If you’ve asked me lately, “What is the real estate market doing?” you’re not alone. It’s been the number one question this past week, so we’re kicking off a three-part series, first with a deep dive into the Crestline real estate market using data from CRMLS over the past 90 days.
As we go to press, Crestline has 130 single-family residences for sale, with prices ranging from $175,000 to $1,255,000. Of those, eight are Active Under Contract, meaning sellers are still accepting backup offers, and 16 are hard pending with no additional offers being considered. The average list price sits at $447,158 with 113 days on market, while the median price is $424,000 with 92 days on market. Remember, median often tells a clearer story because it isn’t skewed by a few high-end properties.
Looking back 90 days, there have been 41 closed escrows. Sale prices ranged from $91,000 to $1,130,000. The average closed price was $354,863 with 87 days on market and a 97.5 percent list-to-sale price ratio. The median sold price came in at $345,000 with 74 days on market and a 98.9 percent list-to-sale ratio. In simple terms, sellers are receiving very close to their asking price, but not typically above it.
Now let’s talk about absorption rate, because this is where the bigger picture comes into focus. Absorption rate measures how quickly homes are selling compared to how many are available. It’s calculated by dividing the number of active listings by the number of homes sold per month. With 41 sales over 90 days, we’re averaging about 13.7 sales per month. Divide 130 active listings by 13.7 monthly sales, and Crestline currently has approximately 9.5 months of inventory.
What does that mean? Generally speaking, five to six months of inventory is considered a balanced market. Anything above that leans toward a buyer’s market, while less than five months favors sellers. At roughly nine and a half months of inventory, Crestline has been operating in a buyer’s market over the past 90 days. Buyers have more choices, more time and slightly stronger negotiating power. Sellers must price strategically and present well to stand out.
That said, real estate is hyper-local. Certain price points are moving faster than others, and well-priced homes in good condition are still attracting attention.
Looking ahead to spring on a national level, Lawrence Yun, chief economist for the National Association of Realtors, has stated that he expects home sales to increase if mortgage rates stabilize and inventory continues to improve, with gradual price growth rather than dramatic spikes. That suggests a more normalized spring market compared to the volatility of recent years.
As always, remember that national headlines don’t dictate what happens in Crestline. Real estate is local and strategy matters. Whether you’re buying or selling, working with a knowledgeable local Realtor who understands the nuances of our mountain communities will always give you the strongest advantage.
Next week, we’ll break down the greater Lake Arrowhead area. After that, it’s off to Running Springs!
Theresa Grant is a real estate broker and columnist covering Lake Arrowhead, Crestline, Running Springs, and the surrounding mountain communities. Reach her at (909) 442-1345 visit www.HomesInLakeArrowhead.com, and follow her on social media @TheresaGrantRealtor. Theresa is a Broker Associate with REAL Broker Technologies. DRE#01202881.
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