2019 home sale highlights

Real Estate Watch

By CLINT FREEMAN, Coldwell Banker

As 2019 closes and 2020 begins, it’s a great time to look back over the year to see some of the major trends in our local real estate market. The July 4th and 5th earthquakes shook us but did they honestly have that much of an impact on local real estate? Was the spring season really the hottest time of the market? And did our values trend up into the positive green areas? Here’s a little of what Ridgecrest had in store for 2019:

Units sold: The busiest month was Apri, when 49 site-built homes were sold. This does not top the record in July 2018 when a monthly total of 60 site-built homes were sold.

Median home price: This number topped out in May at $246,426. This is the median home price value recorded in Ridgecrest thus far. Like-kind homes in other areas of California would easily be priced at $650,000 to $800,000 plus.

Days on the market: Homes stayed on the market an average of 92 to 114 days, including a 30- to 45-day escrow period. New construction and refurbished homes were generally the quickest to receive an offer. And a properly priced home no matter what the condition also took a quick bite with buyers.

Buyers and sellers: Our MLS now has data that describes the general motivation underlying buyers and sellers in Ridgecrest. These intriguing numbers show that:

1) 321 homes were purchased by buyers who made a local move. Most likely the buyers were renting and decided it was time to purchase.

2) 142 homes were sold as seller investments. The majority of these sellers most likely decided to cash out their rentals and either purchased something with a 1031 exchange or decided that the equity was high enough just sell and move on.

3) 116 homes were sold by sellers who moved into another local home. Most likely these sellers turned around and purchased a more expensive home in a different neighborhood.

4) 92 homes were sold by sellers who left the Ridgecrest area due to job transfers.

5) 87 homes sold were by sellers that left the Ridgecrest area due to retirement.

6) 38 homes were purchased by buyers for investment purposes, and most likely for a fix-n-flip, a rental or possibly to makean Airbnb home.

7) 32 homes were sold when the sellers relocated out of the area for no stated reason.

8) 10 homes were purchased as retiree homes. The buyers here decided Ridgecrest is indeed a great place to be during the golden years.

9) 8 homes were purchased by sellers for the specific purpose of renting.

Go to www.RidgecrestCaHomes.com for more info on the local Ridgecrest market.

RIDGECREST FACTS AS OF DECEMBER 2019

To date there are 107 homes on the market ranging from $62,000 to $549,900.

The past three months’ price per square foot averages of sold single-family homes are College Heights $160, NW $133, NE $136, SE $125, SW $133 and RC Heights $132.

CALIFORNIA FAST FACTS

The California median home price is $589,770; with the lowest median home price Lassen $222,500 and Ridgecrest $210,000. The highest median home price by region is San Francisco at $1,619,000 (Source C.A.R)

Story First Published: 2020-01-03