One other note of interest before moving on to the data tables... I just did a quick calculation to look at how many months worth of inventory is on the market compared to how many buyers are active. Basically we have whittled down the inventory level to a little less than six months. In normal conditions that is a balanced market. Alas... this isn't a garden variety market. When I break out the foreclosed properties from the traditional seller listings, we still see less than a month worth of inventory for banks and foreclosures... leaving traditional sellers a bit over nine months of inventory. Another way to look at it is say on the day you come back from the doctor who tells you and your significant other that you are expecting a new baby in nine months, put your home up on the market. The average says that by the time the doctor delivers the baby, your friendly Realtor will deliver you a contract to purchase your home.
Alright, let's go already... disclaimer first of course...
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 August 2009
| Item | Total Units | Previous Month |
|---|---|---|
| Total Listings On Market | 426 | 445 |
| Total Listings Listed as Foreclosed | 62 | 68 |
| Item | Month of August | Previous Month |
|---|---|---|
| New Listings Total | 105 | 130 |
| New Listings Listed as Foreclosed | 43 | 49 |
| Average Asking Price Per Unit | $133,546 | $177,634 |
| Median Asking Price | $109,950 | $125,900 |
| Average Asking Price Per Square Foot | $84 | $104 |
| Units Re-Listed | 11 | 14 |
| Units Already Under Contract | 28 | 22 |
| Item | Month of August | Previous Month |
|---|---|---|
| Living Area Square Footage | 1,582 | 1,701 |
| Bedrooms | 2.97 | 3.15 |
| Bathrooms | 2.06 | 2.18 |
| Garage | 1.89 | 2.18 |
| Year Built | 1991 | 1995 |
| Item | Lowest | Highest |
| Listings | $21,285 | $599,900 |
From my perspective, the data has moved in the right direction on the listing data for last month. Of course I'm not a seller though, so I'd understand that if you were a seller you might not see things the same way.
Also noted, the average asking price for last month marked the lowest such figure since I've been keeping track of the data. It is the lowest figure in that category by far as well. The lowest previously was $151,747 back in June of 2009 (a few months ago). Sellers seem to be getting serious about selling.
Of the 28 new listings taken in August, 18 of them are the foreclosed variety and there were also two new listings in August that have already closed escrow... you bet, both were foreclosures.
Data tables for all new Units under contract tracked in the month of August 2009
| Item | Total Units | Previous Month |
|---|---|---|
| Total Units Under Contract | 162 | 139 |
| Total Contracts Listed as Foreclosed | 76 | 62 |
| Item | Month of August | Previous Month |
|---|---|---|
| New Contracts Total | 84 | 82 |
| New Contracts Listed as Foreclosed | 44 | 41 |
| Average Marketing Price Per Unit | $118,501 | $124,010 |
| Median Marketing Price | $101,998 | $104,900 |
| Average Marketing Price Per Square Foot | $77 | $80 |
| Days on Market to Acquire a Contract | 94 | 100 |
| Average Marketing Price Reduction | $12,828 | $14,227 |
| Item | Month of August | Previous Month |
|---|---|---|
| Living Area Square Footage | 1,545 | 1,552 |
| Bedrooms | 3.02 | 3.02 |
| Bathrooms | 2.03 | 2.11 |
| Garage | 1.87 | 2.05 |
| Year Built | 1993 | 1996 |
| Item | Lowest | Highest |
| Listings | $24,900 | $299,900 |
Plenty of solid activity for new contracts. New contract levels haven't been below 70 since last February. Of course foreclosure activity is lapping the field and gets credit for more than half the activity so far this year in new contracts. While foreclosures offer the best price and affordability... keep in mind that they don't always offer the best value. For traditional sellers, the key is to blur that line and you'll have to use a lower price to make that happen in most cases.
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 | 205 | (32.5%) |
| New Listings in August | DOWN | 22 | (17%) |
| Average Price per New Listing | DOWN | $43,349 | (24.5%) |
| Median List Price | DOWN | $50,050 | (31%) |
| Item | UP/DOWN | unit/dollar amount | Percentage |
|---|---|---|---|
| Total Pending Contracts | UP | 88 | 119% |
| New Contracts for August | UP | 36 | 75% |
| Average Marketing Price per Unit | DOWN | $30,737 | (20.5%) |
| Median Marketing Price | DOWN | $36,902 | (26.5%) |
I wrote about inventory issues earlier in this post, no need to do so again. New listings down and new contracts up... pretty much the best news one could hope for in this market. The prices will figure themselves out as more of the market finds some semblance of balance. For now though the prices on both new listings and the marketing price for new contracts continues to correct south.
And now for a programming note... at this point I'm not certain, but there is a chance that this could be my last listings report that I offer on this blog. Some of you know that a new location awaits my arrival and my schedule could be a bit more complicated. You see, I run these numbers for this report in the morning on the first day of the month... and produce this report on the same day. I think only one other time did I not get the report published on the first day, but I managed to collect the data on first day.
I'm not totally sure if I'll be able to continue this report as it stands right now. So just in case, enjoy this listings report and hopefully I'll see you next month with another episode.
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