Bakersfield's single-family home market is experiencing a "feeding frenzy" with demand sharply up and supply way down, according to a recent update from local appraiser Gary Crabtree.
His June home-market report noted that current home listings, a measure of supply, came in at 512 for the month. That was a more than 21 percent decrease from May and a 48.3 percent drop from a year earlier.
Demand, meanwhile, rose about 40 percent month over month to settle at 558 sales of existing homes. A year earlier there were almost 2 percent fewer sales.
Crabtree reported June's median sale price for an existing home was $275,000. That's 5.8 percent more than the median in July 2019.
"The Bakersfield market continues in its peak marketing season as if a pandemic does not exist," the owner of Affiliated Appraisers wrote. He echoed others' recent observations that demand for homes in the city appears to be driven by people coming to Kern from pricier markets.
"Thanks to COVID," he wrote, "we are being discovered for our affordability and the market is in a feeding frenzy with lack of supply and high demand from inbound homeowners from the rest of the state."