Local home sales enter 'winter market'
| Tuesday, Oct 06 2009 12:10 PM
Last Updated Tuesday, Oct 06 2009 12:10 PM
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Existing sales of single-family homes in the Bakersfield area fell 9.8 percent from August to September, reflecting a seasonal drop that is typical of the end of the year.
Pending sales fell 13.5 percent month-to-month, but total active listings were up 1.4 percent from August to September, according to the Preliminary Crabtree Report, prepared by Gary Crabtree of Affiliated Appraisers.
"The Bakersfield market is entering into the off-peak, or winter market, with the slight increase in inventory and declines in both closed and pending sales," Crabtree said.
Typically, the off-peak season sees a 3 percent to 6 percent decline in prices, so September's 2.3 percent price fall is "no great surprise," Crabtree said.
The median sale price of existing homes declined by $3,000 to $130,000 between August and September, the report said. The median was down 25.7 percent from this time last year.
Existing sales were down 18.4 percent year-over-year, and pending sales are up 21.3 percent from September of last year.
Foreclosures were up 9.2 percent from August to September, but down 22.3 percent from September 2008.
