Market Trend Report For Bakersfield, California – March 2024

General Trend in Bakersfield

Bakersfield’s real estate market is dynamic, with property values and sale prices fluctuating over the months. Notably, the average value for properties saw a peak of approximately $422,495 in May 2023, signaling a robust market during the early and mid-part of the year. However, this upward trajectory did not maintain its momentum as we saw a gradual decrease in the average value to roughly $369,450 by February 2024.

Similarly, the average sale price also experienced volatility, reaching highs and lows through the year. The peak sale price surfaced around November 2023 at about $354,425 reflecting buyer demand and market sentiment during that period. Yet by February 2024, the average sale price settled at around $345,667, displaying a downturn. This shift resonates with broader economic trends and consumer behavior, suggesting a market that undergoes regular adjustments.

Price Per Square Foot Trend

A key metric in real estate is the price per square foot—it tells a more nuanced story beyond the aggregate figures of property values and sale prices. In Bakersfield, the average sale price per square foot saw a modest uptick from $211 in May 2023 to approximately $216 by February 2024. This ascent, albeit slight, happened amidst a general decline in overall sale prices, indicating that square footage value maintains its desirability and can occasionally counter broader market downtrends.

Property and Sold Counts

Stability with a hint of fluctuation could describe the property counts in Bakersfield. From March 2023 to September 2023, there was an increase in property sales, highlighting a window of heightened activity in the real estate market. Come February 2024, the property sold count stood at 4,755, a sign of lively trading, albeit with a recent modest reduction. A consistent property count aligns with a sustainable market balance, where neither an oversupply nor a shortage dictates the conditions.

Nearby Cities

Looking beyond Bakersfield uncovers varied performance in neighboring areas. Lamont, for instance, bucked trends with an increased average value, signifying a competitive local market. Conversely, Arvin’s average value saw a decline during the same timeframe. Sale prices followed a jagged path, with cities like Arvin and Shafter witnessing rises in average sale prices, while Lamont observed the opposite. This differential hints at localized factors that drive real estate values independent of Bakersfield’s influence.

Comparison to Bakersfield

Comparatively, nearby cities generally offer a more affordable market with lower average values and sale prices than Bakersfield. This affordability likely attracts different buyer segments looking for value deals or entry-level investments. It also renders these locales as potential growth areas, especially for buyers priced out of Bakersfield’s market.

Current Values and Volumes

In February 2024, Bakersfield’s real estate landscape presented an average value of $369,450 with an approximate price per square foot of $224. The monthly sales numbers paint an active picture, with average sale prices at about $345,667 and property volumes at 284.

• Lamont was marked by an average value of $250,000 and a significant difference in the average sale price of $166,080, emphasizing its affordability. With the property count at 9, this denotes a smaller yet opportunistic market segment.
• Shafter, contrastingly, had a higher average value of $477,500 and property count at 2, reflecting possibly a niche or premium segment contradicting the general market downturn.
• Arvin’s market positioned itself with an average value of $317,500 and a property count of 4; its average sale price settled around $261,000, offering a middle ground in terms of market pricing and opportunities.
• Mc Farland, with the single property on the books, suggested exclusivity or limited supply, presenting an average value of $349,900 and a high sale price per square foot at $264, denoting higher-end properties or a demand for quality living spaces.
• Lastly, Taft portrayed itself as the most accessible market, with an average value of $224,500 and an average sale price at almost $179,802, backed by a healthier property count of 16, indicating a viable entry point for budget-conscious buyers.

The Bakersfield real estate market, as exhibited by these numbers, tells a tale of diversity and change, influenced by various economic forces and individual community characteristics.