Instead of a preview of the data we'll just skip ahead... 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 and sales in units chart:
Nothing new to report on this month... either. These lines need to intersect in a bad way. Not sure if that will happen in this new year though. Many are still reporting that there are still loads more of foreclosures set to hit the market in the coming months.
Average listings and sales averages chart:
I look back a few months and I see plenty of larger traditional seller type of housing hitting the market. Units with an asking price well over $300,000... and I think that is skewing the listing average to some degree. The larger homes are not selling at the same rate that the smaller homes and foreclosures are so it may take some time before these lines on the chart get closer.
2005 through 2008 unit sales chart:
You might notice that the 'pink' line representing 2005 is no longer included on this chart. I'm going with the color 'green' for this year. January 2009 outperformed 2007 (by one sale) and 2008. I'll temper the enthusiasm since I know that it is the foreclosure market pulling the numbers but as long as prices continue to get dragged down, more sales activity is likely this year.
2005 through 2008 average price chart:
The average sales price of a single family home in Kingman fell by 35% as compared to this time last year.
2005 through 2008 median price chart:
The median price fell 31% compared to last years median price.
Final sales prices in January ranged from $17,000 to $345,000.
Average SFR statistics:
Data tables for all sales tracked in January 2009
|Item||Jan. '09 |
|Average Price per Unit Sold||$125,140|
|Median Price per Unit Sold||$108,500|
|Average Price per Square Foot||$82|
|Ave Living Space per Square Foot||1,520|
|Days on Market to Contract||92|
|Days on Market to Close||131|
|Price Reductions on Market||$14,892|
|Negotiated Price Concessions||$7,821|
|Total Price Concessions||$22,713|
|Total Percent Conceded||15.36%|
I have been getting email requests to break out the numbers between traditional vs bank owned sales for the last few months. So the table below will be used as the foreclosure impact part of this report for at least until the foreclosure, or bank owned, sales are not having the sort of impact they are on the market. This should offer some interesting data and I may end up tracking this to put in a quarterly or semi-annual report.
Traditional Seller vs. Bank Owned sales comparison for January 2009
|Item||Traditional Seller ||Bank Owned|
|Total Units Sold in Month||19||22|
|Average Price per Unit Sold||$144,971||$108,014|
|Median Price per Unit Sold||$115,250||$102,000|
|Average Price per Square Foot||$97||$70|
|Item||Traditional Seller||Bank Owned|
|Ave Living Space per Square Foot||1,493||1,544|
|Item||Traditional Seller||Bank Owned|
|Days on Market to Contract||124||67|
|Days on Market to Close||168||99|
|Price Reductions on Market||$14,605||$15,140|
|Negotiated Price Concessions||$9,123||$6,696|
|Total Price Concessions||$23,729||$21,836|
|Total Percent Conceded||14%||17%|
As you can plainly see banks offered lower prices, slightly larger, newer homes while willing to concede a similar percentage of dollars in negotiations as their traditional counterparts. It took nearly twice as long for traditional sellers to attract a buyer in a contract. Traditional sellers should still expect a premium compared to bank owned properties and this comparison might help shed some light on the competition between traditional sellers have going among themselves.
If you are a buyer and are interested in perhaps buying a bank owned home, there is a bit more pressure being put on by other buyers for this listing. I would recommend aggressive negotiation with the banks as it appears they are still willing to give in to similar concessions.
If you are on the sidelines thinking of listing you do need to make your best guess as to where the prices will be in six months from now to help decide if it is even affordable to attempt to sell. The lower you can make your initial offering price now will likely lead to more interest from buyers, and clearly there are buyers out there... just not all that many.
No conclusions this month. I hope the new tables are helpful. Please comment or email me for anything that might help improve these reports. Have a great month... I'm off to buy a snow shovel!!
I'm kidding about the snow shovel, of course, anyway I'll leave you with our office snowman from yesterday.