Yes, I am tardy in presenting the listings report for this month. I've been on the road... make that the Interstates of this country... avoiding the road construction for new traffic interchanges and noticing all the Home Depot's and Lowe's stores along the highways of America.
I'll have time later on this month to catch up on all that and meanwhile lets go ahead and share some numbers from last month.
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 758 (up from 731 on August 1). The rate of new listings taken per day in September was 4.13.
There were 124 new listings taken in September (number up as compared to 115 in August). The average asking price for the new listings is $217,911 (while last month is was $231,387). The median asking price is $194,900 (down from $209,050 previously).
The average newly listed home has 3.06 bedrooms, 2.06 baths, a 2.07 car garage, with 1,580 square feet of living space and was built in 1996. The average asking price per square foot of living space is $138. Lastly, 19 of the new listings were actually re-listed either by the same or different broker.
Units under contract:
As of today there are 99 total units under contract (down from 103 last month).
39 homes entered into contracts in the month of September (dropping as compared to 46 the previous month). The average asking price for homes that received contracts was $203,124 (up a touch from $202,712 last month) and the median asking price for September was $171,400 (off from last months $185,500 figure).
The average home that went under contract in September has 3 bedrooms, 2.08 baths, a 2.11 car garage, with 1,575 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 $129. It was also priced $18,019 higher when it first was listed as compared to its current asking price (the average price concession was $10,570 last month).
Conclusions:
The prime selling season is over for this calendar year. Sellers continue to miss the mark on average when setting the price and are waiting months for buyers to come along to readjust the price. It is very interesting how the new listing home and the under contract home lines up this month. They are practically the same home. Yet the buyers are getting the sellers to reduce price 9 or 10 dollars a square foot (we won't know what the sellers actually settled for until the transactions close). If you are a seller, it won't matter what other sellers around you are doing, it matters only what you are doing to sell your home.
See you next month, on time.
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