August Listings Report (2008)

Late again with the listings report, my bad. I just figured most of you were takin' it easy enjoying the holiday weekend as best as you could. I had one email this morning from a reader who was looking forward to reading this months report yesterday. So without further ado...

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:

As of September 1, total listings available for single family residence equals 631 (up from 613 on August1). The total number of units that are listed as 'foreclosure' listings is 82. The rate of new listings taken per day in August was 4.1. Compared to last years total listings available on the market are down by 15%.

There were 127 new listings taken in August (basically the same as compared to 130 in July). The total number of units listed as 'foreclosure' listings for August was 34. The average asking price for the new listings is $176,895 (down from last months $204,452). The median asking price is $160,000 (down a bit from $165,000 previously). Newly listed units are up 12 units from last year and the average initial offering price dropped 23.6% as compared to August of 2007.

The average newly listed home in August has 3.13 bedrooms, 2.07 baths, a 1.75 car garage, with 1,619 square feet of living space and was built in 1990. The average asking price per square foot of living space is $109. Lastly, 23 of the new listings were actually re-listed either by the same or different broker. 12 units listed last month are already under contract and of those one had closed in August.

The original price of new listings last month was from $48,500 through $599,000.

Units under contract:

As of September 1 there are 74 total units under contract (down compared to the number of 88 last month). Of these, 34 were listed as 'foreclosure' sales.

48 units entered into contracts in the month of August (down a couple from the 50 the previous month). Of these, 22 units were listed as 'foreclosure' sales. The average asking price for homes that received contracts was $149,238 (down from $157,439 last month) and the median asking price for August was $138,900 (up some from the previous months $130,000 figure). Units entering contract are actually up from August of 2007 by two units and the average marketing price is down 26.4%.

The average home that went under contract in August has 3.02 bedrooms, 2.06 baths, a 1.77 car garage, with 1,544 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 in August was $96. It was also priced $7,865 higher when it first was listed as compared to its current asking price (the average price reduction was $14,256 last month). The average marketing time to reach a contract was 79 days (from 87 last month).

The advertised price of units that entered contract was from $50,000 through $299,900.

Conclusions:

Just a few notes this month... data figures jumped around.

1) Inventory levels are increasing again, but slowly... even with the new foreclosure's. Of course the number increasing is not good news, but the inventory level is much better than it was last year at this time.

2) The new listings entered the market with the most noticeable price drop that I have ever reported. The average price for the new listings in basically in line with the average sold price of homes in this market for the first six months of this year.

3) One in five new listings is listed as a foreclosed home. Practically one out of two units that agreed to a contact last month were listed as a foreclosed home.

Will be interesting to see if the new aggressive price offerings help to bring out more buyers in this market. Be sure to check back later this month for the sales report for August, and of course early next month for the next installment of the listings report.