December Sales Report (2007)

It is over... thankfully. 2007 was a difficult year for sellers and Realtors alike, worse than 2006. The hangover from 2005 lingers on and we are likely in for more suffering into 2008. That is the bad news.

The good news is that, finally, we are seeing sellers begin to understand buyers... they are almost on speaking terms, but sellers still have a little ways to go.

I will be offering a year end wrap up report with all kinds of different data sets and comparisons but let's get this month end report finished first.

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:

Dear 2008... please do not tease me, please answer one wish... one result for the upcoming year... please make the numbers on the red line surpass the numbers on the blue line with consistency when I post this chart next December. I'll even be nice with this request... I won't care if you make this happen by reducing the number of new listings while holding the units sold steady (well increase those just a bit at least).

We still have an inventory problem.

Average listings and sales averages chart:

The pattern has changed... this chart has recently started to resemble what a seismic readout might look like during an earthquake. In this chart the red and blue lines are not following each other as consistently as they once were. We are in a state of flux, the adjustment... or correction... or whatever you want to call it is happening right now.

2004 through 2007 unit sales chart:

In terms of units, 2007 got its ass kicked by a very poor 2006. Not one month was more productive than in the previous year.

I'm removing the 2004 data in next months report... wave bye-bye... bon voyage... I know I miss you.

2004 through 2007 average price chart:

Like I just said, I'll be removing the 2004 data for next month... but don't be surprised if 2008 doesn't replace it... however it will be an inverted line most likely, heading in the other direction.

2004 through 2007 median price chart:

Sales prices ranged from $115,000 on the low side to $360,000 on the high side for December.

Average SFR statistics:

The average home sold in December had 3.13 bedrooms, 2 bathrooms, a 2.154 car garage, included 1,594 square feet of living space, and was built in 1999. The average hold sold for an average of $116 per square foot of living space even lower than last month (alert... trend forming).

It took an average of 134 days of marketing to attract a buyer to come to an agreement and a total of 177 days from the first day of marketing to the close of escrow.

Sellers reduced price $18,357 to attract a buyer on average from the first day of marketing, and conceded another $14,541 to the buyer in the transaction. The total average price concession for the homes sold in October was $32,898. Not to pick on Realtors or anything... but we must do a better job at pricing the properties to where the market will bear. It's a little better than last month... but we are still way off.

Bonus Charts:

To borrow from my favorite comedy movie ever...

"The Sheriff is..." yelled Gabby Johnson from atop the roof.

"What he say??" asked a towns person.

"He said the correction is here." Replied Todd Tarson.

Okay I was not actually in that movie, but this is what I'd say if I had just looked at the above chart. If you are thinking of selling your single family home... and don't want to wait 6 months, 9 months, or over a year to attract a buyer... then please study this chart before you place your home on the market.

The blue portion of the bars above equals a waste of time... especially yours... and in this market, time IS money.

Down and down the price per square foot it goes... where it stops... only the buyers know.

Well that puts a cap on the sales reports for 2007. Increased inventory, asking prices that were way too high to begin with, and a new (but bad) direction forming were the themes. I will do a separate post for the year end report in a few days.

Here's to 2008!!