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.