August Sales Report (2007)

Do you remember yo-yo's?? Of course I'm sure we all do, I'm certain there are even experts in the yo-yo field to this day. Me?? I couldn't get a yo-yo to work if my life depended on it so I pretty much hated those things.

Well the average selling price market has been been playing yo-yo for the last few months as you will see below. If you remember in June we saw the average price spike to its highest level in Kingman ever, only to see it dramatically fall in July... in August somebody that knows just how to pull that string managed to bring the yo-yo up once again (but not all the way back to June's level). The result is an average that is... well... average.

You will see the charts only after you read 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 and sales in units chart:

To my dismay, unit sales were off from last months calendar year high, but at least they remain steady since April. Would love to see the new listing units continue to slip in the coming months. The media reports may begin to scare off would be sellers.

Average listings and sales averages chart:

Here is the yo-yo effect going back to April for sales price averages. All in all though, the numbers are working themselves out. The sales price per square foot of living space remains steady at $130 a foot last month, the homes that sold were on average larger in August than in July. It is interesting to see how the average price is coinciding with the average size in homes on a month to month basis.

2004 through 2007 unit sales chart:

Off over 100 units since August of 2005. Tells me that buyers are waiting and buyers are winning presently. My how quickly things have changed. I was hoping that August would have been a stronger month, now it is up to the normally weaker selling months to carry whatever they can for the rest of what is most likely a dismal year for sales in Kingman.

2004 through 2007 average price chart:

The yo-yo effect this year is basically in line on average with 2006. Still no dramatic fall off in price since last year. No sizable gains either. I'll say it again... no sizable gains this year.

2004 through 2007 median price chart:

The median comes in again lower than the previous year. Buyers are winning.

Average SFR statistics:

The average home sold in August had 3.09 bedrooms, 2 bathrooms, a 2.4 car garage, included 1,643 square feet of living space, and was built in 1998. The average hold sold for an average of $130 per square foot of living space.

It took an average of 140 days of marketing to attract a buyer to come to an agreement and a total of 175 days from the first day of marketing to the close of escrow.

Sellers reduced price $11,872 to attract a buyer on average from the first day of marketing, and conceded another $9,870 to the buyer in the transaction. The total average price concession for the homes sold in August was $21,742.

Bonus Chart:

This chart tells me that if you are thinking of putting your home up for sale in the Kingman area and do not want to wait 140 plus days to get a contract, enter the market priced accordingly. Sellers are taking a beating, sellers need to look at the homes that were 'in' the market... not the listings that are 'on' the market.

The song remains the same. The song is on repeat. The song is getting old. Quickly.