Part of southwest Bakersfield ranks as California's hottest home market
Aug. 28—They're not the newest or the largest houses in Bakersfield, let alone statewide. But according to a new national listing, single-family properties in the 93309 ZIP code make up the hottest home market in all of California.
The new ranking posted at Realtor.com placed the 93309 ZIP code 24th nationally, ahead of the only other place in California to crack the top 50: the far-pricier 94550 ZIP code in the Bay Area city of Livermore.
Some local real estate professionals were a little surprised to hear outsiders give such high regard to the area bordered roughly by Coffee Road/Gosford Road, the Westside Parkway, Highway 99 and White Lane. But not William Gordon, who said the area enjoys a confluence of being a desirable location; older, smaller homes; and relatively good school districts.
"'09's kind of that sweet spot," he said.
Any definition of what constitutes a "hot market" is bound to be debatable. In this case, the criteria were frequency of showings (93309 had twice as many viewers per property as the national average), duration homes spend on the market (93309's median was pegged at 23 days) and median listing price ($340,000 in June).
For comparison, Livermore's 94550 ZIP code has 1.8 times the national average viewings, 27 median days on the market and a median list price of $1.41 million in June.
Local appraiser Gary Crabtree, Bakersfield's leading market analyst, said the city's home market is, indeed, hot: The existing sales price median last month was up 10% at $399,000, such that the city leads much of the state by proportional median price increase, he noted.
But Crabtree pointed out that Bakersfield's affordability has declined noticeably, and that instead of about half the city's households making the median wage qualified to buy a median-price home in the city, it's now down to about one in four. Even so, he said the measure is one in six statewide.
"That's really driving the situation, is that the affordability is so (low) around the rest of the state," he said.
Veteran Bakersfield real estate agent Sheeza Gordon said she doesn't think the city's home market is so hot. But she acknowledged that a list price of $340,000 does look attractive.
"If the price is right," she said, "they do move."
Her son, William Gordon, said 93309 comprises a unique mix of inventory, from relatively high-density condominiums to higher-end properties and homes with large lots.
The area also happens to sit in close proximity to new shopping and dining options around the Seven Oaks area, William said, adding that 93309 also offers quick access to the Westside Parkway and downtown.
"It's got that proximity to where people work and where people want to spend their time shopping and dining," he said.
