Production numbers fell again to a new low since I've been tracking this data in 2004. Average sales price tumbled below any number posted in 2006 and 2007, very soon it looks as if this number will align with 2005 numbers or even drop back down below that to 2004 levels. The only hope appears to be the stronger numbers of units under contract I reported on in the last two listing reports, here and here.
The charts will do most of the explaining, 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:
It has been a very long time that this chart symbolized a 'pretty picture' where there was some semblance of balance between new listings and sold production. The longer this picture looks the same, the longer the market will likely suffer.
Average listings and sales averages chart:
This chart remains a mess, but clearly states that buyer's can take their time to get the best deal... whenever they feel that may be.
2005 through 2008 unit sales chart:
Place your bets... will next months unit sales end up above the orange line representing weak 2007 numbers??
2005 through 2008 average price chart:
February's average sales price is lower than the average sales price we saw in July 2005, so pretty safe to say that the market is back to 2005 levels.
2005 through 2008 median price chart:
More of the same. The price range of successful closings in February was $98,900 on the low to $319,900 on the high.
Average SFR statistics:
The average home sold in February had 3 bedrooms, 1.9 bathrooms, a 2 car garage, included 1,593 square feet of living space, and was built in 1990. The average hold sold for an average of $111 per square foot of living space.
It took an average of 84 days of marketing to attract a buyer to come to an agreement and a total of 117 days from the first day of marketing to the close of escrow. These numbers are improved from the prior month as almost half of the closed listings received a contract within a month.
Sellers reduced price $13,820 to attract a buyer on average from the first day of marketing, and conceded another $7,970 to the buyer in the transaction. The total average price concession for the homes sold in February was $21,790. These figures also dropped quite a bit, but keep in mind that the original listing price for these listings was below $200,000 dollars for the first time in a long time. The previous 6 months original list price was between $217,000 and $249,000... there just wasn't as much room to drop prices to reflect the current sales threshold.
Sales price per livable square foot continues a consistent slide.
Here you will see what I spoke about earlier. While the numbers look like they are coming down, nearly half the closed listings last month went under contract in less than a month. Probably meaning that nearly half were listed with an attractive list price from day one. If that continues then I suspect we will see these numbers improve.
Well, let me know what you think. There is plenty of data with plenty of trends identified. Tell me where all this goes next. I won't hold you to your predictions as there are many variables at play including; what is happening politically at the federal level, the state level, and even the local level. Some are saying the bottom of the market has appeared, while many more seem to indicate that we are in for an even rougher ride.
I am interested in the month of March for many reasons, it is my hope that we will see a new 'march' towards something better... both for the real estate market... and for better community leadership with the results of the local primary election.
See you next time.