July Listings Report (2007)

Noticeable changes this month, as you will see. New sellers are starting to respond to the sales market. Starting to, and hopefully it is not too late for many of them.

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 742 (up some from 729 on June 1). The rate of new listings taken per day in July was 4.2.

There were 131 new listings taken in July (steady as compared to 132 in June). The average asking price for the new listings is $227,829 (while last month is was $247,731). The median asking price is $185,450 (down from $199,000 previously).

The average newly listed home has 2.94 bedrooms, 2 baths, a 1.9 car garage, with 1604 square feet of living space and was built in 1993. The average asking price per square foot of living space is $142. Lastly, 19 of the new listings were actually re-listed either by the same or different broker.

Of the new listings in July, 1 already has taken a contract.

Units under contract:

As of today there are 109 total units under contract (down from 129 last month).

47 homes entered into contracts in the month of July (steady as compared to 49 the previous month). The average asking price for homes that received contracts was $213,317 (up from $204,496 last month) and the median asking price for July was $179,450 (down from last months $182,500 figure).

The average home that went under contract in July has 3.11 bedrooms, 2 baths, a 2.28 car garage, with 1576 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 $135. It was also priced $17,730 higher when it first was listed as compared to its current asking price (the average price concession was $24,418 last month). It took an average of 180 days of marketing to get a contract.

Conclusions:

The average asking price for this month actually came in lower than the average sold price in June, of course there are still plenty of variables that come into play on that.

The average listed price per square foot that attracted a buyer to the table the last two months has been $135 per. That appears to be the number to get folks talking. The new listings this month still came in at $142 per square foot, but after price reductions I'll bet that the action begins when the home is priced right.

I'd still like to see far less new listings each month, the sales market is not catching up to the supply of the listing market. Sellers will only have to be more cut-throat with each other for a potential buyer. There still seems to be only 1.5 buyers for each 4 new listings. Buyers still have a superior advantage.

I suspect with all the talk of foreclosures on the rise in Mohave County, that at some point those foreclosures will reset the market even lower than the direction it may be going. Even though the month of June set new records in average and median price for a one month period, it will only be a footnote in history once the market is reset and I doubt those records are threatened again this year (or even next year).

I can't hardly wait to do the sales report for July, I think that report will be even more interesting. The charts will do some changing based on my initial look at sales from July.