Mid-year real estate market update

Real Estate Watch

By CLINT FREEMAN, Coldwell Banker Best Realty

As goes the weather in Ridgecrest, so moves the housing market in 2019. The cool winter months found home sales hitting their seasonal chill and moving at their usual midwinter pace. However, as the warm days peaked in March so did buyers with a passion to purchase. Now as the hot season approaches it is predicted we’ll experience another hot-summer season of sales. Here is a summary of what the past few months have brought and a possible window into what the next few months may bring.

Units Sold — The past 90 days have been very solid for local single-family home sales: March, 44; April 49; May 46, respectively. These are healthy numbers and give proof that the local housing market is thriving. As for the immediate future, there are now 53 homes in escrow. In the past 90 days about 40 per cent of the weekly housing inventory was pending a close of escrow, which is also is a sign of a vigorous spring market.

Days On The Market — Interestingly, homes tended to sell more quickly during these past fall and winter months. There was a gradual rise in the length of time a home remained on the market as spring arrived. In May the average DOM sat at 103 days, while the 90-day average is 110 days. Seller can beat these averages by properly preparing their homes for the market, and more importantly by setting extremely competitive prices.

Seller’s Market — Ridgecrest continues to move in a seller’s market. This has been the trend since April 2014. At present, the absorption rate sits at 2.64 months, which means in theory that if homes sold at the present rate and no other homes were placed on the market, the entire inventory of listed homes for sale would be depleted in 2.64 months. Supposedly, in a seller’s market sellers are at an advantage when it comes to negotiating cost and terms. This is not necessarily the case locally. For instance, it is common for buyers to have their closing costs paid by sellers, most notably when the purchase price hovers around $250,000 or less.

Median Home Price — Ridgecrest’s median home price presently hovers at $230,000. Our high desert area continues to remain one the least expensive housing markets in California. Buyers will experience sticker shock when searching for comparable homes in other areas of the state. Other counties that have consistently lower median home prices are Lassen, Siskiyou, and Del Norte. Ridgecrest does possess an advantage when it comes to affordable housing in California.

Thinking of selling or buying? Ask about my free one-hour consultation covering the finer details of the home selling or buying process! Call me at 760-382-1082 or go to www.RidgecrestCaHomes.com.

RIDGECREST FACTS AS OF JUNE 2019

There are 103 homes on the market ranging from $55,000 to $575,000.

The past three months’ price per square foot averages of sold single-family homes are College Heights $165, NW $132, NE $113, SE $125, SW $127 and RC Heights $132.

CALIFORNIA FAST FACTS

The California median home price is $602,920 and the lowest median home prices are Lassen $200,950 and Ridgecrest $230,000; the highest median home price by region is San Francisco at $1,632,500 (Source C.A.R)

Story First Published: 2019-06-21