Monthly Market Report June 2023- Bakersfield Real Estate

Welcome to another blog. This is going to be a series of blogs in which we’ll discuss the real estate market report of various parts of California for the month of June 2023. Our specific focus will be the SFR houses, their sales, pricing, and listings as compared to the previous year. This time we begin with the Monthly Market Report of Bakersfield.

The report and the statistics values that we are going to discuss in this blog are generated by the California Association of Realtors for which they have thoroughly researched and calculated the median values for monthly sales and prices of SFR.

In this blog, we are going to discuss the real estate market report for June 2023 for Bakersfield, California. So let’s find out together what difference the real estate market has made since last year.

This data might seem complex but we will try to explain it in easy words. So investors as well as buyers can make a fair decision in the future. So, let’s find out what happened in Bakersfield Real Estate.

📊 Single Family Residences (SFR)
📊 Median Sales Prices
📊 Monthly Stats and Report

Single Family Residences (SFR)

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SFR stands for the Single Family Residences which can be rented out. Single-family homes have their own lot as compared to other homes and apartments which have many units.

SFR houses are famous among people because of their feature of providing privacy and big space for a family. Unlike apartments, SFR houses are affordable and easily manageable, hence renters have a high demand for these sorts of houses.

The monthly real estate market report in this blog for the month of June 2023 is focused on the SFR homes in Bakersfield, California.

Also, check out the monthly Market Report for Santa Cruz.

Median Sales Prices

Mediamodifier / Pixabay

The median is usually that value that falls in the middle while half of the values that fall at its right are higher than it and the other half of values at its left are lower than the median value.

The definition above is quite simple to find out the median sales price of SFR homes. The easiest way to calculate this is by sorting the price list in ascending order and finding the middle value.

As in the monthly report, the median sales and prices of SFR homes are calculated for June 2023 and they are compared with last year’s sales and prices.

The same formula is used to find out the median to make a report on it.

For comparison check out the monthly market report for Kern County

Monthly Stats and Report

PhotoMIX-Company / Pixabay

The California Association of Realtors has conducted complete research to make a market report for Bakersfield’s SFR home sales in June 2023 and compare their prices with last year’s prices. Moreover, the active listings were also calculated to compare it with last year’s number of active listings in Bakersfield, California.

Active Listings

In the monthly market report, Bakersfield’s SFR homes had a total of 604 active listings in June 2023.

The same reports tell that in comparison to the last year, there was a decrease of -36.4% in listings. Although 604 seems a huge number of listings, it is still less than last year.

If you are thinking what are active listings, This means how many properties are currently listed for purchase/rent, etc.

Existing SFR Home Sales

The other thing the monthly market report tells is the existing number of SFR homes that were sold in the month of June this year, which is 413.

In contrast with last year, this is a -23.7% change which means that SFR home sales were higher in number last year than this year in the Bakersfield real estate market.

Existing SFR Median Price

SFR home’s median price was calculated to know the average price per house sold in June 2023. The existing SFR Median Price for June 2023 was $383k.

The change in percentage of this price in collation with last year is -0.6%.

Market Competition

To give the statistics related to market competition.

Three things were calculated, the first of which is median days on the market. This tells the average number that how many days the property was listed on the market before it gets sold.

The median days on the market for Bakersfield’s SFR homes was 13.

The second thing for the calculation of market competition was the Sale-to-List price % which is calculated as the difference between the sale price and the real listed price of the house. This figure was 100% which means that the homes were sold at the same price as they were listed for.

The next thing was % of Active Listings with Reduced Prices which tells about the decrease in the price of real estate’s active listings. There were 25.7% of homes in active listings with reduced prices in the Bakersfield real estate market.

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Conclusion

The California Association of Realtors ensures that members conduct their business activities with integrity.

They also make sure the perseverance of the real estate property rights of an individual.

They have calculated the report for the month of June 2023 for various parts of California to find out the number of sales, median prices, and active listings in this month as compared to the last year.

The monthly market report discussed in this blog is for Bakersfield Rea, California’s SFR homes which tells that the sales and prices decreased by some percent in June 2023 in contrast with the last year.

Also, the active listings and the market competition stats report some additional figures helpful in calculating the median days and reduced prices of active listings.

This is not it, for comparison we will add more statistics blogs like this to provide you with a clear picture of different real-estate markets.

Monthly Market Report June 2023- Bakersfield Real Estate

Table of Contents

Single Family Residences (SFR)

Median Sales Prices