Different from the California’s competitive coastal markets, Bakersfield real estate is steadier and normally less prone to wild fluctuations. The prices of the property are 5% higher than a year prior as of May 2016, while the yearly increment of the state is 6%-11%.
Right on time in the spring selling season, Bakersfield home sales volume was up 4% from a year 2015 than in March 2016, as indicated by appraiser Gary Crabtree, reported by Bakersfield.com.
Near about 716 homes shut escrow in Bakersfield in the month of April 2016. At $212,250, the middle sale’s cost was 1.2% lower than a year ago, as indicated by CoreLogic.
According the Zillow report, the total number of homes available to be purchased in Bakersfield is lower this spring than a year ago 2015, with purchasable earnings at 6.3% in April 2016, down from 6.5% a year prior.
Then, in May 2016, the year-over-year sales volume speed slowed down. And, this happened, with roughly the same number of homes closing escrow from a year prior. Indeed, even as sales quantity speed slows down, the yearly increment in middle home costs rose, 5% higher than a year prior as per Crabtree.
Bakersfield Housing Market for 2016
Bakersfield, a city of around 360,000 residents, had a generally uneventful year in 2016 from a land point of view. The local housing market in Bakersfield, CA has to a great extent maintained a strategic distance from the unpredictability originate in some of the waterfront California urban communities.
As per the financial research team at Zillow, the middle home cost in Bakersfield goes up by a modest 1.7% during 2016, arriving at $213,200 at year’s end. This will give a major opportunity to the Bakersfield, CA to experience benefit in the coming year.
More Homes for Sale
Inventory has a lot to do with the modest price gains of 2016. In a lot of California cities, the inventory has a great deal to do with the modest value gains of 2016. Various California urban areas have had a lack of housing supply in recent years, making furious competition among home purchasers and driving costs north at a fast pace. In any case, that is not the situation in the Bakersfield real estate market.
Actually, a recent study of real estate company, Trulia, demonstrated that Inventory was on the rise in Bakersfield. From the third quarter of 2015 to the same quarter in 2016, the quantity of homes available to be purchased in the city ascended by 10.6%. That put Bakersfield among the top 10 urban areas for inventory growth, out of the 100 biggest cities in the nation.
Prediction For 2017 Real Estate Market in Bakersfield
It is predicted that home costs will rise very slowly in 2017, as compared to 2016. Housing inventory will stay tight in various local markets, especially those situated along the coast. Mortgage rates will move slowly upward during 2017, but will remain at their generally low levels in the short term.
Housing supply will stay tight in many local markets in Bakersfield, CA.
Next year in 2017, California’s housing market will be driven by tight housing supplies and the most minimal housing affordability in the following six years.
We could see the little home cost picks up in 2017, as compared to 2016.
It is expected that the average rate for a 30-year home loan to arrive at 3.7% before the end of 2016, and it will keep rising all through 2017.