The Phillies begin their quest today for the World Series title. So pardon me ahead of time if my brain isn't totally focused on the Kingman real estate market in this report. The data mining is easy, it is just the writing today.
A couple of highlights (or lowlights, your mileage may vary) before we begin... foreclosure sales continue to lead the way attracting nearly half the new agreements last month, and compared in year over year, advertised average prices at the point of contract have fallen again 25%.
So lets get this disclaimer thing over with and begin before they throw out the first pitch...
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 October 1, total listings available for single family residence equals 585 (down from 631 on September1). The total number of units that are listed as 'foreclosure' listings is 76. The rate of new listings taken per day in September was 2.96. Compared to last years total listings available on the market are down by 20%.
There were 89 new listings taken in September (surprisingly down as compared to 127 in August). The total number of units listed as 'foreclosure' listings for September was 22. The average asking price for the new listings is $193,360 (up from last months $176,895). The median asking price is $149,450 (down from $160,000 previously). Newly listed units are down 35 units from last year and the average initial offering price dropped 11.3% as compared to September of 2007.
The average newly listed home in September has 3.11 bedrooms, 2.17 baths, a 1.9 car garage, with 1,656 square feet of living space and was built in 1994. The average asking price per square foot of living space is $116. Lastly, 16 of the new listings were actually re-listed either by the same or different broker. 10 units listed last month are already under contract and of those one had closed in September.
The original price of new listings last month was from $55,000 through $825,000.
Units under contract:
As of October 1 there are 86 total units under contract (up compared to the number of 74 last month). Of these, 41 were listed as 'foreclosure' sales.
54 units entered into contracts in the month of September (up a bit from the 48 the previous month). Of these, 25 units were listed as 'foreclosure' sales. The average asking price for homes that received contracts was $151,928 (up from $149,238 last month) and the median asking price for September was $125,000 (down some from the previous months $138,900 figure). Units entering contract are actually up from September of 2007 by 15 units and the average marketing price is down 25.2%.
The average home that went under contract in September has 3.11 bedrooms, 2.15 baths, a 1.8 car garage, with 1,541 square feet of living space, and was built in 1989. The average asking price per square foot of living space for listings that entered contract in September was $98. It was also priced $17,081 higher when it first was listed as compared to its current asking price (the average price reduction was $7,865 last month). The average marketing time to reach a contract was 104 days (from 79 last month).
The advertised price of units that entered contract was from $43,900 through $655,000.
Foreclosure sales putting huge price pressure on the market. Something had to lead the way. Finally.
Buyers do exist, but they have their own value proposition that doesn't meet with a ton of interference at the moment. The banks are supplying more offerings within the buyers value proposition. Let's hope something happens that forces banks to compete with more conventional sellers (you know human sellers) again soon.
Now... PLAY BALL!!