Better, in a word, but mostly more of the same. I mean the listing numbers will look better on this report, but not 'better' enough... not in this slow part of the selling year. The total of new listing units fell again, the average price slipped back some, but as you will see in this report and in the sales report later on this month... there is hardly any reason to 'remember' the month of November.
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 708 (down from 723 on November 1). The rate of new listings taken per day in October was 3.
There were 100 new listings taken in November (number down as compared to 112 in October). The average asking price for the new listings is $239,647 (while last month is was $259,998). The median asking price is $209,900 (down some from $214,900 previously).
The average newly listed home has 3.08 bedrooms, 2 baths, a 1.96 car garage, with 1,709 square feet of living space and was built in 1994. The average asking price per square foot of living space is $140. Lastly, 18 of the new listings were actually re-listed either by the same or different broker.
Units under contract:
As of today there are 83 total units under contract (down from the number of 99 last month).
30 units entered into contracts in the month of November (dropping as compared to 38 the previous month). The average asking price for homes that received contracts was $196,752 (down from $209,887 last month) and the median asking price for November was $174,900 (up slightly from the previous months $169,900 figure).
The average home that went under contract in November has 3.13 bedrooms, 2 baths, a 2.1 car garage, with 1,539 square feet of living space, and was built in 1997. The average asking price per square foot of living space for listings that entered contract this month is $127. It was also priced $16,560 higher when it first was listed as compared to its current asking price (the average price reduction was $16,829 last month). The average marketing time to reach a contract was 115 days (from 144 last month).
Conclusions:
There isn't anything earth shattering for last month to really conclude on. The good news is that total number of new listings dropped, but on the flip side -- so did the number of units that agreed to enter a contract. I still see the average seller put their home on the market for a higher price than it will sell for. Of the listings that received an offer within a months time, the average asking price per square foot of living space was; $123, $107, $103, $92, and $75.
As you can see, buyers can be appealed to... with price. With the uncertainty of the real estate market, buyers are still being very careful and selective... but the buyer are out there.
Well, one more month remains... maybe there is one rally left?? I think that probability rests with the sellers.
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