July Sales Report (2007)

Do you remember last months record breaking stats for highest average and median priced sale for a month?? Well those records are completely safe apparently. July responded to June by falling hard against those previous numbers. The good news here is that more buyers responded to what had to of been more attractive prices.

I told you that these numbers will be interesting this month. Now don't go scrolling down to take a gander at the pretty charts just yet, please read the disclaimer first.

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 and sales in units chart:

First thing we see is that new listings were flat in July and secondly a nice bump up for units sold. This marks the best month in unit sales this calendar year. The new listings are still too high and the units sold are still too low but at least for now some things are headed in a better direction.

Average listings and sales averages chart:

Go ahead, click on the chart for a larger view. First, sellers are responding... well new sellers are at least. Third month in a row that the new listing price on average has fallen.

So how do we explain the dramatic drop in average price of the units that sold in July?? Well first, the average square footage of living space this month was in the 1400 range (last month it was in the 1700 range) so the homes that sold were smaller. The drop does look dramatic but the comparison between months had more to do with size of homes on average in my opinion.

2004 through 2007 unit sales chart:

Just short of the unit sold for July the previous year. Still a long way from the posted numbers from 2004 and 2005.

2004 through 2007 average price chart:

We have basically been steady with last years average numbers and it will be interesting to see where it goes from here. We are not far off from 2005 averages if we stay in this range.

2004 through 2007 median price chart:


Average SFR statistics:

The average home sold in July had 2.95 bedrooms, 2 bathrooms, a 1.6 car garage, included 1,451 square feet of living space, and was built in 1994. The average hold sold for an average of $130 per square foot of living space.

It took an average of 120 days of marketing to attract a buyer to come to an agreement and a total of 158 days from the first day of marketing to the close of escrow.

Sellers reduced price $8,432 to attract a buyer on average from the first day of marketing, and conceded another $5,554 to the buyer in the transaction. The total average price concession for the homes sold in July was $13,986.

Bonus Charts:




See you next month!!