Was Santa good to you this year? December was slow both in month over month and year over year results. Here is the Bakersfield CA Real Estate Market Report – December 2018. Interestingly, despite December 2018 reporting a drop in sales it was still considered a Sellers market! The past couple months have been very interesting with regards to market data and trends. Feel free to check out all our past market reports.
While there were surprises under the Christmas Tree for many boys and girls this year, December represented a stocking full of coal for the real estate market. Sales for December came in at 543 versus November 2018’s number of 584. Year over year results slid downward at 7%. Pending properties which is properties with accepted offers going under contract for December came in at 520 and followed the same path as sales dropping from 576 in November. Year over year however showed an increase of almost 8%. As far as inventory goes, we had almost a 10% drop in properties on the market from November to December. Typically that’s attributed to Sellers not wanting to sell their home during the holiday season.
The average price per square foot dropped a bit from November to December in 2018 from $140 to $134 which represented a 4% change. Year over year results remained flat from $133 in 2017 to $134 in 2018. Another tell tale sign of the holiday season is the fact that homes stay on the market longer. Average days on market for November came in at 45 where December showed a slight increase of 48. Year over year brought a 7% increase in days on market. The average prices for homes active on the market in November came in at $293 and December showed a bit of a drop to $286. Similarly to active properties, sold average pricing came in at $238 for November and $234 for December. While year over year active price remained flat with less than a 1% increase, sold prices took a dip of 3.7%
Bakersfield CA Real Estate Market Report – December 2018
December 2018 is a Seller’s market / Months of Inventory based on Closed Sales in December 2018: 2.6
I wouldn’t have believed it if someone said November and December 2018 would be a Seller’s market but rest assured even with a downturn in sales in December, Sellers came out on top. Months of inventory actually dropped from 2.9 in November to 2.6 in December so while sales might have slown a bit so did the release of homes on the market thus keeping up with supply and demand. Year over year from December 2017 to December 2018 brought a 4% increase in inventory. As we continue to walk the tight rope of Sellers market versus neutral market it’ll be interesting to see how things progress. Historically, we should see a shift to a neutral market in January and February 2019 with the influx of properties coming on the market but with the way things have been going I wouldn’t be surprised if that weren’t the case this year… time will tell! Make sure to check back soon for January 2019 results.