Market Update For Kern County

[Sanjeev Advani]

Kern County Market Update

We have a median home price of around $215K as of September 2016, this is down 2% from the last year. We are seeing a trending downwards of median price for the 3 months trailing September.
This is a market correction for inflated house prices, home sales have dropped 7% year over year. While we only had a 1.5% drop since the beginning of this year. Mostly my guess is that this is based on Kern County being an Oil and Ag community, and with the issues in water and energy lately we have seen a drop in movement.
We have a little less than 4 months of unsold inventory which is up 1% since last year and has been holding steady at this rate since the beginning of the year. Our median time on market is around 27 days which is up about 4% since last year. It looks as though the end of 2015 and early 2016 were high inventory months where a lot of houses sat on the market for a longer period of time and since about March we have been on a steady track which tells me that the Kern County market is normalizing a little after seeing a little disruption in the market from late 2015 into early 2016.