IWV housing market continues to thrive
News Review Staff Writer
“As goes the housing market in Ridgecrest, so goes the economy.” And according to Clint Freeman of Coldwell Banker Best Realty, that is great news for the Indian Wells Valley.
“It’s great to be here and speak with you about a subject I am extremely excited about,” he told some 200 attendees of the IWV Economic Outlook Conference.
He said this is the strongest the local market has been since 2006 — the peak before the steep decline that came with the national housing market crisis in 2008. “We have a lot of buyers who cannot find the homes they are looking for because there are simply not enough homes.”
If all the homes currently on the market continued to sell at the current rate, they would be gone in 1.5 months.
So the realtors are getting paid, people are buying furniture, Home Depot is moving product, landscapers are in demand, “And if someone falls off a ladder while they are working on their house, then the hospital gets paid, too,” said Freeman.
“The whole circle of life happens within the real estate industry.”
That demand for housing could very well trigger another building boom.
“I am predicting that, as happened in 2005, as our inventory gets lower and lower we are going to see out-of-town investors come in who have money to put into the city,” he said.
“People are always asking what happens if we don’t have enough homes. But when the inventory gets low enough, your are going to see those investors looking for opportunity kick in.”
In the last five years, home sales have increased an astonishing 95 percent. “Last year alone we saw a 42-percent increase,” he said.
“The market in Ridgecrest is riding high and thriving. Be on the lookout for more good things that come with that.”
See also related column: http://www.news-ridgecrest.com/news/story.pl?id=0000006776Story First Published: 2017-03-10