The Morongo Basin market remains in flux as rebalancing continues. Local inventory increases as well as seasonal factors have contributed to a continued plateau in price growth and median days on market begin to rise as well as the percentage of listings that experienced price reductions.
Yucca Valley holds steady with a 71% growth in Single-Family Residential (SFR) listing inventory in August 2022, with 123 SFR listings active. A median price of $420,000 in August 2022 remains with zero price growth, with 47% of active listings experiencing a price reduction, and the August days on market rising to 53. Yucca Valley still shows a solid sales market with 341 closed SFR sales year to date and 48% of listings selling for amounts over their listing price. Joshua Tree shows a 118% overall increase in SFR inventory in August, with 87 SFR listings active and a median price of $495,000, which represents a -8% growth in median price, with 54% of those listings having had a price reduction since being listed, and the median days on market statistic rising to 68 days. With 161 SFR sales year to date and 47% of listings selling over asking price, Joshua Tree leads in pack in the most substantial changes during 2022.
Twentynine Palms continues its trend as the only major area city whose market shows some changes in the opposite direction, continuing to show a positive price growth, with 28% growth in median price. With 120 SFR listings active in August, representing a 43% increase, 29 Palms SFR listing inventory has risen over the summer. With 55 median days on market and 43% of listings still selling over asking price, and only -4% change in overall sales year to date, 29 Palms continues to differentiate itself as a market that follows its own trends.
Shareable graphics for each major city area discussed above are available below, including Buyer's Guides, Seller's Guides, Monthly Market Statistics and YTD Market Statistics.
Buyer's Guides:
Seller's Guides:
YTD Market Reports:
August 2022 Market Snapshots:
San Bernardino County August 2022 Inventory and Sales Report:
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