The data may surprise you a bit, especially in the year over year category. If you can recall, last year at this time was absolutely terrible on the data front in terms of housing in Kingman.
I hope you like the new format, and for whichever team you call yours today in the big game I say good luck and fortune to you. I might even throw in my prediction at the end. But first 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.
Data tables for all new listings tracked in the month of January 2009
| Item | Total Units | Previous Month |
|---|---|---|
| Total Listings On Market | 498 | 514 |
| Total Listings Listed as Foreclosed | 68 | 89 |
| Item | Month of January | Previous Month |
|---|---|---|
| New Listings Total | 90 | 86 |
| New Listings Listed as Foreclosed | 22 | 33 |
| Average Asking Price Per Unit | $175,140 | $171,308 |
| Median Asking Price | $134,900 | $124,550 |
| Average Asking Price Per Square Foot | $105 | $103 |
| Units Re-Listed | 18 | 14 |
| Units Already Under Contract | 10 | 11 |
| Item | Month of January | Previous Month |
|---|---|---|
| Living Area Square Footage | 1,665 | 1,660 |
| Bedrooms | 3.02 | 3.12 |
| Bathrooms | 2.06 | 2.1 |
| Garage | 1.73 | 2.0 |
| Year Built | 1989 | 1994 |
| Item | Lowest | Highest |
| Listings | $39,900 | $895,000 |
Here we are comparing data on listings taken in January 2009 and including the data from the previous month for comparison. The average and median asking prices ticked upwards, but there were 12 new listings that carry a price tag north of $300,000 that skewed the pricing figures. No real out of the ordinary changes on listings this month to note other than perhaps the foreclosed listings were 11 short compared to December.
Data tables for all new Units under contract tracked in the month of January 2008
| Item | Total Units | Previous Month |
|---|---|---|
| Total Units Under Contract | 88 | 71 |
| Total Contracts Listed as Foreclosed | 45 | 33 |
| Item | Month of January | Previous Month |
|---|---|---|
| New Contracts Total | 55 | 46 |
| New Contracts Listed as Foreclosed | 31 | 30 |
| Average Marketing Price Per Unit | $131,448 | $125,725 |
| Median Marketing Price | $104,950 | $113,900 |
| Average Marketing Price Per Square Foot | $83 | $82 |
| Days on Market to Acquire a Contract | 111 | 79 |
| Average Marketing Price Reduction | $17,134 | $13,951 |
| Item | Month of January | Previous Month |
|---|---|---|
| Living Area Square Footage | 1,589 | 1,521 |
| Bedrooms | 3.15 | 3.13 |
| Bathrooms | 2.1 | 2.1 |
| Garage | 1.76 | 1.7 |
| Year Built | 1994 | 1995 |
| Item | Lowest | Highest |
| Listings | $24,380 | $349,900 |
Again the table above compares the pending contracts taken in January 2009 to the previous month. Here the surprise, to me, was the jump in new contracts. While not a huge jump, the units listed as foreclosed stayed at the same basic level and the traditional sellers made up some ground. Good news for those sellers.
Year over year data listings/pending contracts
| Item | UP/DOWN | unit/dollar amount | Percentage |
|---|---|---|---|
| Total Listings | DOWN | 140 | (22%) |
| New Listings in January | DOWN | 24 | (21%) |
| Average Price per New Listing | DOWN | $48,870 | (22%) |
| Median List Price | DOWN | $64,100 | (32%) |
| Item | UP/DOWN | unit/dollar amount | Percentage |
|---|---|---|---|
| Total Pending Contracts | UP | 11 | 14% |
| New Contracts for January | UP | 25 | 83.3% |
| Average Marketing Price per Unit | DOWN | $33,220 | (20%) |
| Median Marketing Price | DOWN | $44,050 | (30%) |
The tables above compare conditions this year vs. the same month last year. Obviously the number that jumps out is the percentage increase of new contracts in January '09 compared to the previous year. As I said earlier, last year at this time was a very dark time for this market. As to what led to the change this year?? I believe the answer is that foreclosed properties have led the way and mostly due to the pressure those listings have put on prices. As homes and property market values decline, more buyers see an affordable opportunity to purchase. It is really no secret. It is the market, and it is working the way it should.
Conclusions:
Slowly the total inventory of listings is coming down, but I believe that has more to do with attrition (sellers giving up) than it has with successful sales. The level of new listings hitting the market is down quite a bit from where it once was a couple of years ago, but the pace of sales is off at a greater percentage. However, because prices have crumbled there is at least some established pace of sales. If the listing pace continues the same this year, and the sales pace increases to higher levels there may be good chance that a real bottom of the market appears.
Predictions:
As you know, I don't do a ton of predicting on real estate markets. I share feelings based on what the current data tells me, but in the end my crystal ball is cracked and I deem it unreliable.
But today's prediction is for a football game.
My heart says one thing, but my head says another. The Cards beat my beloved Eagles a couple of weeks ago. Usually I end up hating the team that triumphs over mine, but my heart won't let me this time. So today I do pull for the Cardinals to win and would love to see the local team do well. Besides, I have a really difficult time rooting for the yinzers from western PA to do well in anything sports related.
However, the Cardinals will have to establish the run early and beat the blitz the way they did against the Eagles. The right plays will have to be called each and every time. The Steelers are, in my opinion, the toughest team in the league. A team full of tough guys. I just don't see the Cards establishing the run to set up play action or to make the secondary continually guess. The QB for the Steelers has always impressed me on third down. He finds a way to continue drives, and I see him doing that today.
I see this game as a dreary imposition of will, the Steelers will be the imposer. Final score 34 -13 for the yinzers.
Cardinal fans, please don't hate. One thing that I am aware of is the fact that I am rarely ever correct on sporting event predictions. Sports Books in Vegas were known to stay open longer if I was on the property back in the day, just in case I wanted to donate.
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