March Sales Report (2007)

The following is proof on why I shouldn't be making predictions in this current market.

Lastly, 1.5 homes closed escrow per day in February which was up from 1.29 a day in January. Based on this run rate I am going to predict that in March 48 homes will sell.

Yeah, that was me last in last months sales report going out on a limb and making a bold prediction. I know what you are thinking, "Well Todd, did we blow that number out of the water??" The answer is... don't say a word and simply move your head from side to side... simply save yourself from speaking words, remain silent and humble.

As always... the disclaimer:

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.

Normally this is where I start with the good news, well... sorry but I don't have good news. Total new listings were up big time once again in March, while the sales figures posted the lowest total ever since I have been keeping tabs on this data. See below for yourself.

I had to move the scale down to 30 on the axis for the chart. There were 53 more sales in March of 2006 so sales are way off, even though as your will see the average sales price is pretty much in line with the previous year. Listing inventory continues to climb and sellers continue to tell me that they need a 'certain' number of dollars to sell.

I talked about it in the Listing report earlier that there were many high dollar homes that hit the market in March (including a 2.9 million dollar offering), so I understand why the listing average price moved higher and I'm willing to excuse the rise to some degree. Realtors placed 4.83 new listings on the market in March, yet only closed 1 per day. These numbers indicate more power for the buyers. If you are thinking of selling but don't have to, please save yourself from becoming a statistic. I can't see the red line moving much higher at all and in fact I would not be surprised to see it fall in the coming months.

Below you will see proof that the market can no longer handle the current average selling price. The average is basically the same as the previous year but the overall number of sales is dropping like a lead balloon. You do the math.



Hey sellers, I understand, you want to get 'yours' like perhaps your neighbors did maybe last year and certainly the year before. As long as you know the score, to get 'yours' you will most likely be waiting perhaps a year or more at this rate. Price concessions is where it is at right now and the numbers in the charts above prove my case.

Here's more for you, of the sold listings in March the average entering price on the market for these units was $228,268. In order to successfully sell the average price concession was $18,184 to arrive at the sold average price of $210,084.

The average unit sold last month had 3.06 bedrooms, 2 bathrooms, a 1.87 car garage, with 1,586 square feet of living space, and was built in 1992. The price per square foot for this average home was $131 per.

Armed with this knowledge, buyers are going to low ball like crazy or simply wait you out. Are you going to sell your house or are you going to help your neighbor sell his??