You mean October is over already?? Gosh, seems like last month flew by. Well, it probably did for me since I spent most of the month watching baseball (and loving every minute of it this time around).
Well... back to reality... back to numbers that just aren't moving around all that much. At least not to the degree that signifies any real 'change'... nothing that we might have 'hoped' for (like the hope and change mantra?? There is a national election next week don't cha' know... my friends).
So let's get right to it... after the disclaimer of course...
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 November 1, total listings available for single family residence equals 592 (up a tad from 585 on October1). The total number of units that are listed as 'foreclosure' listings is 87. The rate of new listings taken per day in October was 3.22. Compared to last years total listings available on the market are down by 18.1%.
There were 100 new listings taken in October (up a bit as compared to 89 in September). The total number of units listed as 'foreclosure' listings for October was 29. The average asking price for the new listings is $201,437 (up from last months $193,360). The median asking price is $151,900 (up from $149,450 previously). Newly listed units are down 12 units from last year and the average initial offering price dropped 15.9% as compared to October of 2007.
The average newly listed home in October has 3.17 bedrooms, 2.15 baths, a 2.09 car garage, with 1,685 square feet of living space and was built in 1995. The average asking price per square foot of living space is $120. Lastly, 16 of the new listings were actually re-listed either by the same or different broker. 4 units listed last month are already under contract and of those one had closed in October.
The original price of new listings last month was from $59,900 through $1,200,000.
Units under contract:
As of November 1 there are 75 total units under contract (down compared to the number of 86 last month). Of these, 28 were listed as 'foreclosure' sales.
47 units entered into contracts in the month of October (off from the 54 the previous month). Of these, 18 units were listed as 'foreclosure' sales. The average asking price for homes that received contracts was $164,844 (up from $151,928 last month) and the median asking price for October was $134,200 (up a little from the previous months $138,900 figure). Units entering contract are actually up from October of 2007 by 17 units and the average marketing price is down 16.2%.
The average home that went under contract in October has 3.28 bedrooms, 2.21 baths, a 1.85 car garage, with 1,761 square feet of living space, and was built in 1991. The average asking price per square foot of living space for listings that entered contract in October was $94. It was also priced $14,753 higher when it first was listed as compared to its current asking price (the average price reduction was $17,081 last month). The average marketing time to reach a contract was 125 days (from 104 last month).
The advertised price of units that entered contract was from $39,000 through $599,900.
Conclusions:
Inventory levels seemed to have moved towards a friendly trend. Starting in February, each month saw lower amounts of units listed for sale than the previous year. No, this does not solve the inventory issue but the trend is clear, there are less units being listed for sale than at the high point since I've been tracking this data. I realize that the total units listed figure is up slightly over the number last month, but compared to last year the number is better and has been in every month this year except for January.
Also, the average price reported for the new listings is skewed a bit by two new listings that have an asking price over $850,000 (the other is the $1,200,000 listing). If it wasn't for those two listings the average asking price would have been lower than the previous month.
The foreclosure market did not have as good of a month as prior, that inventory is swelling a bit and conventional sellers made some ground on the banks in terms of attracting offers in October. Banks still have the better ratio of success in relation to contracts against listings though.
I'd say that this report is decent news for sellers, at best. If sellers take a long look at the under contract data figures, I think if they can be just a bit more aggressive on price then they'd see more activity. Buyers are starting to pay closer attention to price levels. The buyers still have the upper hand as foreclosures continue to hit the market. But in a month where conventional sellers did fairly well, the writing is on the wall. Lather, rinse, repeat.
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