Did the shaking have an effect?

Real Estate Watch

By CLINT FREEMAN, Coldwell Banker

Now that the earthquakes below us have subsided and the heat of the day has waned, many in Ridgecrest still ask how it all has affected the housing market. Are people packing up and leaving since many I’ve heard have had enough? Are homes still selling despite it all? Is it still a good time to sell or purchase? We’ll find some remarkable answers by reviewing the recent stats.

Seller’s Market. Ridgecrest still moves in a seller’s market which means the units of sold homes continues to outpace the homes presently for sale. This can be used to a seller’s advantage since inventory is down and buyers have fewer homes to choose from. We have been sailing in this type of market since November 2011. At that month we were experiencing a balanced market where the absorption rate rose to 6.25 months of inventory. Since that time the inventory ratio has slowly glided down to where we now sit at 2.25 months of inventory. In the end this means there are fewer homes to choose from. It has also resulted in slim choices for apartment rentals.

Days on the Market. Over the past six months our market has accelerated, and homes have sold in shorter amount of days, based upon past 90-day averages. In April this year, homes spent an average of 114 days on the market. At present the average days on the market are 92. This seasonal movement is quite typical for our area as homes sales do tend to sell more rapidly in the spring and summer months.

Sold Homes. Our market presently sees 41 homes sold per month. This is a 9.9-percent increase over 2018 and is the strongest year of homes sold per month over the past 10 years! Much of this increase is especially due to the demand of new construction in Ridgecrest Heights, College Heights and the northwest area. Resale-home sellers who are able to renovate before selling have also taken advantage and are able to move more quickly into the “in escrow” category.

Average Price Markdown. This past-90-day figure presently sits at -0.37 percemt. Last month 60 per cent of sitebuilt homes sold at list price or above, and this average pace or has been the mainstay for the past 12 months. Essentially, this means that the majority of sellers are receiving their asking price or more. This does not account for the fact that many homes did have price reductions while they sat on the market before an offer was finally received and accepted.

When a seller prepares his or her home to an extremely presentable condition and if the home is priced correctly, a savvy buyer will drop by to view and see the reasons why the sellers set the price as they did. When there is agreement local housing market strongly marches on! Earthquakes and heat don’t stop us or even slow us down! Want more info? Call and let’s talk! 760-382-1082.

RIDGECREST FACTS AS OF SEPTEMBER 2019

To date there are 101 homes on the market ranging from $44,900 to $549,900. The last three months’ price-per- square-foot averages of sold single-family homes are College Heights $171, NW $135, NE $128, SE $127, SW $136 and RC Heights $132.

CALIFORNIA FAST FACTS

The California median home price is $607,990, with the lowest median home prices Sikiyou at $210,000 and Ridgecrest at $217,000. The highest median home price by region is San Francisco at $1,600,000. (Source C.A.R)

Story First Published: 2019-09-27