I have to tell you I am very curious about what story this article will tell because of the up-tick in October 2018 from September 2018 Market Conditions. Here is the Bakersfield CA Real Estate Market Report – November 2018. Year over year trend remained the same with newly listed and sold properties reduced. Interestingly though the one difference is that pending properties are up almost 18% from last year!
November 2018 brought us another year of stuffed belly’s from Thanksgiving! As with eating all that good food and especially Turkey comes sleepiness and slowdown. Sales unfortunately also followed suit with November’s sales coming in at 534, this number was down 20% from October’s number of 668. Properties going under contract remained flat from October to November with less than 1% variance. Inventory dropped from October to November from 1,649 to 1,545.
For the most part, average price per square foot remained flat from October 2018 at $142 to November 2018 at $140 showing a slight variance of only 1.4%. Average days on market did increase from October 2018 at 38 days to November 2018 at 46 days. This increase in days on market is an indicator for buyers that a deal might be available on the right property. Average price for homes listed from October to November increased slightly from $287 to $293 while homes average sold prices dropped from $249 to $239.
Bakersfield CA Real Estate Market Report – November 2018
November 2018 is a Seller’s market
Months of Inventory based on Closed Sales in November 2018: 2.9
• Up 16.2% compared to last month
• 0% compared to last year
Could it be that we go through the entire “slow winter” season as a “Sellers Market”? As you’ll see above we have 2.9 months of inventory on hand so we are walking the tight rope of Seller’s Market and Neutral market. I would guess that December 2018 numbers will push us over the edge into a Neutral market but what’s interesting to note is that based on this momentum we may not see a Buyers Market this season. So, Buyers if you’re serious about buying a home and think waiting is the best idea you might be VERY wrong. Stay tuned for the December 2018 Market Report to be sure though and if you have any comments on this article please leave them below.