Secondary ticket prices for the first weekend of the US Coachella festival were down significantly year-on-year.

The first stage of the event, which was headlined by Radiohead and Lady Gaga, took place in Indio, California over the weekend. The second leg will be held in the same location from this Friday until Sunday.

StubHub said just ahead of weekend one that Coachella wristbands were going for $530 (£422/€498), with weekend two passes costing $375. That was down significantly on prices “exceeding $1,200” last year according to Patrick Ryan, co-founder of Eventellect, the ticket pricing and distribution company.

Ryan told the Billboard industry news publication that increased supply, over-purchasing by brokers and the identity of headliners was behind the dip.

The capacity for 2017 is up on the 99,000 at last year’s event after Indio officials approved a gradual, multi-year increase that will eventually reach 125,000. Ryan also told Billboard that more brokers bought tickets after last year’s high markups, flooding resale sites like StubHub and VividSeats with tickets.

It is also suggested that Guns N Roses’ appearance in 2016, at a time when fans believed they had no other opportunities to see the band, led to a major spike. This year Beyonce cancelled her appearance due to pregnancy, while replacement Lady Gaga is already scheduled to play a number of gigs in California in the coming months.

Ralph Garcia at online marketplace TicketIQ told the Amplify website that music fans have been rewarded for holding off late to buy tickets.

“The story here is that those who were patient can get tickets at much better prices than a month ago,” he told Amplify.

“However, with the low inventory available, it’s not suggested people wait much longer before purchasing.”

General admission tickets began at a face value price of $399 when they went on sale in January. A limited number of VIP tickets, which included access to the festival, parking lots and camping areas, were available from $899.