The first post of 2009 is a review of the last month in 2008, in terms of new listings and pending contracts. The anticipation might have been the reason why there was such a party last night... just let me think so, okay?? Alrighty then.
Before I forget... there is a guessing contest I'm running that asks you to guess what percentage has the single family average and median home price increased (don't guess in that direction... hint) or decreased in 2008. I'll have the answer in the year end wrap up sometime later this month. I still haven't determined the prizes, but I promise they will be cheap. Maybe even something homemade... who knows. Leave your guess in the comments or simply email me.
Now... on with the show after 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 January 1, total listings available for single family residence equals 514 (down from 569 on December 1). The total number of units that are listed as 'foreclosure' listings is 89. The rate of new listings taken per day in December was 2.8. Compared to last years total listings available on the market are down by 27.4%.
There were 86 new listings taken in December (fairly steady as compared to 84 in November). The total number of units listed as 'foreclosure' listings for December was 33. The average asking price for the new listings is $171,308 (down from last months $185,483). The median asking price is $124,550 (down from $129,000 previously). Newly listed units are up 21 units from last year and the average initial offering price dropped 15% as compared to December of 2007.
The average newly listed home in December has 3.12 bedrooms, 2.1 baths, a 2 car garage, with 1,660 square feet of living space and was built in 1994. The average asking price per square foot of living space is $103. Lastly, 14 of the new listings were actually re-listed either by the same or different broker. 11 units listed last month are already under contract and of those none had closed in December.
The original price of new listings last month was from $31,900 through $925,000.
Units under contract:
As of January 1 there are 71 total units under contract (up compared to the number of 62 last month). Of these, 33 were listed as 'foreclosure' sales.
46 units entered into contracts in the month of December (up from the 38 the previous month). Of these, 30 units were listed as 'foreclosure' sales. The average asking price for homes that received contracts was $125,725 (down from $130,848 last month) and the median asking price for December was $113,900 (down but steady from the previous months $114,900 figure). Units entering contract are actually up from December of 2007 by 21 units and the average marketing price is down 39%.
The average home that went under contract in December has 3.13 bedrooms, 2.1 baths, a 1.7 car garage, with 1,521 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 December was $82. It was also priced $13,951 higher when it first was listed as compared to its current asking price (the average price reduction was $19,742 last month). The average marketing time to reach a contract was 79 days (from 99 last month).
The advertised price of units that entered contract was from $47,900 through $354,900.
The numbers that jump out are found in the new contracts in December. 30 of the 46 new contracts were of the foreclosure variety. Total domination by the banks. Banks are reducing price in less volume of total dollars (priced close to right from the start) and are moving inventory much quicker. The big number of course is the drop in price from last year, units taking contracts did so while being advertised for 39% less than in December of 2007.
I'm sure plenty of us are somewhat glad that 2008 is now over. One of the silver linings of last year is the no doubt movement in prices. While many have called on sellers to price their listings to market even as far back in 2006, it was only when the foreclosures became prevalent the sellers responded. According to many, there will be many more foreclosures to come in 2009.
I can't state to what level prices will ultimately fall to, I simply do not know. Inventory numbers look better than they have since excess inventory became a real problem in the market, but we are still a long ways to find balance.
The local economy obviously is something to keep an eye on. The new hospital promises higher paying jobs and it might mean some new neighbors coming to town. A couple of steel mills and a mine offer some hope. Builders are still saying that it is cost prohibitive to build in Kingman because of development fees, if that gets tested (by the reduction of fees) and builders come through that could have a nice effect on the economy. If any kind of positive momentum starts to kick in this year... it will no doubt be the year of the buyer.
Happy New Year folks... cheers to you!!