July Sales Report (2009)

For this report I'm going to let the data speak for itself mostly. Nothing very notable from previous months. All in all this summer is shaping up to be the most active in a few years.

So without further delay... 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.

Listings and sales in units chart:

After a couple of months of these data lines moving closer together sadly they again drift far apart. Not good for sellers, traditional or otherwise.

Average listings and sales averages chart:

As I stated in the listing report at the beginning of the month, the listing average for July was skewed due to ten listings with an average asking price of over $500,000. Still, even without the skewed data these lines need to be closer. Buyers are buying, but sellers are having major difficulties selling.

2006 through 2009 unit sales chart:

Sales in units fell three short compared to the sales posted in July of 2006, but were up compared to last years mark of 51. I was hoping to see this years number up in the 70's like the previous month, but maybe August will surprise us.

Sales in July of 2009 were up 22% compared to the previous year.

2006 through 2009 average price chart:

Average sale prices are as close to something resembling something stable since 2006, minus $100,000 or so. The trend line still shows an easing off in average sold prices so far in 2009. Depending on who you talk to, affordability is back in the mix for more buyers. Keep an eye on foreclosure activity though, national reports indicate that foreclosure rates jumped again from June to July. Will be interesting to see if that holds true in our local market.

The average sales price in July of 2009 is off 43% from the number posted last year.

2006 through 2009 median price chart:

The median price fell 36% compared to July of last year.

Final sales prices in July 2009 ranged from $30,000 to $266,000.

Average SFR statistics:

Data tables for all sales tracked in July 2009

Price Data

Item	July '09
Average Price per Unit Sold	$108,348
Median Price per Unit Sold	$98,500
Average Price per Square Foot	$71

House Data

Item	June '09
Ave Living Space per Square Foot	1,517
Bedrooms	3.1
Bathrooms	2
Garage	1.8
Year Built	1993

Marketing Data

Item	June '09
Days on Market to Contract	107
Days on Market to Close	151
Price Reductions on Market	$11,885
Negotiated Price Concessions	$6,506
Total Price Concessions	$18,391
Total Percent Conceded	14.5%

Bonus Charts:

Foreclosure Impact:

Traditional Seller vs. Bank Owned sales comparison for June 2009

Price Data

Item	Traditional Seller	Bank Owned
Total Units Sold in Month	31	31
Average Price per Unit Sold	$128,603	$88,092
Median Price per Unit Sold	$117,750	$75,000
Average Price per Square Foot	$82	$60

House Data

Item	Traditional Seller	Bank Owned
Ave Living Space per Square Foot	1,560	1,475
Bedrooms	3	3.16
Bathrooms	2	2.1
Garage	2	1.5
Year Built	1994	1993

Marketing Data

Item	Traditional Seller	Bank Owned
Days on Market to Contract	155	59
Days on Market to Close	201	101
Price Reductions on Market	$14,406	$9,365
Negotiated Price Concessions	$9,281	$3,731
Total Price Concessions	$23,687	$13,096
Total Percent Conceded	15.5%	13%

Wrap Up:

As I said earlier I'm letting the data speak for itself. It is an interesting summer in our local housing market with many challenges for all parties; buyers, sellers, banks, Realtors, and anyone else dabbling in the market. My feeling is that the market is still searching for a bottom yet it is keeping one eye on the near term future. Foreclosures, interest rates, credit availability, and of course the job market will all play a key role in the near future making it difficult to predict the practically unpredictable.

See you next time.