2022 off to a blazing start

Coldwell Banker Best Realty Clint Freeman –

January marked some high points with the local real estate housing market. Just when the market took a slight breather during the Christmas and New Years holidays, January came busting in to hit some high marks. This amount of activity is quite unusual for this early in the year. If the pace continues, we’re off to another record year of sales.

Last month, 53 site-built homes sold and closed escrow. This is a remarkable high point for this time of year. It demonstrates that there was a lot of buyer activity in the last two months of 2021 just before Christmas and the New Year. July 2021 saw that number reach 58, which was the highest for last year. The record number of homes sold in one month is still December 2020 when 64 homes sold.

The local market continues in a seller’s market. Units of sold homes continue to outpace homes presently on the market. The supply of active site-built homes sits at 46 units. The number of ‘in escrow’ homes is at 106. This is a great sign for sellers and will mean a record number of homes will continue to sell in the coming months. The absorption rate dropped to 1.07 months in January from 1.96 months in October. This data signifies there are less homes for buyers to choose from, and home prices and values are continually slowly rising.

The median home price in Ridgecrest now sits at $257,500. This is down from last September with a high of $306,500. Overall statewide, Ridgecrest is one of the least expensive areas in California to purchase a home. Lassen County continually ranks comparably with our local market at $259,000. SmartAssets recently ranked Ridgecrest as the fourth most affordable California city to live in.

How long will it take a sell a home in Ridgecrest? In January it took an average of 86 days. In the past 90 days the average is 82 days, and over the past 12 months the average days on the market sits at 81. 2021 was a year whereby the market sped up and most escrows lasted an average of 45 days. The majority of buyers are now seeking either homes that have had major renovations completed or new construction. If you are a seller contemplating selling in this present market, make sure your home has a lot of interior and exterior appeal in order for it to sell for the best price in the least amount of time.

In January, the least expensive home sold for $115,000 and the most expensive home sold for $482,160. Gone are the days when a small 2 or 3-bedroom home could be found under $100K. Homes priced under $100K are most likely older manufactured homes in parks or on acreage. 27 homes in 2021 sold for $450K or more. Only four of those were new construction. Some of the large homes and those on acreage are demanding higher prices.

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To date there are 46 homes on the market ranging from $160,000 to $369,000.

Past three months’ price per square foot average of sold single-family homes: College Heights $191; NW $160: NE $162; SE $158; SW $170; RC Heights $167.

Story First Published: 2022-02-25