Have you caught Stanley Cup fever yet?? I sure have and my beloved Flyers are pleasantly surprising me and exceeding whatever expectations I may have had. Oh... wait a minute, this is the listings report for last month... my bad.
Sure I could bore you with goaltender stats, faceoff winning percentage's, fighting major's, and the like... but you want housing market information. Fine.
April... not bad, still too many listings hitting the market but I think you'll see some bits of good news out of what still is a bleak local market for sellers.
First, as always... 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:
Today total listings available for single family residence equals 633 (down just a bit from 643 on April 1). The rate of new listings taken per day in April was 4.17. Compared to last years total listings available on the market are down 11.3%.
There were 125 new listings taken in April (pretty much the same as compared to 127 in March). The average asking price for the new listings is $199,847 (down from last months $206,106). The median asking price is $164,250 (fairly steady from $162,000 previously). Newly listed units are down 4.6% from last year and the average initial offering price dropped 23.5% as compared to April of 2007.
The average newly listed home in April has 3.1 bedrooms, 2.11 baths, a 1.864 car garage, with 1,654 square feet of living space and was built in 1993. The average asking price per square foot of living space is $121. Lastly, 16 of the new listings were actually re-listed either by the same or different broker. 8 units listed last month are already under contract and 1 already closed.
The original price of new listings last month was from $32,500 through $949,999.
Units under contract:
As of today there are 117 total units under contract (up a good amount compared to the number of 104 last month).
56 units entered into contracts in the month of April (a nice increase as compared to 45 the previous month). The average asking price for homes that received contracts was $188,689 (down from $197,800 last month) and the median asking price for April was $169,900 (up from the previous months $162,450 figure). Units entering contract are up from April of 2007 by 5% though the average marketing price is down 9%.
The average home that went under contract in April has 3.11 bedrooms, 2 baths, a 1.946 car garage, with 1,646 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 $115. It was also priced $15,439 higher when it first was listed as compared to its current asking price (the average price reduction was $18,861 last month). The average marketing time to reach a contract was 235 days (from 104 last month).
The advertised price of units that entered contract was from $32,500 through $552,000.
Conclusions:
I decided to write the down the 'goods' and the 'bads' of this report, and the 'goods' list was much longer than the 'bads'. However, the bad news trumps quite a bit of the good news in my opinion.
What was 'good'?? Well inventory is down 11.3% from last year comparing year over year. The average initial offering price was below the $200,000 threshold for the first time in a long time, so it seems sellers are getting the message to some degree. The number of new contracts for the month is heading in the right direction after historic lows just a few months ago.
What is so 'bad' that is trumps some of the 'good' news?? Well, in my opinion, there is still way too many sellers entering the market. The ratio of new listings to new contracts per day is 4.17 to 1.87... balance will only be achieved when that ratio narrows a lot and actually favors the new contracts over the new listings. There is still very little pressure on buyers as evidenced by the data. I expect to see continued drops in pricing levels.
But hey... the Flyers are up 3 games to 1 against the top ranked team in the Eastern Conference... so I have that going for me.
Will there be better data later on this month when I post the sales report?? Will the data improve again when the next listing report is ready on June 1?? Will the Flyers still be in the hunt for the Stanley Cup?? Those questions and others will be answered next time you check back in for the next installment of the MOCO Real listing and sales reports.
Until then, keep on mucking and grinding (hockey terms).
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