Jan 12, 20232 min read

November 2022 Local Market Report

The November 2022 Local Market Data shows a continued decline in prices and sales, but an indication of a levelling off in the dropping numbers.

Single family residential listing nventory rose an average of 95% across the three major cities of the basin, with an average of 53% of those listings experiencing a price reduction during its listing window.

Joshua Tree is in the lead for the biggest changes, with a listing growth of 174% from the same period in 2021--with 107 active listings in November. Joshua Tree shows a negative price growth of -13%, average of 63 days on market, and a median price of $469,000. With only 9 closed sales in November and average sales price of $392,000, this represents a -40% change from the previous period last year, and -10% in sales price. Closed listings averaged 29 days on market.

Yucca Valley's statistics hold a bit steadier, with listing growth of 72% year over year, with 127 active SFR listings in November, 66 days on market, and a median listing price of $469,000, which is only a -3% deviation. There were 21 sales closed in Yucca Valley during the reporting period, however, a -61% change from the same period last year. With a median sales price of $360,000, however, this is a slight raise (1.8%) from November 2021, which could indicate a levelling off of price flucuation. Sold listings averaged 48 days on market before going pending.

29 Palms brings up the rear with a listing growth of 41% and the only positive price growth in the basin of 27%, at $317,250. With 22 sold listings during the reporting period and 128 active listings put it at only -38% change in sales, a modest -4% price growth at a median sold price of $267,000, the November data out of 29 Palms supports the potential levelling out of market changes.

Shareable reports, including the Buyer's Guide, YTD Market Reports and October 2022 Market Snapshots, are below.