Here is an update on the real estate market in the Kingman area for April of 2006. All numbers are for single family residences within the Kingman city limits and taken from the local MLS.
There are currently 604 listings on the market, average listing price is $253,039, median price is $227,950.
There are 187 homes that are currently under contract. The average price for a home that went under contract in April was $215,585, and the median price was $184,900.
62 homes were sold in April, average sales price was $192,107, median price was $182,450.
Of the number of active listings, 226 of them are brand new homes. This trend is steady. Of the new homes sold most are in the $165,000 to $190,000 range.
I'm telling my selling clients that they shouldn't expect to sell their home this year at 2005 price levels, or at least not to expect the continuation of the metoric rise in values to continue. This market is due to adjust similar to the way the Las Vegas and Phoenix markets started to towards the end of last year. There are still plenty of buyers coming into this market, but now there are many more options for those buyers. Options include getting a better price. Sellers will have to be more competitive than they had to be last year.
Looking ahead I still see this market gaining value in the coming years, however it will be a slower rise in values and it may dip somewhat this year. Kingman will continue to grow as there will be more job opportunites coming to the area and the climate is ideal for new retiree's. New home developments are still on schedule to begin with those ideas in mind.