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
| Item | Total Units | Previous Month |
|---|---|---|
| Total Listings On Market | 451 | 482 |
| Total Listings Listed as Foreclosed | 62 | 63 |
| 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 | 21 | 14 |
| Units Already Under Contract | 31 | 31 |
| Item | Month of April | Previous Month |
|---|---|---|
| Living Area Square Footage | 1,663 | 1,612 |
| Bedrooms | 3.05 | 3.09 |
| Bathrooms | 2.04 | 2.06 |
| Garage | 1.97 | 1.8 |
| Year Built | 1991 | 1991 |
| Item | Lowest | Highest |
| Listings | $25,500 | $629,000 |
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
| Item | Total Units | Previous Month |
|---|---|---|
| Total Units Under Contract | 150 | 125 |
| Total Contracts Listed as Foreclosed | 67 | 62 |
| 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 | 83 | 86 |
| Average Marketing Price Reduction | $16,358 | $17,543 |
| Item | Month of April | Previous Month |
|---|---|---|
| Living Area Square Footage | 1,522 | 1,496 |
| Bedrooms | 3.01 | 3.08 |
| Bathrooms | 2 | 2 |
| Garage | 1.8 | 1.7 |
| Year Built | 1994 | 1995 |
| Item | Lowest | Highest |
| Listings | $19,900 | $379,900 |
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
| Item | UP/DOWN | unit/dollar amount | Percentage |
|---|---|---|---|
| Total Listings | DOWN | 192 | (30%) |
| New Listings in April | DOWN | 13 | (10%) |
| Average Price per New Listing | DOWN | $38,705 | (19%) |
| Median List Price | DOWN | $34,350 | (21%) |
| Item | UP/DOWN | unit/dollar amount | Percentage |
|---|---|---|---|
| Total Pending Contracts | UP | 46 | 44% |
| New Contracts for April | UP | 29 | 52% |
| Average Marketing Price per Unit | DOWN | $67,808 | (36%) |
| Median Marketing Price | DOWN | $70,667 | (42%) |
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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