The Bakersfield CA Real Estate Market Report – June 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 June 2019 dropped 12% / Year over year sold properties dropped 14.1% / Year over year pending (contract) properties are up 18.6%. 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 6.4% / Average days on market year over year dropped 5.7%. 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 6.9% year over year and sold prices increased 4.3%. Prices are going up and appreciation in the Bakersfield Real Estate market is present.
And finally months of inventory for June 2019 has remained flat at 0% and based on the info below we are in a Sellers Market.
June 2019 is a Seller’s market*
Months of Inventory based on Closed Sales in June 2019: 2.2
• Up 10% compared to last month
• 0% 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