February Listings Report (2008)

I think I just heard a faint... real faint... heartbeat. Let's see what you think after reading this listing report for last month.

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 632 (down just a bit from 638 on February 1). The rate of new listings taken per day in February was 3.24.

There were 94 new listings taken in February (back down as compared to 114 in January). The average asking price for the new listings is $211,721 (down from last months $224,010). The median asking price is $165,000 (also back down significantly from $199,000 previously).

The average newly listed home has 2.95 bedrooms, 2 baths, a 1.9 car garage, with 1,584 square feet of living space and was built in 1991. The average asking price per square foot of living space is $134. Lastly, 10 of the new listings were actually re-listed either by the same or different broker.

Units under contract:

As of today there are 102 total units under contract (nice improvement from the number of 77 last month).

46 units entered into contracts in the month of February (up as compared to 30 the previous month). The average asking price for homes that received contracts was $176,235 (up some from $164,668 last month) and the median asking price for February was $149,000 (the exact same the previous months $149,000 figure).

The average home that went under contract in February has 3.22 bedrooms, 2 baths, a 1.739 car garage, with 1,591 square feet of living space, and was built in 1992. The average asking price per square foot of living space for listings that entered contract this month is $111. It was also priced $20,308 higher when it first was listed as compared to its current asking price (the average price reduction was $14,558 last month). The average marketing time to reach a contract was 141 days (from 92 last month).

Conclusions:

It is encouraging to see the amount of homes that entered contract rise back up to the same number we saw in August of last year (with two less days in the month even). Looking back to the previous February though and we are still off by 2 units (with one more day this year). Also important to note is the average price of a listing that took a contract last year was priced $26,477 dollars higher than this years figure. So for sellers, it's a bit of good news and bad news.

The other thing that I see is that even though another 94 new listings hit the market, the overall number of listings is basically the same. This most likely means that wish-to-be sellers are dropping out of the market.

The increase of the number of units that took a contract in February has me hoping that there is some life left in this current market. I would love to see that number continue to build as we approach what normally is the best time of the year for home sales (spring and summer months).

Way too early to hang our hats on anything as of yet.

See ya next time... and don't forget to vote on March 11th. In fact... why wait?? Head on down to the county building and vote right now. If you can make time to do that you won't face the whatever your schedule throws at you on the 11th. Kingman needs your voice now more than ever!!