Friday, May 01, 2009

April Listings Report (2009)

Welcome to the month of May (already??). So far this year I've been looking forward to these listing and pending reports because of the clear indication of increased activity in the local housing market. Things are steady in this report as compared to the prior month and that actually is a good thing. New pending contracts continue at a decent clip, especially compared to last year, and inventory continues to fall modestly.

All the highs and lows (and the slight differences) are included in the tables below so lets take a look, 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.

Data tables for all new listings tracked in the month of April 2009

As of May 1 Total Listings on Market
Item Total Units
Previous Month
Total Listings On Market
451 482
Total Listings Listed as Foreclosed
62 63

New Listing Data
Item Month of April Previous Month
New Listings Total
112 114
New Listings Listed as Foreclosed
41 44
Average Asking Price Per Unit
$161,142 $156,035
Median Asking Price
$129,900 $129,900
Average Asking Price Per Square Foot
$97 $97
Units Re-Listed
Units Already Under Contract

New Listing House Data
Item Month of April
Previous Month
Living Area Square Footage
1,663 1,612
Bedrooms 3.05 3.09
Bathrooms 2.04 2.06
Year Built

Price Range of New Listings in April
Item Lowest Highest

Like I said, not much of a change as compared to the previous month on the listings front. And the highlight is 31 less listings available on the market. Winning the small battles in times like these is better than losing them.

Data tables for all new Units under contract tracked in the month of April 2009

As of May 1 Total Units Under Contract
Item Total Units
Previous Month
Total Units Under Contract
150 125
Total Contracts Listed as Foreclosed
67 62

Units Under Contract Data
Item Month of April Previous Month
New Contracts Total
85 88
New Contracts Listed as Foreclosed
41 47
Average Marketing Price Per Unit
$121,881 $109,682
Median Marketing Price
$99,233 $102,125
Average Marketing Price Per Square Foot
$79 $73
Days on Market to Acquire a Contract
Average Marketing Price Reduction

New Units Under Contract House Data
Item Month of April Previous Month
Living Area Square Footage
1,522 1,496
Bedrooms 3.01 3.08
Bathrooms 2 2
Year Built

Price Range of New Pending Contracts in April
Item Lowest Highest

Well chalk one up for the human sellers last month as they outpaced foreclosures in attracting more total contracts for the month (albeit only by a slim margin). You'll notice that the average marketing price per unit increased last month, yet the median figure dropped into the five figure range. Half of the contracts written in April were for homes advertised with prices less than $100,000 dollars. With the low interest rates still available, homes are becoming very affordable. Hopefully this lasts throughout this year and folks can take advantage.

Buyers are still attracted to the best priced properties, sellers please take note.

Year over year data listings/pending contracts

unit/dollar amount
Total Listings DOWN192
New Listings in April
Average Price per New Listing
Median List Price

Pending Contracts
ItemUP/DOWNunit/dollar amountPercentage
Total Pending Contracts UP
New Contracts for AprilUP29
Average Marketing Price per Unit
Median Marketing Price DOWN$70,667

The listing data year over year is improving in terms of total inventory and even prices to some degree. But likely not enough when you compare how far down the percentage dropped in average and median price for the under contract listings. One thing for certain, at these current price levels, buyers are making a real appearance in this market.

Now for the 'no-duh' comment of the month... as prices continue to fall even more buyers will wade into the market. Good for the buyers, not necessarily good for sellers.

Sellers will likely face distressing situations throughout this year (and for as long as prices continue to fall). So property owners facing financial distress, I urge you to try work out a loan modification with your lender to secure a more affordable payment to stay out of distress. If you can avoid having to put your property on the market (and not add to the listings statistics), the inventory numbers will continue to fall. As that level falls, balance in the market will likely appear sooner and thereby reaching a more true picture of a bottom in the market.

If loan modification is not a workable solution, instead of facing foreclosure or bankruptcy, you can try for a short sale. I'd like to help you in either case so please contact me for more information.

The sooner there is balance in the market, the better.

Look for the April sales report later on this month.

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