With triple digit heat comes triple digit sales! Here is your Bakersfield CA Real Estate Market Report – August 2018. Although sold properties dropped slightly from July 2018 of 717 homes sold to August 2018 of 686, both properties going under contract and newly listed properties rose.
August 2018 brought a total of 907 properties under contract which is a large lift from July 2018’s number of 743. Based on this significant increase I would assume October 2018 to have a large lift in sold properties. Unless there is also a large lift in listed properties we may see our sellers market overflow through until October which will be great for the holiday season. There was also a slight lift in listed properties from July 2018 of 1709 to August 2018 of 1717.
August 2018 days on market did increase one day from July 2018’s number of 37. This number is still lower than the market year over year average of 41.6 showing we are still in an active market. While active pricing decreased, the prices of sold properties did increase. The average price for homes in Bakersfield CA for August 2018 did decrease slightly to $293k from June 2018 of $299k. The average sold price in Bakersfield did increase from $251k in July 2018 to $257k in August 2018.
Bakersfield CA Real Estate Market Report – August 2018
August 2018 is a Seller’s market
Months of Inventory based on Closed Sales in August 2018: 2.5
- Up 4.2% compared to last month
- Down 7.4% compared to last year
If you’re a seller looking to list your home for sale then you’ll want to strongly consider listing more sooner than later. As we start to enter the holiday season the market may start it’s typical seasons slowdown. With October 2018 looking still to be productive that gives sellers 45 days to list there homes and get it under contract before the real holiday season of November and December kicks of. Sellers will experience a market slowdown in traffic and buyers because many purchasers simply do not want to move during the holiday season. If you’re thinking of selling your then reach out to us soon, we’ll provide you a free comparable market analysis with no obligation.
Buyers in this current market will likely begin to see less competition and as times goes on even less through February 2019. If you’re thinking of buying a home and can wait a couple months then you might be able to score some real savings if you wait until November or December. The only challenge is that you might have to be patient with a seller that may not want or be able to move till after the holidays.
Buyers looking to buy a home in this market shouldn’t delay too long. Through the selling season prices often to increase but that’s the sign of a healthy real estate market. As we continue through this busy holiday season buyers should expect to pay close to asking price to secure a property. Buyers looking for a killer deal definitely should wait till after the busy season but if you’re a buyer looking to buy quickly then don’t wait to long. Historically August and September are good times to buy because of the slight downturn in buyer traffic due to kids going back to school, end of Summer, etc.