Market Conditions Report
We have 3480 properties listed for sale as of 4/1/08.In March 311 homes sold in Bakersfield with an average sold price of $247,702. (36 additional properties sold in outlying areas)
Of the current 3480 homes listed for sale in Bakersfield the average price is $261,624. Those homes have been on market an average of 83 days. 1,051 homes are for sale between 140,000 and 199,999! And 592 homes are for sale between $200,000 and $249,999! WOW, it's a great time to be a buyer!!!
My goal these days is to dissolve the negative talk about our local market. I keep telling everyone who will listen that overall things are good. Not bad. Not hopeless. Not unrecoverable. Prices have come down significantly but they aren't nearly as low as they were just 5 years ago.
Here's a snapshot of the past 5 years in one area of town: Northwest Bakersfield- west of Highway 99 and north of Stockdale Highway.
During the months of MARCH:
2003=107 homes sold, ave $208,383 @ $110/sqft
2004=141 homes sold, ave $263,465 @ $126/sqft
2005=100 homes sold, ave $351,017 @ $181/sqft
2006=123 homes sold, ave $405,995 @ $209/sqft
2007= 93 homes sold, ave $386,960 @ $181/sqft
2008= 88 homes sold, ave $307,338 @ $139/sqft
So, here's my point: In 2003 no one thought twice about the housing market. Today it's in the news daily. But look at the numbers, only 21 fewer homes sold in March 08 than in '03 and only 12 fewer than '05! The average per foot price is above '04. Buyers are buying again. I think we are stabilizing. Relax. Have faith. It's all going to be ok!
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My Broker Scott Tobias had a notable response to an article in our local paper on January 16th:
"This morning's article "How Low Can Prices Go", is a continuation of the national and local media's obsession with the housing market. Such articles are probably interesting because bad news sells but it is important to look at the facts. Nationally in the past 30 years home values have risen more than 6 percent annually. On average the value of homes nearly doubles every 10 years. Locally since I have been in the business, (30 years), prices have gone from an average of $50,000 to current of approximately 280,000, nearly 500% increase. Recently we had one of the largest increases in prices we have every experienced. In October of 2003 the average cost per square foot was $100 a square foot; at the peak in August of 06 we had risen to $183 per foot. By the end of 07 we were down to $149 per foot. The prices have declined but the fact is our market is adjusting. The good news in all this is that homes are more affordable and at a time when interest rates are low. Opportunities abound in real estate in our current market and for those who are waiting for the bottom, they will only know when the bottom hits when the prices begin to go up again. And they will as they always do. Our current decline is temporary. It is a wonderful time to get a piece of the America Dream.
Scott Tobias
Scott Tobias Real Estate"
All this to say, don't wait too long to buy. There are fabulous deals out there on incredible houses. Let me show you a few!
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Bakersfield's metropolitan population is 406,000 and is projected to double in the next 20 years. Bakersfield is the 4th largest oil producer in the U.S. and has a huge agribusiness base. White water rafting is popular on the beautiful Kern River and we are only 2 hours away from many of California's most beautiful beaches and mountains.
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For the month of March 2008:
Homes sold - 348
Average days on market - 75
Average sold price - $241,248
For the month of February 2008:
Homes sold - 243
Average days on market - 71
Average sold price - $256,129
For the month of January 2008:
Homes sold - 223
Average days on market - 63
Average sold price - $240,638
For the month of December 2007:
Homes sold - 299
Average days on market - 70
Average sold price - $269,564
For the month of November 2007:
Homes sold - 194
Average days on market - 66
Average sold price - $271,392
For the month of October 2007:
Homes sold - 230
Average days on market 80
Average sold price - $277,521
For the month of September 2007:
Homes sold - 224
Average days on market - 62
Average sold price - $279,031
For the month of August 2007:
Homes sold - 253
Average days on market - 70
Average sold price - $306,145
For the month of July 2007
Homes sold - 294
Average days on market - 61
Average sold price - $317,140
For the month of June 2007
Homes sold - 281
Average days on market - 62
Average sold price - $330,108
For the month of May 2007:
Homes sold - 286
Average days on market - 57
Average sold price - $303,151
For the month of April 2007
Homes sold - 238
Average days on market - 69
Average sold price - $327,287
For the Month of March 2007
Homes sold - 291
Average days on market - 65
Average sold price - $316,309
For the month of February 2007
Homes sold - 231
Average days on market -60
Average sold price - $315,767
For the month of January 2007
Homes sold - 261
Average days on market - 60
Average sold price - $341,724
