Monday, February 9, 2009

2002 Level Home Values, Average Price Per Square Foot = $91, REOs, Distressed Properties = 86% of All Sales

BB2: Wake up people!


By one measure, Bakersfield home prices fell to late 2002 levels last month and are on pace to hit 1998 levels this spring, a monthly report from appraiser Gary Crabtree found.
The average price per square foot sank to just more than $91 in January, down more than 33 percent from a year earlier, landing back at its December 2002 value.
Other highlights from the Preliminary Crabtree Report released over the weekend include:
• The median sales price was $125,000, more than 45 percent lower than a year earlier, when it was $230,000.
• Sales volume was more than double a year earlier with 517 homes sold, though it dropped from December’s tally of 660.
• Foreclosed and other distressed properties made up 86 percent of sales.
• The median could reach $90,000 in May — its December 1998 value — if prices continue to decline at the current pace.
The report includes sales of existing single-family homes in the metro area.


Realestateslasher said...

Wow no wonder my buyer yesterday wanted to back out after that news
I had to show him he his axcepted offer was at 72$ sq ft alls well thanks Gary for the old news

Anonymous said...

All the vacant lots that are tied up in the various builder bankruptcies haven't hit the market yet. That's going to be the next shoe to drop.

Anonymous said...


I know blogging is hard and sometimes thankless work, but please don't stop...a lot more has happened in March and now we're in April.

Please keep up the good work, or is it too depressing chronicling the "treacherous ditch along the 99"?

At least your sense of humor and keeping on the spirit of the original BB lightens the load a bit. Keep on if you can!