We publish a market report almost every month and I wanted to discuss a few points and trends we are seeing.

The market data we publish is based on all of the single family properties in the Bakersfield Multiple Listing Service. This data covers much of Kern County, for example if we used Bakersfield only for the month of January there would only be 2,542 homes on the market instead of the 3,379 that were reported.

This data also only includes single family properties. If we were to include all other categories (residential income, vacant land, etc...) for the month of January we would have 4,032 listed properties on the market.

The idea behind the report is not to know the exact number or properties available or sold (because there are a 100 ways to find this with each one being different) but to watch for trends rather good or bad in the market.

The biggest trend that has appeared over the past several months is a decrease in available properties. Sales have remained pretty stable with a slight fluctuation for the time of year, but available listings have steadily decreased over the past several months. This could be very important in the correction of our local market that was recently reported as one of the top 10 worst markets in the nation.

Less inventory will mean more demand and that will mean increasing values! Something we have not seen for quite a while in the greater Bakersfield area. I do not think this is going to happen instantly, but keep an eye on the inventory of homes because that will be a sure indicator of better (or worse) times ahead!

 

Jared