It's that time again, time for the sales report from last month. As always I take the data straight from the local MLS, that I am a paying member of, and the data may not always be accurate. I sift through the data and exclude information I deem to be incorrect that could corrupt the findings. Data shown is for Single Family Homes within the City limits of Kingman and includes the North Kingman, Valle Vista subdivision, and units in the Hualapai Mountains area outside of the City limits but are areas where many SFR's are located. See here for an example of the areas researched for this report.
Well, not a total bounceback month but it is nice to see more activity from the previous month. Hopefully this is a new trend in the making. As you can see the total listing activity dipped a little in August while the sales perked back up to the level seen in June. I noticed the phone ringing and other such activity in August and it has continued through the first week in September.
The average sale price dipped again towards the number reported in May of this year. This is a hopeful sign that those sellers who really need to sell and move on to another home in the area or just out of the area all together are making significant deal in order to do so. I was hoping to see the average list price come down as well, but I alluded to why it may not have in the listings report I shared on the first of this month.
In August the average home sold was a 1,534 square foot home built in 1995 with 3.07 bedrooms, 2.09 bathrooms, a 1.87 car garage that reduced its initial offering price 8.7% (one unit actually reduced it's price $109,900 to have a final sales price of $115,000... kinda makes my eyebrow raise a bit. Still even without that sale factored in the average price reduction is 8%).
Of the 70 homes that closed escrow 24 were new construction (down from 27) and 46 were existing homes (up from 38). New construction sale price increased 4.3% from the previous month while existing home prices fell 7.8%.
The charts above look back and compare this years data to the 2004 and 2005 years. Please click on any of the charts for a larger view.
I think that we will continue to see the sale price fall in the coming months as motivated sellers quickly distance themselves from the not as motivated seller. That is good news for any buyer that is looking to get into the local market because there should be plenty of choices to consider. It may still be some months before the investor type of buyer is interested in buying in the local market. I still see many units for rent in my resources and rents are nudging lower if anything right now.
If you would like further clarification on this report please leave a comment here, email me, or contact me by phone. I'll be happy to talk to you. Look for more reports in the weeks and months ahead.