Some sellers are starting to get the message, no... make that a few sellers are starting to get the message. Enough though that in May we see the average asking price for homes entering the market slip for the first time in five months. The average asking figure in May would rank third among the last six months.
Another bit of slightly better news is the fact that the figure for homes getting a contract went up again (slightly like I said) and posted the most contracts since August of last year (not a meteoric rise though).
And now for 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 751 (up from 733 on April 1). The rate of new listings taken per day in May was 4.9.
There were 152 new listings taken in May (up some from 131 in April). The average asking price for the new listings is $256,385 (while last month is was $261,143). The median asking price is $219,900 (down from $224,900 previously).
The average newly listed home has 3.27 bedrooms, 2.19 baths, a 2.007 car garage, with 1757 square feet of living space and was built in 1993. The average asking price per square foot of living space is $145. Lastly, 20 of the new listings were actually re-listed either by the same or different broker.
Of the new listings in May, 6 already have taken a contract.
Units under contract:
58 homes entered into contracts in the month of May (up from 53 the previous month). The average asking price for homes that received contracts was $217,709 (up from $207,652 last month) and the median asking price for May was $194,900 (up from last months $181,000 figure).
The average home that went under contract in May has 3.17 bedrooms, 2 baths, a 2.12 car garage, with 1620 square feet of living space, and was built in 1992. The average asking price per square foot of living space for listings that entered contract this month is $134. It was also priced $12,129 higher when it first was listed as compared to its current asking price (the average price concession was $9,921 last month). It took an average of 172 days of marketing to get a contract.
Conclusions:
The homes that received a contract in May were a touch larger than what we saw in April, the key stat was the $134 a square foot was basically the same as the previous month. For an average figure I think it speaks volumes for where a seller should price their home in order to attract buyers to begin negotiation. Sellers continue to take a beating in this market. Look at it this way, the average seller reduced the price of the home $70 a DAY to finally attract a buyer.
The buyers are making it clear and have been consistent over the past year as compared to sellers. The buyers have drawn a line in the sand and it is time for sellers to take a long look at that line and get comfortable with it.
Sellers... buyers will wait you out... unless your are priced to the market. New listings outpaced new buyers in May 5 to 2. You are wasting your time on the market if the price is not right.
The sales report will be out a couple of weeks from now, my guess is that the unit sales for May is steady as compared to April. Check back and see.
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