Not sure if there really is any bad news in this listings report. Much of it is the same old same old as we have been accustomed to here in the Kingman area. Let's get right to it, 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.
Data tables for all new listings tracked in the month of September 2009
| Item | Total Units | Previous Month |
|---|---|---|
| Total Listings On Market | 430 | 426 |
| Total Listings Listed as Foreclosed | 63 | 62 |
| Item | Month of September | Previous Month |
|---|---|---|
| New Listings Total | 88 | 105 |
| New Listings Listed as Foreclosed | 32 | 43 |
| Average Asking Price Per Unit | $158,623 | $133,546 |
| Median Asking Price | $119,000 | $109,950 |
| Average Asking Price Per Square Foot | $96 | $84 |
| Units Re-Listed | 9 | 11 |
| Units Already Under Contract | 14 | 28 |
| Item | Month of September | Previous Month |
|---|---|---|
| Living Area Square Footage | 1,644 | 1,582 |
| Bedrooms | 3.16 | 2.97 |
| Bathrooms | 2.13 | 2.06 |
| Garage | 2.0 | 1.89 |
| Year Built | 1993 | 1991 |
| Item | Lowest | Highest |
| Listings | $29,680 | $799,900 |
The prime selling summer months are over and the numbers reflect that as the total number of new listings in the month of September is down back in the double digits again (where it really needs to be until there is more of something that looks like a balanced market). The average price is up on these new listings, which is not reflective of the market, but probably did so because there were a few high dollar listings that were put on the market in September.
All in all, much of what I expected to see for the month of September.
Data tables for all new Units under contract tracked in the month of September 2009
| Item | Total Units | Previous Month |
|---|---|---|
| Total Units Under Contract | 127 | 162 |
| Total Contracts Listed as Foreclosed | 61 | 76 |
| Item | Month of September | Previous Month |
|---|---|---|
| New Contracts Total | 62 | 84 |
| New Contracts Listed as Foreclosed | 36 | 44 |
| Average Marketing Price Per Unit | $133,579 | $118,501 |
| Median Marketing Price | $110,000 | $101,998 |
| Average Marketing Price Per Square Foot | $81 | $77 |
| Days on Market to Acquire a Contract | 92 | 94 |
| Average Marketing Price Reduction | $14,793 | $12,828 |
| Item | Month of September | Previous Month |
|---|---|---|
| Living Area Square Footage | 1,642 | 1,545 |
| Bedrooms | 3.13 | 3.02 |
| Bathrooms | 2.11 | 2.03 |
| Garage | 2.0 | 1.87 |
| Year Built | 1995 | 1993 |
| Item | Lowest | Highest |
| Listings | $24,900 | $640,000 |
More of the same here for new contracts as it was for new listings above. The prime selling summer months have zipped by. Foreclosures remain the most sought after type of housing even with the sagging numbers. Banks didn't see the same sort of drop off in activity as traditional sellers did last month.
Again, typical and what could be expected for this time of year based on the data over the previous years.
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 | 201 | (32%) |
| New Listings September | DOWN | 1 | (1%) |
| Average Price per New Listing | DOWN | $34,737 | (18%) |
| Median List Price | DOWN | $30,450 | (20%) |
| Item | UP/DOWN | unit/dollar amount | Percentage |
|---|---|---|---|
| Total Pending Contracts | UP | 53 | 71% |
| New Contracts for September | UP | 8 | 15% |
| Average Marketing Price per Unit | DOWN | $18,349 | (12%) |
| Median Marketing Price | DOWN | $15,000 | (12%) |
Inventory is down and activity is up compared to last year... it is the best thing that can be said looking at the tables. However, inventory is still too high in all reality which most likely means that there will be more pressure on sellers to reduce price further as the market slides into the slower months of the year.
I have a bad feeling that it will feel as if we all took one step forward, but we will have to take a step and a half or two steps back.
Cheers folks.
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