April 2020 is a Seller's market! The number of for sale listings was down 21.9% from one year earlier and up 5.4% from the previous month. The number of sold listings decreased 34.8% year over year and decreased 19.3% month over month. The number of under contract listings was down 4.8% compared to previous month and down 22.8% compared to previous year. The Months of Inventory based on Closed Sales is 2.1, up 22.9% from the previous year.
The Average Sold Price per Square Footage was down 0.6% compared to previous month and up 6.2% compared to last year. The Median Sold Price increased by 3.9% from last month. The Average Sold Price also increased by 0.4% from last month. Based on the 6 month trend, the Average Sold Price trend is "Appreciating" and the Median Sold Price trend is "Appreciating".
The Average Days on Market showed a neutral trend, a decrease of 3.3% compared to previous year. The ratio of Sold Price vs. Original List Price is 99%, an increase of 1% compared to previous year.
Market Snapshot
Property Sales (Sold)
April property sales were 401, down 34.8% from 615 in April of 2019 and 19.3% lower than the 497 sales last month.
Current Inventory (For Sale)
Versus last year, the total number of properties available this month is lower by 235 units of 21.9%. This year's smaller inventory means that buyers who waited to buy may have smaller selection to choose from. The number of current inventory is up 5.4% compared to the previous month.
Property Under Contract (Pended)
There was a decrease of 4.8% in the pended properties in April, with 501 properties versus 526 last month. This month's pended property sales were 22.8% lower than at this time last year.
The Average Sold Price per Square Footage is Neutral*
The Average Sold Price per Square Footage is a great indicator for the direction of property values. Since Median Sold Price and Average Sold Price can be impacted by the 'mix' of high or low end properties in the market, the Average Sold Price per Square Footage is a more normalized indicator on the direction of property values. The April 2020 Average Sold Price per Square Footage of $155 was down 0.6% from $156 last month and up 6.2% from $146 in April of last year.
* Based on 6 month trend – Appreciating/Depreciating/Neutral
The Days on Market Shows Neutral Trend*
The average Days on Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM trends to indicate a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market. The DOM for April 2020 was 29, down 17.1% from 35 days last month and down 3.3% from 30 days in April of last year.
The Sold/Original List Price Ratio Remains Steady**
The Sold Price vs. Original List Price reveals the average amount that sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. This month Sold Price vs. Original List Price of 99% is up 1% % from last month and up from 1% % in April of last year.
* Based on 6 month trend – Upward/Downward/Neutral
** Based on 6 month trend – Rising/Falling/Remains Steady
The Average For Sale Price is Neutral*
The Average For Sale Price in April was $333,000, up 2.1% from $326,000 in April of 2019 and up 0.6% from $331,000 last month.
The Average Sold Price is Appreciating*
The Average Sold Price in April was $282,000, up 7.2% from $263,000 in April of 2019 and up 0.4% from $281,000 last month.
The Median Sold Price is Appreciating*
The Median Sold Price in April was $267,000, up 8.5% from $246,000 in April of 2019 and up 3.9% from $257,000 last month.
* Based on 6 month trend – Appreciating/Depreciating/Neutral
Bakersfield
Published: May 2020*
Property Types: All Residential Prop - All Properties
Price Range: $0 - No Limit SQFT Range: 0 - No Limit
Bedrooms: 0 - No Limit Bathrooms: 0 - No Limit
Year Built: 0 - No Limit
Months Of Inventory Based On Closings
A comparatively lower Months of Inventory is more beneficial for sellers while a higher months of inventory is better for buyers.
*Buyer’s market: more than 6 months of inventory Seller’s market: less than 3 months of inventory Neutral market: 3 – 6 months of inventory
Months of Inventory based on Closed Sales
The April 2020 Months of Inventory based on Closed Sales of 2.1 was increased by 22.9% compared to last year and up 31.2% compared to last month. April 2020 is Seller's market.
Months of Inventory based on Pended Sales
The April 2020 Months of Inventory based on Pended Sales of 1.7 was the same compared to last year and up 13.2% compared to last month. April 2020 is Seller's market.
Absorption Rate
Absorption Rate measures the inverse of Months of Inventory and represents how much of the current active listings (as a percentage) are being absorbed each month.
*Buyer’s market: 16.67% and below Seller’s market: 33.33% and above Neutral market: 16.67% - 33.33%
Absorption Rate based on Closed Sales
The April 2020 Absorption Rate based on Closed Sales of 47.7 was decreased by 16.6% compared to last year and down 23.6% compared to last month.
Absorption Rate based on Pended Sales
The April 2020 Absorption Rate based on Pended Sales of 59.6 was decreased by 1.3% compared to last year and down 9.7% compared to last month.
All reports are published May 2020, based on data available at the end of April 2020, except for the today stats. All reports presented are based on data supplied by the Bakersfield MLS. Neither the Association nor its MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.