Wednesday, April 01, 2009

March Listings Report (2009)

This months listing report comes from snowy Minnesota. All the data points are included but not as much time to comment on the data.

Some big changes for the numbers for March. You'll see below that in terms of putting single family homes under contract, this last March is the new record holder by my historical data I've been collecting since 2006 (I didn't collect and keep 'pending contract' information until 2006). This number is big and it was fueled by the fact that 31 of the 88 new contracts were written on new listings taken in March.

So activity is up. What is the catch??

Prices are down. New listing prices are off from the previous month a noticeable amount, but the significant change in prices were on the new contracts written in March. Be sure to closely look at the price figures in the tables below.

While I'm not the sort of Realtor that is going to crow that "now is the best time to buy", but if you have saved up some down payment money and have good credit... now is a fine time to see if you can get the deal on a property that makes sense to you. The data I'm following and reporting on looks as good as ever when you include prices and activity.

Getting a strong feeling that 2009 will be a busy year. Here comes 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 March 2009

As of April 1 Total Listings on Market
Item Total Units
Previous Month
Total Listings On Market
482 510
Total Listings Listed as Foreclosed
63 66

New Listing Data
Item Month of March Previous Month
New Listings Total
114 104
New Listings Listed as Foreclosed
44 33
Average Asking Price Per Unit
$156,035 $169,214
Median Asking Price
$129,900 $135,150
Average Asking Price Per Square Foot
$97 $102
Units Re-Listed
Units Already Under Contract

New Listing House Data
Item Month of March Previous Month
Living Area Square Footage
1,612 1,649
Bedrooms 3.09 3.16
Bathrooms 2.06 2.1
Year Built

Price Range of New Listings in March
Item Lowest Highest

The average asking price per square foot broke the $100 barrier. Again, sellers hitting the market have broken the barrier that both sales and new contracts have months ago. Sellers are responding... and being led down the path by the foreclosures (which have been listed on average for less than $100 a square foot for months).

Total listings fell even though new listings for March increased from the previous month. The number that jumped out at me was the 31 new contracts taken on 114 new listings in March. Thats a pretty good clip.

Data tables for all new Units under contract tracked in the month of March 2008

As of April 1 Total Units Under Contract
Item Total Units
Previous Month
Total Units Under Contract
125 106
Total Contracts Listed as Foreclosed
62 55

Units Under Contract Data
Item Month of March Previous Month
New Contracts Total
88 62
New Contracts Listed as Foreclosed
47 34
Average Marketing Price Per Unit
$109,682 $137,313
Median Marketing Price
$102,125 $119,500
Average Marketing Price Per Square Foot
$73 $86
Days on Market to Acquire a Contract
Average Marketing Price Reduction

New Units Under Contract House Data
Item Month of March Previous Month
Living Area Square Footage
1,496 1,586
Bedrooms 3.08 3.05
Bathrooms 2 2.1
Year Built

Price Range of New Pending Contracts in March
Item Lowest Highest

Foreclosures are still leading the way and making the dramatic impacts on the numbers of new contracts taken last month. The average price drop is significant and keep in mind that the figure represents the average marketing price of the properties under contract... these properties likely conceded even more in the negotiations and we won't know those final numbers until they are posted on the sales reports once they close escrow. The price drop was huge but if I take just the foreclosed data the new contract average marketing price for March was $96,092... five figure days are back for single family homes, en masse.

Year over year data listings/pending contracts

unit/dollar amount
Total Listings DOWN161
New Listings in March
Average Price per New Listing
Median List Price

Pending Contracts
ItemUP/DOWNunit/dollar amountPercentage
Total Pending Contracts UP
New Contracts for MarchUP32
Average Marketing Price per Unit
Median Marketing Price DOWN$67,775

If you are outside looking in, this year looks much better than last year. Listing units down, listing prices down. New contracts up, new contract prices way down.

Sellers and potential sellers... obviously prices have dropped significantly and it is likely that this price drop has eaten away any equitable position you might have had on your home. You are not alone, Realtors are not immune to this problem either. You might consider a short sale if you have to sell. Contact me for more information.

Lastly, I know it is Tea Party day in Kingman today. I wish I could be there but this trip was scheduled before I knew about the Tea Party event. I'm there in spirit. Give 'em heck folks (just don't be the crazies like the protesters at the G20).

See you next month.

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