Oh... the charts are going to look really goofy later this month when the sales report is offered. The data is basically off the charts for the listings report, but the reality is that in October many high dollar homes hit the market... more than normal (including a $1.6 million dollar listing)... which has skewed the numbers. Hopefully October is one of those 'anomaly' months.
As always... 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 723 (down from 758 on September 1). The rate of new listings taken per day in October was 3.61.
There were 112 new listings taken in October (number down as compared to 124 in September). The average asking price for the new listings is $259,998 (while last month is was $217,911). The median asking price is $214,900 (up big from $194,900 previously).
The average newly listed home has 3.2 bedrooms, 2.3 baths, a 2.18 car garage, with 1,798 square feet of living space and was built in 1994. The average asking price per square foot of living space is $144. Lastly, 26 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 (surprisingly the same number of 99 last month). The average marketing time to reach a contract was 144 days.
38 homes entered into contracts in the month of October (dropping one unit as compared to 39 the previous month). The average asking price for homes that received contracts was $209,887 (up some from $2203,124 last month) and the median asking price for October was $169,900 (off slightly from the previous months $171,400 figure).
The average home that went under contract in October has 3.21 bedrooms, 2 baths, a 1.97 car garage, with 1,712 square feet of living space, and was built in 1995. The average asking price per square foot of living space for listings that entered contract this month is $122. It was also priced $16,829 higher when it first was listed as compared to its current asking price (the average price concession was $18,019 last month).
Conclusions:
I won't get on the sellers case for the rise in the asking prices last month. We simply saw more larger homes with big asking prices. The million dollar plus listing has seven bedrooms and is over 6,000 square feet of living space. It does not represent a typical listing in Kingman. However still, if I were to take that particular listing out of the data set the average price is still way up in the $244k range. Again though, there were a total of 13 new listings with a price tag of greater than $400k. The numbers are skewed a bit for the month.
What I am finding more compelling is the data for the homes that actually agreed to a contract. The price per square foot was down to $122... this tells me there actually are sellers in the market.
The advice to sellers remains the same... do not bother with what others are asking for their homes... find out what others are selling their homes for. Big difference.
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