Almost makes a guy forget about things like water issues and housing stats... almost.
We'll leave the water stuff out of it for now and bring you the listing and pending report for last month. I'm going to miss July... Phillies went 17 and 5 for the month.
Time now though for the housing data stuff, after the disclaimer deal-io...
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 July 2009
| Item | Total Units | Previous Month |
|---|---|---|
| Total Listings On Market | 445 | 429 |
| Total Listings Listed as Foreclosed | 68 | 54 |
| Item | Month of July | Previous Month |
|---|---|---|
| New Listings Total | 130 | 108 |
| New Listings Listed as Foreclosed | 49 | 41 |
| Average Asking Price Per Unit | $177,634 | $151,747 |
| Median Asking Price | $125,900 | $120,400 |
| Average Asking Price Per Square Foot | $104 | $93 |
| Units Re-Listed | 14 | 7 |
| Units Already Under Contract | 22 | 17 |
| Item | Month of July | Previous Month |
|---|---|---|
| Living Area Square Footage | 1,701 | 1,629 |
| Bedrooms | 3.15 | 3.0 |
| Bathrooms | 2.18 | 2.06 |
| Garage | 2.18 | 1.9 |
| Year Built | 1995 | 1996 |
| Item | Lowest | Highest |
| Listings | $32,900 | $895,000 |
The data figure that may jump out at you is the much higher average listing price. July was just one of those months that saw many higher priced offerings hit the market. There were 10 new listings that showed with an asking price of over $400,000. In fact the average price for those 10 listings is $564,820. Even with a higher number of listings in July, over $5 million dollars worth of inventory for 10 listings will skew the average.
The median price moved up a bit as well, but well within reason.
Of the 22 new listings in July that are already under contract, 14 of them were of the foreclosed variety. Foreclosures are still getting it done... only the Phillies were better in July.
Data tables for all new Units under contract tracked in the month of July 2009
| Item | Total Units | Previous Month |
|---|---|---|
| Total Units Under Contract | 139 | 139 |
| Total Contracts Listed as Foreclosed | 62 | 61 |
| Item | Month of July | Previous Month |
|---|---|---|
| New Contracts Total | 82 | 74 |
| New Contracts Listed as Foreclosed | 41 | 38 |
| Average Marketing Price Per Unit | $124,010 | $130,376 |
| Median Marketing Price | $104,900 | $104,900 |
| Average Marketing Price Per Square Foot | $80 | $79 |
| Days on Market to Acquire a Contract | 100 | 106 |
| Average Marketing Price Reduction | $14,227 | $10,864 |
| Item | Month of July | Previous Month |
|---|---|---|
| Living Area Square Footage | 1,552 | 1,642 |
| Bedrooms | 3.02 | 3.1 |
| Bathrooms | 2.11 | 2.1 |
| Garage | 2.05 | 2.0 |
| Year Built | 1996 | 1994 |
| Item | Lowest | Highest |
| Listings | $23,900 | $319,000 |
Good momentum in the new pending contracts continues, plenty of strong activity since March. The average marketing price of a home that won a contract in July was down and half of the new contracts were written on foreclosed properties. A good month for traditional sellers however, it was the first time that they represented at least half of the new contracts in many months. On average, sellers had to reduce price by a larger amount than the contracts agreed to in the previous month of June.
So let's take a look at year over year data now...
Year over year data listings/pending contracts
| Item | UP/DOWN | unit/dollar amount | Percentage |
|---|---|---|---|
| Total Listings | DOWN | 149 | (25%) |
| New Listings in July | EVEN | 0 | 0 |
| Average Price per New Listing | DOWN | $26,818 | (13.1%) |
| Median List Price | DOWN | $39,100 | (23.7%) |
| Item | UP/DOWN | unit/dollar amount | Percentage |
|---|---|---|---|
| Total Pending Contracts | UP | 49 | 54% |
| New Contracts for July | UP | 32 | 64% |
| Average Marketing Price per Unit | DOWN | $33,429 | (21.2%) |
| Median Marketing Price | DOWN | $25,100 | (19.3%) |
The inventory is down a quarter from last year, a very good thing. New contracts are up over 50% from last year, another really good thing. And July of 2009 slaughtered July of 2008 in terms of positive activity.
No doubt that these price levels are bringing out more buyers, however I can still see where prices may continue to soften and if so then I suspect we will see even more activity.
A bit of caution though, the last couple of months has seen a slight rise in total inventory on the market. This market is still out of balance for the amount of buyers in the market. Sellers, especially traditional sellers, are not out of the woods yet.
Traditional sellers are competing against 9 months of available listings just amongst other traditional sellers.
On the other hand, foreclosure inventory is less than one months worth. For banks, it is a sellers market basically. The average foreclosure listing that won a contract in July only needed an average of 53 days on the market to find a buyer. Meanwhile the traditional sellers that found a buyer needed 144 days of market time on average.
You'll know when the price is right.
See you next month...
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