As the weather cools down so is the sales of real estate in Bakersfield CA. Here is your Bakersfield CA Real Estate Market Report – September 2018. As many of you know real estate is a seasonal process and for the most part is pretty transparent. Each year we see sales heating up in mid to late March as a Sellers Market and the cool down in mid October to a Buyers Market, this year is no different.
September began a slight slowdown coming early though with 1,686 properties on the market for sale, 771 properties in contract and 550 properties sold. These numbers all dipped from August’s numbers with the exception of properties under contract. August numbers are as follows; 1,717 properties on the market for sale, 756 properties under contract and 755 sold properties.
The average price per sq ft did increase from August 2018 of $140.00 to September 2018 of $142.00. In addition, days on market also increased from August’s number of 37 to September’s number of 39. The average price for homes listed on the market in August was $293k, September came in at $292k. Similar to the for sale prices, sold prices were relatively flat with August at $255k and September at $254k.
Bakersfield CA Real Estate Market Report – September 2018
September 2018 is a Neutral market
Months of Inventory based on Closed Sales in September 2018: 3.1
• Up 35.2% compared to last month
• Up 10.6% compared to last year
Making the transition in August 2018 from a Sellers Market to September as a neutral market means buyers and sellers need to be prepared. Buyers will likely see discounts in prices over the Buyers Market season and Sellers need to be priced competitively in order to move their properties. The holiday season in real estate is not for the faint of heart, the transition from Sellers to Buyers Market came a bit early and we may see a longer lull in the market and we complete this year’s real estate evolution from Neutral to Seller, Seller to Neutral and lastly from Neutral to Buyer’s Markets.