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:
Maybe next month we will see these lines switch place... for a much needed change. If you read the Listings report earlier this month faint views of a more balanced market are appearing. More sales, along with limited new listings, could make this happen over the summer months. Stay tuned.
Average listings and sales averages chart:
Still not confident about this chart as these data lines need to be closer together... and I'm not expecting the red line to head north.
2006 through 2009 unit sales chart:
As you can see, the numbers so far in 2009 are ahead of the pace compared to the previous two years. This is in response to buyers being attracted to more attractive, and affordable, prices. Numbers would certainly look even better if there was more economic activity taking place in Kingman right now.
Sales in units are up 10% compared to May of 2008.
2006 through 2009 average price chart:
The trend still shows that prices are falling in 2009, but not at the same rate we saw last year. Falling towards a bottom, perhaps... as long as mortgage rates don't increase erasing the buying power of potential buyers.
The average price fell by a rate of 32.6% as compared to May of 2008.
2006 through 2009 median price chart:
Basically the same trend here, trending down but at a slower pace than in 2008.
The median price is off 34% from the same month in 2008.
Final sales prices in May of 2009 ranged from $19,900 to $379,900.
Average SFR statistics:
Data tables for all sales tracked in May 2009
|Item||May. '09 |
|Average Price per Unit Sold||$114,793|
|Median Price per Unit Sold||$97,200|
|Average Price per Square Foot||$75|
|Ave Living Space per Square Foot||1,530|
|Days on Market to Contract||95|
|Days on Market to Close||134|
|Price Reductions on Market||$18,044|
|Negotiated Price Concessions||$4,416|
|Total Price Concessions||$22,460|
|Total Percent Conceded||16.36%|
As stated in an earlier post this month, the negotiated price reduction average is trending lower... meaning that listings are being reduced by sellers to a level closer to eventual market price.
Again, basically 60% of the sales in May were on foreclosed bank owned property.
Traditional Seller vs. Bank Owned sales comparison for May 2009
|Item||Traditional Seller ||Bank Owned|
|Total Units Sold in Month||27||38|
|Average Price per Unit Sold||$142,987||$94,761|
|Median Price per Unit Sold||$139,900||$79,900|
|Average Price per Square Foot||$93||$62|
|Item||Traditional Seller||Bank Owned|
|Ave Living Space per Square Foot||1,536||1,526|
|Item||Traditional Seller||Bank Owned|
|Days on Market to Contract||131||70|
|Days on Market to Close||177||104|
|Price Reductions on Market||$20,124||$16,567|
|Negotiated Price Concessions||$6,874||$2,668|
|Total Price Concessions||$26,998||$19,235|
|Total Percent Conceded||15.9%||16.9%|
Plenty of separation between sold prices for bank owned properties and traditional sellers, about 34% difference. Also the average time to attract a buyer willing to enter negotiations is over two months, advantage bank owned. Still screams that price is everything in this market... the better the price... the quicker the sale.
You may draw your own conclusions when looking at this data... meanwhile I have to dust off my hiking shoes as I prepare for a flight to Vancouver, British Columbia and a nice scenic drive to Whistler.
I'll be at a local Canadian sports bar on Friday night catching game seven of the Stanley Cup Finals, hopefully surrounded by fans of the sport. I'm saying go Red Wings.
I'll also be celebrating my 8th wedding anniversary with my incredible wife while away. My gift to her is no complaining about hiking on the vacation... but I'm sure I'll try my best to get away for a fishing expedition or a round of golf at some point.
See you next month for the next installment of the latest Sales Report.