The Bakersfield CA Real Estate Market Report – May 2019 is sizzling! It’s getting hot out there and sales are smoking!
Year over year listed properties for May 2019 dropped 14.7% / Year over year sold properties dropped 20.1% / Year over year pending (contract) properties are up 18.6%. With an increase in contract properties it’s clear that the Bakersfield Real Estate Market is H-O-T!
Average price per square foot is also up year over year 4.3% / Average days on market year over year dropped 23.1%. With increasing prices and days on market dropping Buyers will likely encounter multiple offer situations when shopping for a home.
Average active price on properties increased 4.8% year over year and sold prices increased 3.1%. Prices are going up and appreciation is present.
And finally months of inventory is up in May 2019 5.6% and based on the info below we are in a Sellers Market.
May 2019 is a Seller’s market*
Months of Inventory based on Closed Sales in May 2019: 1.9
- Up 4.8% compared to last month
- Up 5.6% 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