market knowledge & experience
As a Home Buyer in a Transitioning Market, understanding market value is an important part of the Home Buying Process. We’re here with knowledge to share.
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