Thursday, October 01, 2009

September Listings Report (2009)

The good news is that the Philadelphia Phillies clinched their division last night, meaning they get to go on to the playoffs for the third straight season. Means also that my fan related blood pressure will rise for as long as they remain in the playoffs for this next month... the month of October. Really?? Already?? The time sure is flying.

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

As of October 1 Total Listings on Market
Item Total Units
Previous Month
Total Listings On Market
430 426
Total Listings Listed as Foreclosed
63 62

New Listing Data
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
Units Already Under Contract

New Listing House Data
Item Month of September Previous Month
Living Area Square Footage
1,644 1,582
Bedrooms 3.16 2.97
Bathrooms 2.13 2.06
Year Built

Price Range of New Listings in September
Item Lowest Highest

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

As of October 1 Total Units Under Contract
Item Total Units
Previous Month
Total Units Under Contract
127 162
Total Contracts Listed as Foreclosed
61 76

Units Under Contract Data
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
Average Marketing Price Reduction

New Units Under Contract House Data
Item Month of September Previous Month
Living Area Square Footage
1,642 1,545
Bedrooms 3.13 3.02
Bathrooms 2.11 2.03
Year Built

Price Range of New Pending Contracts in September
Item Lowest Highest

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

unit/dollar amount
Total Listings DOWN201
New Listings September
Average Price per New Listing
Median List Price

Pending Contracts
ItemUP/DOWNunit/dollar amountPercentage
Total Pending Contracts UP
New Contracts for SeptemberUP8
Average Marketing Price per Unit
Median Marketing Price DOWN$15,000

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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