January Sales Report (2008)

Well... 2008 is NOT off to a promising start. Maybe this year is still drowning its sorrows from last year and unfortunately those sorrows look like they've learned to swim.

I continue to hear from other Realtors that things are picking up again, yet the numbers are not showing any evidence of that in terms of closed sales. This last January is down 15 sales from last January and the new sales in units number is the lowest that I've ever reported since I started tracking this data back in 2004.

Plenty more to look at, but 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:

New listings are down from last January (2007) year some 38 units, but sales are also down like I said earlier 15 units. Inventory problems persist, surplus inventory that is.

Average listings and sales averages chart:

The average sales price holds steady from one year ago, in fact it increased a bit. The new listing average price has dropped and that is good news to some degree but in order to be very good news this trend must continue until there is clear balance throughout the market. Sellers still need to appeal to buyers with price and there is still plenty of gap to make up.

2005 through 2008 unit sales chart:

It is plain to see that 2008 is off to a bad start in terms of units sold.

2005 through 2008 average price chart:

As compared to one year ago, the average sales price is holding steady much like the average sales price did all throughout 2007 did with 2006... but something has to give... and it looks as if it will be price. At this price level the only thing we have seen is a steep decline in sales in units which has to tell you that prices are too high in this market.

2005 through 2008 median price chart:


Sales prices in January of 2008 ranges from a low of $35,000 to a high of $375,000.

Average SFR statistics:

The average home sold in January had 3.04 bedrooms, 2 bathrooms, a 2.32 car garage, included 1,620 square feet of living space, and was built in 1997. The average hold sold for an average of $120 per square foot of living space.

It took an average of 146 days of marketing to attract a buyer to come to an agreement and a total of 175 days from the first day of marketing to the close of escrow.

Sellers reduced price $20,768 to attract a buyer on average from the first day of marketing, and conceded another $13,356 to the buyer in the transaction. The total average price concession for the homes sold in January was $34,124.

Bonus Charts:


More of the same... buyers winning... sellers losing. This chart represents lost time in addition to lost money. Pricing to the actual market is so important right now if sellers want to sell in a timely fashion.

A small bump for price per square foot of living space for units sold in January.

Well, one sale report down for 2008 and eleven more to go. I'd love to say that we have nowhere to go but up from here, but I'm just not comfortable making that kind of prediction. Check back in next month to see the results.