Just because we’ve seen some cooler temperatures normally for this time of year doesn’t mean real estate sales have cooled down!!! The Bakersfield CA Real Estate Market Report – July 2019 is hot off the presses! And speaking of HOT, let’s talk about the local real estate market, sales are in full swing!
Year over year listed properties for July 2019 dropped 22.1% / Year over year sold properties increased 0.3% / Year over year pending (contract) properties are up 34.6%. 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 5.7% / Average days on market year over year dropped 16.7%. 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 5.6% year over year and sold prices increased 6.7%. Prices are going up and appreciation in the Bakersfield Real Estate market is present.
July 2019 is a Seller’s market*
Months of Inventory based on Closed Sales in June 2019: 1.7
• Down 5.6% compared to last month
• Down 15.1% 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