And unfortunately the data in this report is not as hoped. For the first time this year the total number of sales in units in the month is lower than it was in the previous year. There was good news in the listing report earlier this month that showed plenty of activity, meaning a good number of homes going into contract -- but for whatever reason that activity has not equaled success in the number of sales. Let's see the numbers... after the disclaimer 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.
Listings and sales in units chart:
As you can see the numbers on the red line in the graph indicate that the total number of sales topped out in June of this year. I was surprised to see the number fall to 53 for the month of August, normally a strong month for sales. Last year August proved to be the best month for sales, well at least tied for the best month, with 59. So we are off a bit.Average listings and sales averages chart:
The average sale price seems to have leveled off as I thought it might in a report from a few months ago. More on this later on. For traditional sellers and those thinking about selling please take a good look at the success rate as indicated by the red line in the graph above. If you can market your home at that level, you will have the best chance to move your property quickly.2006 through 2009 unit sales chart:
In my opinion the softening of production indicates that buyers are a bit more scarce than hoped for, even after the huge decreases in prices over the last year. Where we go from here may not be pretty. Hope I'm very wrong about that though.Sales in August of 2009 were off about 12% compared to the previous year.
2006 through 2009 average price chart:
The green line in the graph above clearly shows that prices have stabilized quite a bit this year. However, these new lower prices have not brought out as many buyers as hoped for in the Kingman area. I get a bad feeling that we will see another round of falling prices to lure additional buyers to the market. And it will likely be the foreclosures that will move the market price downward yet again.The average price slipped 22% as compared to the August of 2008 average sales price.
2006 through 2009 median price chart:
The median price fell 27% compared to July of last year.
Final sales prices in August 2009 ranged from $15,000 to $312,000.
Average SFR statistics:
Data tables for all sales tracked in August 2009
| Item | Aug. '09 |
|---|---|
| Average Price per Unit Sold | $110,069 |
| Median Price per Unit Sold | $96,203 |
| Average Price per Square Foot | $69 |
| Item | Aug. '09 |
|---|---|
| Ave Living Space per Square Foot | 1,585 |
| Bedrooms | 2.94 |
| Bathrooms | 2.09 |
| Garage | 1.77 |
| Year Built | 1990 |
| Item | Aug. '09 |
|---|---|
| Days on Market to Contract | 107 |
| Days on Market to Close | 142 |
| Price Reductions on Market | $17,340 |
| Negotiated Price Concessions | $6,033 |
| Total Price Concessions | $23,373 |
| Total Percent Conceded | 17.5% |
Bonus Charts:
Foreclosure Impact:
Another month where we saw the foreclosure listings dominate the sales market. Really take a good look at the side by side comparisons. Scary stuff... for traditional sellers. Actually pretty scary for real estate professionals as well. The marketing time alone before the average traditional seller agrees to a contract... a little over four additional months of waiting for just the right buyer to come along.
Traditional Seller vs. Bank Owned sales comparison for August 2009
| Item | Traditional Seller | Bank Owned |
|---|---|---|
| Total Units Sold in Month | 19 | 34 |
| Average Price per Unit Sold | $130,334 | $98,744 |
| Median Price per Unit Sold | $110,000 | $86,900 |
| Average Price per Square Foot | $82 | $62 |
| Item | Traditional Seller | Bank Owned |
|---|---|---|
| Ave Living Space per Square Foot | 1,581 | 1,587 |
| Bedrooms | 2.95 | 2.94 |
| Bathrooms | 2.11 | 2.09 |
| Garage | 2.0 | 1.65 |
| Year Built | 1991 | 1990 |
| Item | Traditional Seller | Bank Owned |
|---|---|---|
| Days on Market to Contract | 195 | 59 |
| Days on Market to Close | 226 | 94 |
| Price Reductions on Market | $27,842 | $11,471 |
| Negotiated Price Concessions | $12,166 | $2,606 |
| Total Price Concessions | $40,008 | $14,077 |
| Total Percent Conceded | 23.5% | 12.5% |
Wrap Up:
Not much else to add this month as once again the number do tell the story just fine on their own.
I could go on a local political rant about creating demand for the Kingman community, as quite simply there is hardly any demand for property in Kingman at the moment... just like there is hardly any demand for employers to hire employees and all that... but I'll leave that alone at this time.
I still think that the community has so much going for it that could lead to additional demand, Kingman is simply a wonderful place to be. So here is to better days ahead!! See you next month (hopefully I'll find a goodly routine so I get this report out sooner than I did this month).
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