Market Overview

In this article, we review current data from the Bakersfield real estate market to determine whether this is or is not a seller’s market. What is your prediction? Find out the real answer below. All data in this page comes from the Bakersfield Association of Realtors.

Seller’s Market Clue #1: Low inventory

When the inventory is less than 3 months, sellers have all the control. The closer the inventory gets to zero the more demanding sellers can be, which means they can demand: higher prices, fewer repairs, or faster closes. Consult your real estate agent for the best recommendation.

You have heard the terms “seller’s market” and “buyer’s market.” The term describes who has the control in the negotiation. In a buyer’s market, the buyer can make demands that the seller must accommodate, because there are too many houses and buyers will jump to a new house if they do not get their way. But, this is a seller’s market.

In a seller’s market, buyers do not have many options. Your house may be the only or the best option currently available. This means that buyers may be willing to pay more for your house, because they don’t want to wait for some future day when another house may become available. Your house is available now, and they want it.

Seller’s Market Clue #2: Buyer’s don’t have enough houses to select from

Pendings (new contracts) sore to 358, but available houses for sale drop to a 12-month low at 119. Buyers need more houses on the market.

The light green line in the image above says it all. This is the number of houses available for sale. It has dropped steadily from 350 houses to just 119 houses. The available houses are being purchased as soon as they are coming on the market, and they are not being replaced.

Why are home owners so hesitant to sell when houses are in such high demand? Chances are that home owners are afraid of inviting buyers into the home. The state of California forces real estate agents to have buyers and sellers sign disclosures that paint scary pictures about allowing strangers who may carry coronavirus into the home.

But, at the same time, the level of protection is up. Buyers are required to wear masks, gloves and booties into all showings. The seller may prevent a buyer from entering the home if the buyer does not wear the appropriate protective gear, and because this is a seller’s market, the seller will not have any trouble selling the home while being extra demanding.

Seller’s Market Clue #3: Houses are selling faster

Last year, we were excited to see average time on market between 30 and 35 days. The buyer demand has risen so high that it is now down to 27 days!!! That’s amazing!

A deciding factor for many home sellers is: how long will it be before I find a buyer?

In the current market, the average home is selling in 27 days. Some will sell in less time. Some will sell in more, but the average is just 27 days. This is tremendously low and very impressive given the increased amount of time that it takes to get appraisers to occupied properties.

What kind of house do these charts reflect?

Market data changes based on how you segment it. The amount of time on market is different based on price of the home, the location of the home, and many other factors. These numbers reflect the status of all homes available for sale, currently under contract, or sold within Bakersfield, CA and between $200,000 and $300,000 in value.

If your home is valued between $200,000 and $300,000, and your home is in Bakersfield, then these numbers apply to you.

Do you have a vacant home that you inherited recently? Now is the best time to sell. Learn about your options by scheduling a free evaluation of your inherited property today.

Would you like to take advantage of the internet to reduce your risk of Coronavirus exposure? Click here to learn about how to sell your home using advanced internet marketing like Zillow 3D Tours and remarketing campaigns.

Are you considering whether or not to sell your home and need to know if Watson Realty is the right choice for you? Click here to learn more about why Watson Realty was my choice when I chose to be an agent.