The Bakersfield CA Real Estate Market Report – October 2019 is here.
Year over year listed properties for October 2019 dropped 20% / Year over year sold properties dropped 8% / Year over year pending (contract) properties are up 17.4%. 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 dropped 1.3% from last month and was increased by 2.8% year over year. We saw a decrease of 3% from last months days on market. Average days on market year over year also dropped by 13.5%.
Average active price on properties increased 8.9% year over year and sold prices also increased by 4.3%.
October 2019 is a Seller’s market*
Months of Inventory based on Closed Sales in October 2019: 1.9
• Up 5.6% compared to last month
• Down 13.9% 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