Coronavirus Impact To Bakersfield Real Estate Market Trends
Bakersfield Single Family Real Estate Market
Looking at the Bakersfield real estate market trends on single family, we are seeing a lot of trends that are happening across the world right now, however, to some extent it does seem to look like the market is not being hit as hard as many people would have thought. There are many different opinions on how this has happened and if we still have yet to see the worst but to date we are seeing some pretty significant changes since the COVID 19 virus has started.
Bakersfield Properties for Sale
Looking at Bakersfield properties for sale, we see that there were approximately 758 properties for sale in April, and moving into May that number was cut down to 635, a decrease of approximately 16%. This is to be expected given the widespread job losses and furloughs going on in the employment environment. People are wanting to stay in their properties for now and are looking at possibly waiting this out before selling.
Bakersfield Properties Sold
Again, looking at April, Bakersfield had 359 single family homes sold, and by May that number had dropped to 283. This represents a change of about 21%. Again, to be expected given the second month of quarantine and the volatility being high in the markets right now is keeping a lot of people saving their money instead of trying to spend and extend themselves. This seems to be pretty normal as well.
Bakersfield Properties Pending
This number is actually a little bit surprising. Between April and May we saw an increase of almost 86% of pending inventory. This means that people had started to get back into the market, and that people felt comfortable enough in the future to believe that they could purchase properties and homes without risk of loss. This is a good sign for Bakersfield Real Estate, and even the larger market on the whole if the trend is continued outside of our market.
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