Saturday, August 01, 2009

July Listings Report (2009)

It is the first day of August and I look at the standings to see my beloved Phillies in first place in their division. This doesn't happen every year folks. Last night our newly traded for Cy Young award winning pitcher dominated in his debut. All smiles here on my side as we head into the last couple of months of the baseball season.

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

As of August 1 Total Listings on Market
Item Total Units
Previous Month
Total Listings On Market
445 429
Total Listings Listed as Foreclosed
68 54

New Listing Data
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
Units Already Under Contract

New Listing House Data
Item Month of July Previous Month
Living Area Square Footage
1,701 1,629
Bedrooms 3.15 3.0
Bathrooms 2.18 2.06
Year Built

Price Range of New Listings in July
Item Lowest Highest

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

As of August 1 Total Units Under Contract
Item Total Units
Previous Month
Total Units Under Contract
139 139
Total Contracts Listed as Foreclosed
62 61

Units Under Contract Data
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
Average Marketing Price Reduction

New Units Under Contract House Data
Item Month of July Previous Month
Living Area Square Footage
1,552 1,642
Bedrooms 3.02 3.1
Bathrooms 2.11 2.1
Year Built

Price Range of New Pending Contracts in June
Item Lowest Highest

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

unit/dollar amount
Total Listings DOWN149
New Listings in July
Average Price per New Listing
Median List Price

Pending Contracts
ItemUP/DOWNunit/dollar amountPercentage
Total Pending Contracts UP
New Contracts for JulyUP32
Average Marketing Price per Unit
Median Marketing Price DOWN$25,100

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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