I now have been doing these listing reports for one year at the beginning of each month. I'm getting slightly better at it, but I can hardly believe one full year has passed already. I hope these reports continue to be interesting for you.
Some good -- some bad this month, we'll get to those highlights right after 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 731 (down some from 742 on July 1). The rate of new listings taken per day in August was 3.7.
There were 115 new listings taken in August (dropped a bit as compared to 131 in July). The average asking price for the new listings is $231,387 (while last month is was $227,829). The median asking price is $209,050 (up from $185,450 previously).
The average newly listed home has 3.08 bedrooms, 2 baths, a 2.15 car garage, with 1,596 square feet of living space and was built in 1994. The average asking price per square foot of living space is $145. Lastly, 14 of the new listings were actually re-listed either by the same or different broker.
Of the new listings in August, 7 have already taken a contract.
Units under contract:
As of today there are 103 total units under contract (down from 109 last month).
46 homes entered into contracts in the month of August (steady as compared to 47 the previous month). The average asking price for homes that received contracts was $202,712 (down from $213,317 last month) and the median asking price for August was $185,500 (up from last months $179,450 figure).
The average home that went under contract in August has 3.07 bedrooms, 2 baths, a 1.9 car garage, with 1,614 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 $126. It was also priced $10,570 higher when it first was listed as compared to its current asking price (the average price concession was $17,730 last month). It took an average of 110 days of marketing to get a contract.
Conclusions:
Pretty simple still. Too many new listings with too high of an asking price for the limited amount of buyers 'in' the market. There are still way too many homes 'on' the market.
As I mentioned earlier, of the new listings in August, 7 out of the 115 already have taken a contract from a buyer. Here is the stats for those 7 new listings.
Average asking price - $134,371
Median asking price - $133,900
Asking price per square foot - $107
The size of the homes were smaller than the total average for new listings in August (1,247 square feet of living space), but I'm certain it was the price that attracted the buyers to make an offer.
So, sellers, do you really want to sell?? Do you want your listing to be 'in' the market or simply 'on' the market??
On the market listings are plentiful.
In the market listings are scarce, but they are a means to an end. Buyers do exist you just have to appeal to them. Pretty pictures on the MLS simply won't cut it right now.
The sales report for August is just a week or so away. First I'm going to visit my new granddaughter in New Mexico. See you then.
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