Ridgecrest Ca Homes Clint Freeman Merriam-Webster Dictionary defines a geek as: 1) A carnival performer often billed as a wild man whose act usually includes biting the heads off a live chicken or snake; 2) A person often of an intellectual bent who is disliked; 3) An enthusiast or expert especially in a technological field or activity.
I can proudly declare, “I am a geek.”, but not of the first type described. However, at times I fall into the second definition. Especially when a seller doesn’t particularly agree with the value I have given them concerning their home.
But the exciting news is—YOU can be of the third type. It is possible for anyone to become an expert in the field or activity of evaluating home values if you are using the right tools and information. Here are some basic tips to get started in becoming a housing market geek:
Absorption Rate. Housing industry experts chart the ratio of homes entering the market to the ratio of homes leaving the market. Think of the ratio as the water line in a bathtub. If the water line is high at seven months or more, the market is experiencing a buyer’s market. If the water line is low, at five months or less, the market is in a seller’s market.
Ridgecrest is presently in a seller’s market with 2.30 months of inventory. Some buyers are having a challenging time finding a suitable home, and the most attractive and well-priced homes tend to sell rather quickly.
Days on the Market. Another way to gauge the pace of the housing market is to track the number of days a home hits the MLS to the day it finally closes escrow. Using the bathtub illustration above, this important data will track how fast the water is moving in the spout and out of the drain. The fewer days homes stay on the market, the quicker the home market accelerates with sales.
In May, the average days on the market was 84 days, while interestingly the average 90-day average was also 84 days. And the average 12 months average was 86 days. Looks like the Ridgecrest market is holding firm in the 80s for the time being.
Median Home Price.
This figure is derived by taking the highest priced home sold, and the lowest priced home sold in a particular time frame and finding the middle price point between the two. Think of this as a strong river current, which is flowing midstream where a river runs the swiftest and deepest.
The median price tells us the price point of where buyers are purchasing, and sellers are selling. It also gauges the affordability index of buyers during a particular period of time. Media outlets often quote the median home price when discussing value. Keep in mind that this figure can change drastically from month to month as is the case here locally in Ridgecrest.
Ridgecrest’s median home price is presently $290,000.
Clint Freeman is broker/owner of RidgecrestCaHomes. 20 years experience. Honestly, Integrity, Loyalty in every transaction. OVER 650 homes sold. OVER 800 transaction sides. More at RidgecrestCaHomes.com
