Disclaimer... all data compiled for this report comes from the WARDEX Data Exchange and does not include any sales activity from outside that resource. All research is done only on single family homes and there is no inclusion of modular homes, commercial properties, or vacant land. The geographical area researched includes; all areas within the boundaries of the city of Kingman, north Kingman, the Hualapai Mountain area, and the Valle Vista subdivisions. Click here to see maps of the included area's.
Unit sales were steady in December and I was surprised to see the numbers actually. I thought we might end up in the same place we were in October. Somehow, even with the holidays, 64 single family homes sold in December. The other bright spot I noticed was the average days on market (DOM) for these sales was down to 57 days. Earlier in the year the average DOM had been as high as 147 days.
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The average sales price dropped slightly again but remained over $200,000. The average has been fairly steady all year long, dropping below $220K only once over the last 12 months. There still hasn't been a single family home on the Data Exchange that has sold for more than $400,000 since October though. It appears buyers are buying what they can afford and sellers are lowering prices to meet that point. The clear trend is that listing prices are coming down, while the average price sold is flat.
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Unit sales compared to the years 2004 and 2005 are not nice. Again, I don't have a way to get the records for 2003, but my gut says that 2006 was better for sales in this area than 2003 was. So this year wasn't a record, but sometimes you have to be pleased with a bronze medal (if I was an Olympian I would be).
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December 2006 had a lower sales average than did the month of December in 2005. It was close though. The boom, no the record boom in rising property values is clearly over... for now at least. The hope is that the market can recover and somehow it finds a healthy balance.
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I wouldn't be surprised to see some of these price numbers ease downward a bit into 2007. The key number is the unit sales in my opinion. While it was slower this year than in the previous 2 years, the area continues to grow. New neighbors move into the area every day. The hope is that these new neighbors find reasonable prices on homes that they can afford.
Stay tuned all through 2007 to find out. Also, I still plan on rolling out a year end report in the days ahead so please check back for that.
Now it's time to head for the gym to get in a good workout before the Philadelphia Eagles play in their playoff game tonight. I'm extremely nervous as my team takes on a tough New Orleans Saints team that has most of this country pulling on it's heart-strings with all that has happened to that region. I visited NO in November of last year. I love the people of NO and wish them the best... not so much for their football team though... at least not tonight.
E-A-G-L-E-S.... EAGLES!!
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