Really more of the same continues from the past few months.
All numbers are for single family residences (SFR's) taken from new and existing home listings and sales within the city limits of Kingman and includes data from county area's such as north Kingman and the Valle Vista subdivision that sit outside the city limits.
There are now 617 listings for SFR's on the market.
153 new SFR listings hit the market in May 2004.
59 units are brand new homes.
Average price for new listings in May is $255,703.
Median price for new listings in May is $226,950.
68 SFR's were sold in the area studied in May 2004
30 of those were brand new homes.
Average price for sold homes in May 2004 was $215,201
Median price for sold homes in May 2004 was $189,900
There is a total of 175 SFR's under contract currently.
68 SFR's went under contract in May 2004.
I'll never be confused with a math guru but by my calculations there is at least a 9 month supply of inventory of the area's that I took the data from. Prices hold up to a 6 month inventory, or so I've read, but prices should fall when there is a larger than 6 month inventory. I haven't seen the average price or the median price fall accordingly as of yet. I'll post some updated charts on prices and unit sales in a bit.
Someone tell me what they think of this market and what we should expect in the coming months. It's perfectly fine to leave your comments.
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