What is Happening in Southwest Bakersfield Real Estate?

I just did a little analysis of what is up in Southwest Bakersfield Real Estate. By Southwest Bakersfield, I mean the area West of Gosford Road, East of Allen Road, South of the Kern River, and North of Houghton Road. In that part of Bakersfield, there are 216 houses for sale in the Bakersfield MLS. Of those, 68 are foreclosure properties (REO), 73 are Short Sales, and 75 are traditional sales. In December of 2008 67 houses sold, and 40 of the sales were forclosure properties, 22 were traditional sales, and only 5 Short Sales actually closed. The odds for Short Sales actually closing don't look so good, but there is quite a bit of activity for the foreclosure properties. Some people think this isn't such a great time to buy, betting that the prices will go down even more, but others are taking advantage of the low interest rates available, and prices that are pretty low, even if they haven't hit the ultimate bottom.

Some other interesting factoids about Southwest Bakersfield Real Estate:

The Median Price of the homes sold in December of 2008 is $240,000.

Two years ago, in December of 2006, the Median Price was $352,500.

The peak Median Price was January of 2007, when it was $390,075.

Over the past 2 years, September of 2008 had the most sales with 89.

Over the past 2 years, the highest number of For Sales Properties was in October of 2007, with 597.

If the present rate of sales continues, there is a 4-Month Supply of Inventory.

Chris Craddock
REALTOR®

The Key to Bakersfield Real Estate

McKinzie Nielsen Real Estate
3400 Calloway Drive, Building 800
Bakersfield, CA 93312

Direct: (661) 410-4467
Cell: (661) 900-2222
Fax: (661) 410-4439
Email: CRC@ChrisCraddockRealtor.com

www.ChrisCraddockRealtor.com