June Listings Report (2008)

I present you the listings report with a twist this month. Look for raw foreclosure data mixed in with the more normal sets of data. I've been getting plenty of phone calls and emails from readers that want that kind of information... so it is simply better just to share. A few extra mouse clicks for me, but well worth it in the ongoing effort to bring the best content possible to the great readers here at MOCO.

On to the report... but first... yeah you know so say it with me... 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 594 (down 2 units from 596 on June 1). The total number of units that are listed as 'foreclosure' listings is 66. The rate of new listings taken per day in June was 3.6. Compared to last years total listings available on the market are down 20.9%.

There were 109 new listings taken in June (down as compared to 118 in May). The total number of units listed as 'foreclosure' listings for June was 28. The average asking price for the new listings is $206,556 (down from last months $213,108). The median asking price is $156,400 (sharply down from $189,000 previously). Newly listed units are down 17.4% from last year and the average initial offering price dropped 16.6% as compared to June of 2007.

The average newly listed home in June has 3.13 bedrooms, 2.07 baths, a 1.7 car garage, with 1,700 square feet of living space and was built in 1991. The average asking price per square foot of living space is $121. Lastly, 17 of the new listings were actually re-listed either by the same or different broker. 9 units listed last month are already under contract and 1 already closed.

The original price of new listings last month was from $69,900 through $650,000*.

* please note, there was a new listing with price tag of $2.9 million dollars entered into the system for June. I removed that listing to run the numbers because it would have skewed the average listing price upwards by nearly $30,000. Plus, I feel the property is hard to comp, I mean how many other homes are on top of the mountains and include its own private lake??

Units under contract:

As of today there are 90 total units under contract (up a few compared to the number of 87 last month). Of these, 25 were listed as 'foreclosure' sales.

53 units entered into contracts in the month of June (no change, the same as the 53 the previous month). Of these, 17 units were listed as 'foreclosure' sales. The average asking price for homes that received contracts was $190,165 (up from $176,582 last month) and the median asking price for June was $152,450 (up a little from the previous months $149,900 figure). Units entering contract are actually up from June of 2007 by 8.16% and the average marketing price is down 7%.

The average home that went under contract in June has 3.17 bedrooms, 2.17 baths, a 2.0 car garage, with 1,680 square feet of living space, and was built in 1995. The average asking price per square foot of living space for listings that entered contract this month is $113. It was also priced $13,972 higher when it first was listed as compared to its current asking price (the average price reduction was $15,496 last month). The average marketing time to reach a contract was 90 days (from 116 last month).

The advertised price of units that entered contract was from $67,500 through $539,000.

Conclusions:

Still a challenging situation for the market, even though some numbers are getting slightly better. But I think considering the foreclosure data reveals significance.

First off 42% of all 'foreclosure' listings were put into the system last month alone. Couple that with 'foreclosures' nabbing more than one out of four units as newly listed right now and the figures are most interesting. Even for the month units listed as 'foreclosures' basically took one out of three contracts for the month. Oh... I'd say the heat is on.

Foreclosure sales will have a huge impact on our market and this might just be the beginning.

If it wasn't for the foreclosures, the good news this months would have been far less new listings coming from folks that are considered home owners, i.e. residents. Inventory levels seem to be holding steady right now even with the influx of foreclosure listings.

An early look at sales from last month shows that unit sales will be very close to what they were last year and the average sales level will be close to 2005 levels. We'll see that report next week some time. Until then, have a great day!!