A day late?? Yep. A dollar short?? Always.
The listing and pending numbers have slipped a bit in the 'bad' direction (inventory up and new pending contracts down a bit)... adding the foreclosure data last month gave the opportunity to break down the data a bit differently to see just how much of an impact these kinds of listings are having on the local market. In just the second month of mining foreclosure data you will see in this report dramatic changes.
Of course before we get to that... 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.
As of August 1, total listings available for single family residence equals 613 (back up from 594 on July 1). The total number of units that are listed as 'foreclosure' listings is 75. The rate of new listings taken per day in July was 4.2. Compared to last years total listings available on the market are down by 18.4%.
There were 130 new listings taken in July (up as compared to 109 in June). The total number of units listed as 'foreclosure' listings for July was 39. The average asking price for the new listings is $204,452 (down from last months $206,556). The median asking price is $165,000 (up a bit from $156,400 previously). Newly listed units are down just one unit from last year and the average initial offering price dropped 17.5% as compared to July of 2007.
The average newly listed home in July has 3.21 bedrooms, 2.2 baths, a 2 car garage, with 1,716 square feet of living space and was built in 1994. The average asking price per square foot of living space is $119. Lastly, 38 of the new listings were actually re-listed either by the same or different broker. 15 units listed last month are already under contract and of those none closed in July.
The original price of new listings last month was from $39,900 through $795,000.
Units under contract:
As of August 1 there are 88 total units under contract (down a couple compared to the number of 90 last month). Of these, 38 were listed as 'foreclosure' sales.
50 units entered into contracts in the month of July (down a few from the 53 the previous month). Of these, 27 units were listed as 'foreclosure' sales. The average asking price for homes that received contracts was $157,439 (down quite a bit from $190,165 last month) and the median asking price for July was $130,000 (down from the previous months $152,450 figure). Units entering contract are actually up from July of 2007 by one unit and the average marketing price is down 23%.
The average home that went under contract in July has 3.14 bedrooms, 2.1 baths, a 2.0 car garage, with 1,596 square feet of living space, and was built in 1994. The average asking price per square foot of living space for listings that entered contract in July was $97. It was also priced $14,256 higher when it first was listed as compared to its current asking price (the average price reduction was $13,972 last month). The average marketing time to reach a contract was 87 days (from 90 last month).
The advertised price of units that entered contract was from $39,000 through $380,000.
Inventory shot back up over 600 units again, but when you look closer at the possible reasons it is not a surprise. The 're-listed' new listings were up 21 units and the foreclosed listings were up 11 units as compared to the previous month. A noticeable change.
New contracts seem to be remaining steady so far this summer but the foreclosed listings have the momentum and are seeing much more action. This no doubt is leading to the downward pressure on price. I'm hearing through the 'grapevine' that some listings are getting multiple offers and that could be true for the most aggressively priced homes on the market. I have not actually had a multiple offer situation as of yet so I can't validate things heard from other professionals. However, it does seem logical that buyers will respond to what appears to them as being a 'good deal' in terms of price. The homes getting contracts are doing so in less time on average over the last few months.
Price is still the main factor (shocking as it may seem). Supply... meet demand... uh... demand... where did you go??
I suspect that total sales will be lower than they were last year at this time, I'll know for sure when I run the numbers sometime next week.