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2023 market is slowest since 2014

Ridgecrest Ca Homes Clint Freeman – July 9–

If the number of site-built home sales is an indication of the pulse of the local housing market, 2023 will be seen as a slowdown not seen or felt since 2014.  In the first six months of 2023, a total of 182 site-built homes were sold. If sales continue at the present pace, 364 homes will likely be sold by the end of this year.  This compares with 315 sold units in 2013 and 358 sold units in 2014. Higher interest rates continue to keep many buyers on the fence. However, some buyers are coming out of the woodwork and discovering that there is a unique feel about owning your own home and space.

Clint Freeman, broker/owner of RidgecrestCaHomes.

In 2013, the US economy was pulling out of the Great Recession and it took another few years before full recovery took place. As the national economy grew, so did Ridgecrest sales. From 2015 to 2022, the number of homes sold began to steadily climb until Ridgecrest again experienced a robust season.  The Covid19 pandemic year of 2020  saw an average of 52.8 homes sold each month. A record number of 633 sold that year, and at the quickest pace ever on record. Many new homes were being built and buyers took advantage of record-low interest rates, some as low as 2.3%.

2021 and 2022 were also extremely healthy years as the total numbers of sold homes hit high levels, 550 and 539, respectively. However, 2023 has thus far seen a considerable drop in the number of sales. There are presently 32.5% fewer homes selling than in 2022.

For some sellers, this is a time of patience, especially when a seller wants to move up to a larger home or move out of the area. But keep in mind, despite the slowdown of sales, homes that are hitting the market are selling at a quicker pace.  In March, the average days on the market over the past 90 days is hovering at 103 days. In June, the number dropped to 75 days. That demonstrates an accelerated pace of sales and signifies that buyers are slowly returning.

And local home prices remain relatively stable. In June, a total of 40 homes were sold.  65% of those homes sold for full price or more.  22% experienced a price reduction before they received a purchase offer. At present, 58 site-built homes are for sale on the market. Sixteen of those homes, or 27%, have experienced a price adjustment as they await a purchase contract.

Clint Freeman is a broker/owner of RidgecrestCaHomes and is a top-reviewed local realtor.