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.
The only good news for a couple of my charts is that now I have compiled enough monthly data to use the last thirteen months of records to look back on for these reports. That means next month the first two charts you will see posted here will go back to February of 2006.
January was a very soft month for sales of single family homes (SFR's) in Kingman. However it was a very busy month for new listings as you will see. January looks very much like the months of June, July, and August of 2006. Perhaps the one saving grace is that there were more homes that entered contract in January than closed (but not by much 43 entered contract, while 40 units closed).
Click on chart for larger view...
112 more new listings than closed transactions is not a healthy indicator at all, but here is an even crazier set of stats... the average asking price rose a little over $9,000 while the closed transaction dropped over $12,000 from the previous month. In other words sellers continue to speak a different language than buyers.
The buyers I have been working with recently still do not feel any pressure to make an offer today. Instead they continue to search for the best priced property. Buyer can normally find up to five acceptable homes (minimum) on the current market and negotiate against each seller for the most favorable deal for the buyer. If the trends in these charts continues I see buyers with even more power and less chance for a balanced market.
Click on chart for larger view...
The following charts simply show where 2007 starts compared to the last three years. No need for further explanation and I will keep the data from the last three years on these charts until next year where I will drop 2004.
Click on charts for larger views...
Potential buyers, feel free to use these charts in your negotiations for this local market.
Potential sellers, pay particular attention to the average sale price in the coming months and adjust accordingly.
See you next month.
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