This month we are going to start with some changes in the way we will be transacting real estate in much of the United States, and then our regular monthly market report.
CHANGES:
CHICAGO (August 1, 2024) – The National Association of Realtors® reminds members, real estate professionals, and consumers that on August 17, 2024 the practice changes following NAR’s Settlement Agreement that would resolve claims brought on behalf of home sellers related to broker commissions will be implemented across the country.
NAR recommends all MLSs implement practice changes by August 17. Realtor® MLSs (those owned exclusively by one or more Realtor® Associations) must implement the changes by this date to remain in compliance with NAR policy.
Under the settlement, the following practice changes will take effect:
- Offers of compensation will be prohibited on Multiple Listing Services (MLSs). Offers of compensation will continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals. Offers of compensation help make homeownership and the benefits of professional representation more accessible to buyers—especially first-time homebuyers—increase homeownership opportunities for historically underserved groups, and benefit sellers by expanding the potential buyer pool and ensuring they receive the best offer possible for their property.
- Agents working with a buyer must enter into a written buyer agreement before touring a home. The practice changes do not require an agency agreement or dictate any type of relationship. NAR encourages all members to address form changes and prepare to educate real estate professionals and consumers about revised forms as soon as possible ahead of August 17. NAR policy does not dictate terms of buyer agreements, but NAR has created resources to assist with implementation of the settlement terms—such as tips on clarity and emphasizing consumer choice and a “Written Buyer Agreements 101” resource.
SOURCE:
MARKET REPORT:
The table below shows the detached home sales for select cities in Coachella Valley for the month of July 2024.
The final sales prices for these seven cities ranged from a low of $358,000 at 41775 Largo in Palm Desert, to a high of $8,287,500 for 103 Netas Drive also in Palm Desert.
To see what is currently for sale in these towns, click on the link on the name of each town in the table below. They are sorted by “newest” by default, but you can change the sort—or anything else.
If you have any questions, or if you or someone you know is considering selling a home, do not hesitate to contact me.
| City |
# of homes sold |
Average Days on Market | Average ORIGINAL Asking Price | Average FINAL Selling Price | Lowest Selling Price |
Highest Selling |
| Bermuda Dunes |
7 |
88 | $670,143 | $611,571 | $470,000 |
$711,000 |
| Cathedral City |
18 |
45 | NA | $619,244 | $378,000 |
$1,250,000 |
| Indian Wells |
7 |
86 | $1,589,714 | $1,393,648 | $706,535 |
$2,800,000 |
| La Quinta |
58 |
71 | $1,108,503 | $1,049,007 | $375,000 |
$3,200,000 |
| Palm Desert |
71 |
64 | $888,147 | $830,160 | $375,000 |
$2,495,000 |
| Palm Springs |
16 |
80 | $959,438 | $924,625 | $600,000 |
$1,605,000 |
| Rancho Mirage |
28 |
64 | $1,711,357 | $1,581,461 | $780,000 |
$4,905,000 |
Please note that the original asking prices and the days on market do not reflect when a home has been previously listed. This information is only pertinent for the specific listings that actually sold in this particular month.
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