With a drop in actual sold properties and properties listed it’s nice to see a increase in properties going under contract. The Bakersfield CA Real Estate Market Report – January 2019 results will probably surprise you so don’t stop reading now. What’s interesting to report is that even despite the drop in sales and properties listed we finally made a move from Seller’s market to Neutral Market. This means good news for Buyers as the scale has been tilted a touch but Buyer’s shouldn’t delay as we’re walking a very tight line between markets.
January 2019 sales dropped considerably from 570 in December 2018 to 431 in January 2019, this represents at 24.4% reduction. Properties listed for sale also dropped from 1397 in December to 1346. Now the good news is that properties going under contract known as “Pending” had a huge increase from 467 in December to 733 in January which was 57% change! Year over year sales from January 2018 to January 2019 went from 493 to 431. Properties listed for sale year over year also showed a slight decrease from 1475 to 1346. Lastly, year over year results from January 2018 to January 2019’s pending properties also showed a large increase of 23.4%.
Average price per square foot increased from December 2018 with $134 to January 2019 of $139. Year over year results also reports an increase from $131 in 2018 or 6% to 2019. Another interesting point is the days on market, while numbers from November to December increased, December to January decreased from 48 to 45. Year over year also dropped from 48 in 2018 to show a 6.2% reduction.
The average prices for properties active remained flat from December 2018 with $286k while sold properties came in at an increase from $233k to $240k. Year over year for active properties also came in relatively flat from 2018 of $283k. Sold properties however did show a 7% increase from $224k to $240k. 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 – January 2019
January 2019 is a Neutral market / Months of Inventory based on Closed Sales in January 2019: 3.1
- Up 24.5% compared to last month
- Up 3.3% compared to last year
So history relives itself again, we’re in January and now in a neutral market. Year over year trends should keep us in a neutral market through February and then March we’ll drop back into a Sellers market with a drop in inventory.
Buyer Tip: Buyer’s if you’re thinking about purchasing a home don’t delay! The time is now to get your deal under contract.
Year over year months of inventory in 2018 came in at 3.0 which is only a 3.3% increase to our 2019 number of 3.1. December 2018 to January 2019 definitely saw an increase and let’s be honest we aren’t surprised as we see this every year! December came in at 2.5 and January came in at 3.1 but beware, with all the pending properties under contract we could easily drop back into a Sellers market if newly listed properties don’t back-fill.