The October 2022 Local Market Statistics for Yucca Valley, Joshua Tree and 29 Palms are now available.
The market shift continues in all three major areas of our market, with listing supply rising an average of 66.5% across the basin. Joshua Tree's average active listings at 107 a 148.8% rise year over year and a median price of $469,000, a 13% drop year over year. 29 Palms had a more modest rise, with 113 average SFR listings representing a 10.8% rise over the last 12 months and a median list price of $324,900, a 26% growth. Yucca Valley sits in the middle with the highest amount of average SFR listings in October with 125 and a 40% increase in listings and a median list price of $469,000--a 2% growth.
Sales numbers continue to cool substantially from the previous two years, with all three major areas experiencing a decrease in closed transactions as well as substantial increases in days on market, with an average of 51.8% percent of all listings having their list price reduced prior to sale, although there has been a modest rise in sales price.
Joshua Tree had 7 SFR transactions in October 2022, a -73% difference year over year with a median sales proce of $389,000 (a 5.9% increase); Yucca Valley had 20, a -62.3% decrease with a median sales price of $423,000 (a 12.7% increase); and 29 Palms had 26, a -18.8% change from 2021 with a median sales price of $305,000 (a 13% increase).
Overall, year to date, Yucca Valley has experienced a decrease in SFR sales of -23%, Joshua Tree a decrease of -20%, and 29 Palms a decrease of -11%. While there has continued to be some moderate price growth, those percentages have cooled since this time last year, at an average growth of 21% and an average sold-over-list-price percentage of 44.3% of listings still selling over their listed price in 2022.
Shareable reports, including the Buyer's Guide, YTD Market Reports and October 2022 Market Snapshots, are below.
Buyer's Guide for October 2022:
October 2022 Market Reports:
YTD Market Snapshots: