This summer brought many days of triple digit heat and while things were heating up temperature wise the local real estate market remained somewhat flat from June 2018. Here is your Bakersfield CA Real Estate Market Report – July 2018 report. Both price per square foot and sales dropped slightly from June 2018. However, properties going under contract known as “Pending” increased 11.6% from June.
June 2018 for sale properties came in at 1612 and July 2018 came in at 1709. This shows sellers have jumped on the “Selling Season” bandwagon. Unfortunately when this happens it’s often followed by less expensive average sales prices and longer days on market which is exactly what happened. June 2018 days on market was 35 and July came in at 37. The average price in Bakersfield for June 2018 was $254,000 which was 0.8% more than July 2018 figure of $252,000.
Bakersfield CA Real Estate Market Report – July 2018
Overall sales for the two months look like this; June 2018: 729 sales versus July 2018: 680 sales. The good news is that the pending properties surged in July 2018 with 864 versus June at 774. Hopefully this will keep things moving through August and part of September to give us a solid Fall and Winter selling season.
July 2018 is a Seller’s market
Months of Inventory based on Closed Sales in July 2018: 2.5
- Up 13.6% compared to last month
- Down 3.9% compared to last year
Sellers listing their home for sale now should, providing the price is fair expect to see quick sales and some with even multiple offers. Selling a home in today’s real estate market can be a daunting task, we make the process simple by explaining things through the process all while coaching and advising along the way. If you’re thinking about selling your home, please contact us anytime!
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.
As we close out a busy Summer season of selling we’ll look forward to Fall coming upon us. Fall usually slows down a bit but if we look at last years business then look out for another busy quarter!