Many people say this is the beginning of the prime selling season for single family homes. Well, sellers sure are ready and certainly have the jump. There was a slight downturn in the overall number of new listings that hit the Kingman market last month, but as you will see the average price tag went up once again.
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.
Listings:
Today total listings available for single family residence equals 733 (up from 714 on March 1). The rate of new listings taken per day in April was 4.43.
There were 131 new listings taken in April (down a little from 150 in March). The average asking price for the new listings is $261,143 (while last month is was $258,530). The median asking price is $224,900 (up quite a bit from $195,900 previously).
The average newly listed home has 3.02 bedrooms, 2.1 baths, a 2.12 car garage, with 1649 square feet of living space and was built in 1995. The aveage asking price per square foot of living space is $153. 24 of the new listings were actually re-listed either by the same or different broker.
Of the new listings in April, 4 already have taken a contract.
Units under contract:
53 homes entered into contracts in the month of April (basically holding steady from 55 the previous month). The average asking price for homes that received contracts was $207,652 (up from $204,850 last month) and the median asking price for February was $181,000 (down from last months $189,900 figure).
The average home that went under contract in March has 2.98 bedrooms, 2 baths, a 2.02 car garage, with 1551 square feet of living space, and was built in 1994. The average asking price per square foot of living space for listings that entered contract this month is $133. It was also priced $9,921 higher when it first was listed as compared to its current asking price (the average price concession was $12,408 last month).
Conclusions:
It should be rather obvious that many more higher priced homes are hitting the market judging on the much higher median price for the new listings. This is the factor that is moving the average asking price ever higher month after month. I believe a sellers best bet is to monitor the under contract data and the sales data coming out later this month. These sets of data will be more useful for a seller that is actually wanting to be successful in selling the home in this well established buyers market.
If you do not need to sell, now is not the right time to put the home on the market. There is still enough standing inventory for just about 14 months at the current rates activity. While the list of homes on the market continues to increase I am noticing a small decrease in available rentals. The fleet of available rentals is still bad news for sellers. Renters are paying a much lower cost per month in rent as compared to a comparable mortgage payment for a purchased home. Buyers have more opportunity to put off buying decisions if they can't get their ideal price. The ball is clearly in the buyers court and until these numbers begin to turn nothing is going to change.
Look for the sales report later on this month.
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