So much for the first quarter of the year... it is over... already!! Time is flying by and hopefully flying us in to a better selling season for single family homes in Kingman than we saw last year.
I'll be comparing figures from the previous month, but starting with this report I'll also include comparisons to the previous year.
The disclaimer and away we go...
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 643 (up just a bit from 632 on March 1). The rate of new listings taken per day in March was 4.1. Compared to last years total listings available on the market are down 9.9%.
There were 127 new listings taken in March (back up as compared to 94 in February). The average asking price for the new listings is $206,106 (down from last months $211,721). The median asking price is $162,000 (also down from $165,000 previously). Newly listed units are down 15% from last year and the average sales price dropped 20% as compared to March of 2007.
The average newly listed home in March has 3.13 bedrooms, 2.2 baths, a 2.1 car garage, with 1,643 square feet of living space and was built in 1996. The average asking price per square foot of living space is $125. Lastly, 17 of the new listings were actually re-listed either by the same or different broker. 7 units are already under contract and 1 already closed.
The original price of new listings this month was from $57,000 through $654,500.
Units under contract:
As of today there are 104 total units under contract (holding steady compared to the number of 102 last month).
45 units entered into contracts in the month of March (basically the same as compared to 46 the previous month). The average asking price for homes that received contracts was $197,800 (up some from $176,235 last month) and the median asking price for March was $162,450 (up from the previous months $149,000 figure). Units entering contract are off from March of 2007 by 18% and the average marketing price is also down 4.7%.
The average home that went under contract in March has 3.09 bedrooms, 2 baths, a 2.178 car garage, with 1,704 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 $116. It was also priced $18,861 higher when it first was listed as compared to its current asking price (the average price reduction was $20,308 last month). The average marketing time to reach a contract was 104 days (from 141 last month).
The advertised price of units that entered contract was from $69,900 through $675,000.
Conclusions:
The rate of listing entering contract has remained steady the last two months, but the numbers are way down from the previous year. The up tick in new listing activity was not something that I wanted to see, but the average asking price has at least slipped so I think sellers are finally understanding where they need to set prices at to attract buyers. I'm not saying they are there yet, but at least on the right track.
Even though the average and the median price rose as compared to last month for units under contract, sellers still had to concede a large amount of money... and probably even more concessions in the agreement. I expect to see the final sales numbers for March continue to show increases in price concessions. Don't be surprised to find the average and the median sales price to be very close to the figures from March... of 2005.
So the first quarter is complete now. While I hate to predict the future I am starting to believe that we will see more total sales in units in 2008 as compared to 2007, but the prices will continue to slide back into the way-back machine. Buyers could start a run (albeit a slow jog) this year as each buyer has a different threshold they want to see before buying. Inventory of available listings is still way too high and won't be helped by the many foreclosures that this market will continue to see throughout this year.
Where is the bottom?? You tell me. I still feel as if a parachute is needed to safeguard against the fall.
Till the sales report... happy selling.
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