October Sales Report (2007)

When I first started tracking sales data, I did so only so that I could know which direction the market was headed and how best to express the facts to my clients. I started MOCO Real and thought it would be beneficial to share the findings of the sales data with the readers here... even if they had no intention of becoming a client of mine. I never thought of using the data I collect for political purposes or to make a point about local policies and such.

This data should still speak to the potential buyer and potential seller in the Kingman area first and foremost. However, the data should probably speak to something else -- the direction this fair city is moving. Who is going to buy the property that is for sale?? How will the potential buyers pay the price the sellers are asking?? What can be done about the overall demand in the market??

So maybe you are seeing this data for the first time as a reader at MOCO Real. Maybe you aren't thinking of buying or selling now or even later on in the future. Still, how does this data affect you and what are you willing to do about it??

Before I proceed... 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:


Once again the gap remains greatly divided between sellers and buyers. Of course as a Realtor I want you to consider me as a someone to hire if you want to sell your home in the Kingman area, but you do need to realize that you have all kinds of competition for a declining number of buyers that are ready, willing, and able to buy property. How motivated are you right now to sell??

Average listings and sales averages chart:

As I mentioned at the beginning of the month we saw typically more than the normal amount of higher priced listings hit the market. I believe that skewed the listing average price up quite a bit and I wouldn't be surprised to see the number fall back again. The key data on this chart though is the red line. The red line has moved up and down quite a bit since the summer months but keep in mind that the overall number of units sold has been very low and easy to skew as compared to the blue line.

The red lines speaks to buyers, the blue line speaks to 'wishers'.

2004 through 2007 unit sales chart:



2004 through 2007 average price chart:


Average prices in 2007 have paced those from 2006, yet unit sales in 2007 are lagging a poor 2006.

Are people really moving here?? Maybe somebody smarter than me can tell my why if the answer is yes.

2004 through 2007 median price chart:


Average SFR statistics:

The average home sold in October had 3.03 bedrooms, 2 bathrooms, a 2.03 car garage, included 1,625 square feet of living space, and was built in 1993. The average hold sold for an average of $121 per square foot of living space.

It took an average of 129 days of marketing to attract a buyer to come to an agreement and a total of 164 days from the first day of marketing to the close of escrow.

Sellers reduced price $14,557 to attract a buyer on average from the first day of marketing, and conceded another $10,786 to the buyer in the transaction. The total average price concession for the homes sold in October was $25,343. That marks the largest total dollar amount conceded by sellers to buyers since I started tracking the data as you will see on the next chart.

Bonus Charts:



Sellers... it is not pretty, is it??

Price per square foot of living space is falling now consistently. Buyers are winning.

I promise more charts next month so please stop on by.