January listings report (2008)

Stark contrast between listing numbers and under contract numbers again this month. Hopefully more than 22% of the new listings will sell sometime this year.

Just the facts in this report no opinions...

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 638 (down from 650 on January 1). The rate of new listings taken per day in January was 3.68.

There were 114 new listings taken in January (way back up as compared to 65 in December). The average asking price for the new listings is $224,010 (up again quite a bit from last months $201,624). The median asking price is $199,000 (also up significantly from $174,450 previously).

The average newly listed home has 3.05 bedrooms, 2.1 baths, a 1.96 car garage, with 1,647 square feet of living space and was built in 1993. The average asking price per square foot of living space is $136. Lastly, 28 of the new listings were actually re-listed either by the same or different broker.

Units under contract:

As of today there are 77 total units under contract (up slightly from the number of 70 last month).

30units entered into contracts in the month of January (up as compared to 25 the previous month). The average asking price for homes that received contracts was $164,668 (way down from $206,044 last month) and the median asking price for January was $149,000 (down from the previous months $170,450 figure).

The average home that went under contract in January has 3.03 bedrooms, 2 baths, a 1.9 car garage, with 1,522 square feet of living space, and was built in 1993. The average asking price per square foot of living space for listings that entered contract this month is $108. It was also priced $14,558 higher when it first was listed as compared to its current asking price (the average price reduction was $18,568 last month). The average marketing time to reach a contract was 92 days (from 184 last month).

Conclusions:

Total listings are down 120 from the total we saw in October 2007. That is fine, but there is a long way to go. The average marketing time for the homes that agreed to a contract in January was way down from previous months... but so were the average, median, and price per square foot prices. For any positive we saw in this report, there was an equal negative so no real market changes.