9701 Cork Oak Court

This home in the Haggin Oaks area drew multiple purchase offers just days after it was listed for sale at $330,000. It's in escrow to sell for $340,000, a sign of strength in Bakersfield's single-family home market.

The median sale price of an existing, single-family home in Bakersfield rose by 4 percent in June as both supply and demand continued to decline in what is increasingly a seller's market.

Figures provided by Bakersfield's Affiliated Appraisers state the median closing price last month was $260,000, or 6.1 percent more than a year earlier, as the main market barometer landed within 13 percent of its June 2005 peak.

Supply was down 5.1 percent at 940 home listings, Affiliated reported, and demand slipped 3.4 percent. Both measures were below their June 2018 levels, by 21.9 percent and 8.9 percent, respectively.

Homes are moving fast, Affiliated noted, with the median number of days they sit on the market coming in at 16. That's down almost 24 percent from a year earlier.

Affiliated Appraisers owner Gary Crabtree said properties priced below $300,000 are "flying off the shelves, often after receiving multiple offers. He noted buyers at that price level are requesting and getting concessions such as the seller paying closing costs.

(3) comments

Inconvenient Truth

Nice propaganda from real estate cheerleaders who make money off both buyers AND sellers. This is exactly the same sort of thing we were hearing just before the previous real estate bubble popped in 2006. Here is the TRUTH: 1) That house (on Cork Oak Court) is nowhere near Haggin Oaks; in fact it's on a cul-de-sac that backs up to Old River Road and Ridge Oak Drive: https://www.realtor.com/realestateandhomes-detail/9701-Cork-Oak-Ct_Bakersfield_CA_93311_M14124-82875 2) It was on the market for 6 weeks before it sold; not "just a few days" as suggested. 3) The median time on the market for homes in that neighborhood is 72 days. 4) Nationally, median home prices have fallen nearly 10% from the peak in late 2017: https://fred.stlouisfed.org/series/MSPUS 5) Foreign investment in US real estate is down 36% in the last 12 months (Chinese investment is down 56%): https://www.cnbc.com/2019/07/17/foreign-purchases-of-american-homes-plunge-36percent-as-chinese-buyers-flee.html Buy at your own risk.

Gary Crabtree

I am not a "real estate cheerleader". I am an appraiser that reports fact and unbiased observations. I have no knowledge of the sale TBC is referring to. If it is on Cork Oak, its in "The Oaks", not "Haggin Oaks".

Inconvenient Truth

Gary, you never read the previous article that quoted you? https://www.bakersfield.com/news/seller-s-market-emerges-from-bakersfield-home-sale-trends/article_b28f782e-9947-11e9-8b0f-1f7b0fb8516d.html "...homes priced between $150,000 and $230,000 "are flying off the shelf like hotcakes." Hyperbole?

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