Here is another blog from the series of Monthly Market Reports from various parts of California for June 2023. This time it’s Monthly Market Report for Kern County.
In this blog, we will cover Kern County, California’s SFR homes to see how much of them were actively listed and how much of them got sold at what price. Apart from these things, median days on the market of those SFR homes are also going to be discussed.
All these values will be then compared to last year’s statistical average values to find out the difference in prices, sales, and active listings from last year.
All these statistics are reported by the California Association of Realtors and we are going to discuss the monthly market report of SFR homes for Kern, California in this blog.
If you are interested in the real estate market, knowing these figures might be helpful for your investment or house-buying purposes.
Give this blog a read to know the complete details on the Monthly Market Report of Kern County
Table of Contents: Monthly Market Report Kern County
SFR Sales and Prices
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The introduction specifies that the monthly report discussed in this blog will be for SFR homes which are pre-built and pre-owned single-family houses excluding the new construction.
The report is generated by the California Association of Realtors and the statistical values for the SFR home sales and prices are going to be discussed to find out the difference from last year. This will show the shift in SFR home listings, sales, and prices from last year.
Monthly Stats and Report
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Details related to the SFR homes market report for June 2023 are covered in this section. Similar to the other blogs in this series, the number of sales, number of listings and home prices are going to be calculated. Plus also be compared with last year’s values
Let’s find out the active listings of SFR homes in Kern, California in the month of June 2023.
Also, check out the Monthly Market Report for Bakersfield
Active Listings
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The real estate property that is available for acquisition currently is known as Active Listings. As in this blog, the monthly report discussed is for SFR homes only, so active listings of SFR homes are going to be reported.
Multiple Listing Service (MLS)
For these listings, the Multiple Listing Service (MLS) is the most famous in listing the available houses for purchase in the current real estate. MLS is a service in which a database is created for the accessible property by the realtors. This provides relief in finding a house for buyers with the ease of their homes.
No. of Active Listings
The monthly report for Single Family Residences (SFR) generated by the California Association of Realtors says that there were an average of 670 active listings in June 2023 for Kern, California.
% Change from Last Year
As said earlier in the introduction the report also compared the statistical values with last year’s values to find out a percentage of the difference between this year’s and last year’s active listings.
It was reported that a change of -34.5% occurred this year in contrast with the last year.
This means that this year’s property listings are 34.5% less than last year’s and there is a reduction of homes available for acquisition this year in comparison with the last year.
Existing SFR Home Sales
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Now, this section covers the number of SFR houses that have already sold in Kern, California in June 2023. This value is reported to find out the trends in buying and selling SFR homes in Kern by June 2023.
No. of SFR Home Sales
The existing number of SFR homes sold in Kern in June 2023 was 458 as per the California Association of Realtors report.
% Change from Last Year
To find out the the comparison of trends in home sales since last year, the % change from last year was calculated which is -22.1%. In this percentage, the minus sign indicates the decrease in home sales since last year by 22.1%.
Existing SFR Median Price
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This portion covers the median value indicating the middle price of SFR homes in the month of June 2023 for Kern, California. Then this price will be compared to last year’s price to find out the shift in prices of SFR homes in Kern since last year.
Median Price of SFR Homes
According to the report, the existing median price for SFR homes in Kern was $375k in June 2023.
% Change from Last Year
In contrast to last year’s median sale price, there was a shift of +1.4%. This reflects that this June’s prices are higher than last year because of the plus sign with the percentage.
Hence it shows that the change in prices is higher by 1.4% in June 2023 in Kern, California.
Market Competition
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Under the market competition, the report debated three things. One is Median days on the Market, the second is Sales-to-List Price %, and the third is % of Active Listings with Reduced Prices. These values convey the real estate standing of SFR hoes in Kern, California.
Let’s talk about these values below.
Median Days on the Market
The listings of Kern’s SFR homes in June 2023 were active in the real estate market for a median of 14 days before getting sold.
Remember, this is a median value which means half of the houses were sold in less than 14 days. While the other half were sold in more than 14 days.
Sales-to-List Price %
The sale-to-list price shows the ratio between the last selling price of the home and the price for which it was originally listed (before it was sold).
The Sale-to-List Price % was reported as 100% indicating that the property was sold at the same price as listed.
If this percentage is more than 100% it shows that the property sold for more than the listed price. On the other hand less than 100% shows that the property was sold for less than the listed price.
% of Active Listings with Reduced Prices
This describes the percentage of houses for which their sellers lessen the price than they were originally listed for buyers.
The % of active listings with reduced prices was calculated as 26.7%.
To compare with all this, check out the Monthly report for Santa Cruz.
Conclusion
The Monthly Market Report of Kern County June 2023 is explored in this blog. The active listings of their SFR homes in the mentioned month along with their market competition, sales, and median prices are analyzed.
The report generated by the California Association of Realtors states that the active listings have reduced by 34.5% this year.
While the SFR home sales have decreased by -22.1 %. The difference in median sale prices of these homes has a difference of +1.4% this year. Indicating that the prices are higher this year.
