August 2019 had some truly great numbers, beating out May and June this year show’s we’re still in a great sales market! The Bakersfield CA Real Estate Market Report – August 2019 is here and we’ve got some great numbers to report.
Year over year listed properties for August 2019 dropped 22.9% / Year over year sold properties dropped 5.3% / Year over year pending (contract) properties are up 36%. With a year over year increase in properties under contract Buyers need to buckle up when making an offer an expect to be met with high competition.
Average price per square foot is also up year over year 5.0% / Average days on market year over year dropped 8.3%. With increasing prices and lower days on market Buyers will likely encounter multiple offer situations when shopping for a home.
Average active price on properties increased 11.5% year over year and sold prices increased 1.9%. Prices are going up and appreciation in the Bakersfield Real Estate market is still very much present.
August 2019 is a Seller’s market*
Months of Inventory based on Closed Sales in August 2019: 1.7
• Up 6.2% compared to last month
• Down 14.7% compared to last year
*Buyer’s market: more than 6 months of inventory based on closed sales
Seller’s market: less than 3 months of inventory based on closed sales
Neutral market: 3 – 6 months of inventory based on closed sales