Happy Thanksgiving folks!!

Ahh... I love the classics. Thanksgiving is such a beautiful holiday, my sincere best wishes go out to you and yours (yeah Loyd, especially you).

What am I thankful for this year?? Well I'm thankful for the hacker that blew the lid off the Global Warming nonsense.

October Sales Report (2009)

My bad for getting these sales reports out later and later every month, just been busy working and haven't found the time. Plus, I'm living with my wife again after almost a couple of years so blogging hasn't been as needed to pass the time nearly as much.

Well this report won't show anything all that new, but it is showing how this year is going to end up basically. It will be the best year in terms of total number of units sold since 2006 (it will come up well short of the number posted that year), and the average price will be the lowest since I started collecting this data back in 2004.

And unfortunately this year will mark another poor performance by sellers... traditional sellers that is. Banks have dominated the sales in 2009 via the foreclosure sale, and while I don't track short sales at all, it is an easy guess that banks played a big role in the final sales for the traditional sellers as well. 2009 will be the year of the bank in this market by the looks of it.

So let's get to the looks of it -- looks of it getters... after the 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.

Listings and sales in units chart:

Unit sales fell as compared to the previous month, but still... third best month in these terms this year.

Average listings and sales averages chart:

Ho-hum.

2006 through 2009 unit sales chart:

Shaping up to be fine year unit wise.

Sales in October of 2009 were up 18% compared to the previous year.

2006 through 2009 average price chart:

Almost gives the impression of a floor... the green line that represents the average price in each month in 2009 that is.

The average price slipped 21% as compared to the October of 2008 average sales price.

2006 through 2009 median price chart:


The median price fell 22% compared to October of last year.

Final sales prices in October 2009 ranged from $24,000 to $298,000.


Average SFR statistics:

Data tables for all sales tracked in October 2009

Price Data

Item	Oct. '09
Average Price per Unit Sold	$112,600
Median Price per Unit Sold	$95,000
Average Price per Square Foot	$74

House Data

Item	Oct. '09
Ave Living Space per Square Foot	1,521
Bedrooms	2.99
Bathrooms	2.01
Garage	2.09
Year Built	1994

Marketing Data

Item	Oct. '09
Days on Market to Contract	71
Days on Market to Close	108
Price Reductions on Market	$19,509
Negotiated Price Concessions	$5,674
Total Price Concessions	$15,183
Total Percent Conceded	11.88%

Bonus Charts:

Traditional Seller vs. Bank Owned sales comparison for October 2009

Price Data

Item	Traditional Seller	Bank Owned
Total Units Sold in Month	27	40
Average Price per Unit Sold	$126,484	$103,228
Median Price per Unit Sold	$117,950	$77,900
Average Price per Square Foot	$86	$67

House Data

Item	Traditional Seller	Bank Owned
Ave Living Space per Square Foot	1,478	1,549
Bedrooms	3.00	2.98
Bathrooms	2.00	2.03
Garage	2.19	2.03
Year Built	2000	1990

Marketing Data

Item	Traditional Seller	Bank Owned
Days on Market to Contract	115	41
Days on Market to Close	152	79
Price Reductions on Market	$12,419	$7,544
Negotiated Price Concessions	$8,092	$4,043
Total Price Concessions	$20,511	$11,587
Total Percent Conceded	14%	10%

Wrap Up:

Not much to wrap up as the data says all that really needs to be said. I did notice a slight increase in the average price per square foot of the bank owned foreclosure sales, I'll keep tabs on that. But for the most part, if you are in need of a home and are ready, willing, and able to buy one, you have the ability to purchase at beneath 2004 prices. Does that mean it is a great time to buy?? Only you can answer that one.

Happy hunting.

Unemployment map...

Check this out... it is a map that shows county by county unemployment rates starting back in January 2007. Mohave County is hard to miss on this map... unfortunately.

Updated:

Property rights vs. water...

Local governmental decisions are expected tomorrow on the two proposed solar plants in Mohave County. Here is a link to a nice little preview of the county supervisor meeting, and a blurb worth noting...

If the Board approves the amendments, both solar companies will still have to get all of the necessary federal and state permits before they can start construction.

See folks, it is not the end tomorrow... for neither side... whichever side you may be on.

I'm simply on the side of the property owner and I feel that the local government should respect private property rights to the very last degree. The decision the supervisors make will have much less to do about water than property rights.

UPDATED:

According to the writing of Donna Crouse in the comments below... both proposed solar projects passed the Mohave County Board of Supervisors at today's meeting. Thanks so much Donna for the update.

Veterans Day

In honor of those who have sacrificed for our freedom...



Thank you.

With headlines like these...

It's funny when the KDMiner editor gets all uppity about what is best for the community and then turns around and offers up the following headline...

Angry bikers to converge on Kingman

Just a crappy headline in so many ways.

However, the article itself is certainly worth a read. I even see some concerns for private property rights issues in this deal. From the article...

Deborah Barry, owner of Mad Dog's, said she instituted a "no colors" policy more than a month ago because of the surveillance being conducted by police in her parking lot. Because the bikers were being watched and photographed, they were less likely to drink, which led to a drop in revenue, and ultimately, the ban on colors, she said.

Barry said she was never threatened to have her liquor license revoked if she didn't ban colors.

Look, I don't know enough about motorcycle clubs... I don't drink at bars with any sort of frequency... or even know a dern thing about motorcycles for that matter -- but I'm siding with the motorcycle club chairman from the article and proprietors of private establishments if indeed it is true that some level of government is hanging the threat of a state liquor license against a property owner if they don't institute some policy that isn't even a law passed by the people.

It is becoming clear that it is time to remember our rights... and more importantly to protect them.

But some good news in defiance to the headline...

Ray said up to 2,000 riders could roll into Kingman by Saturday. He said he was aware of a couple of groups of more than 400 riders coming from Phoenix.

Ray said the riders have been invited to take part in the Veteran's Day parade in North Kingman Saturday morning. The parade will begin at 11 a.m. at the corner of North Bond Street and Northern Avenue.

Too bad for the city of Kingman though I guess that the newly voted on increase in hotel room rates won't be in effect for the visit. Maybe the 'angry bikers' won't be so angry when they find out they'll save a buck or two.

Feathers ruffled...

Just watch the latest city council meeting starting at about minute 11 and again around the 19 minute mark..

As someone that only knows the RAID member (being talked about in the video that was a possible appointee to the city Planning and Zoning commission) based on what I have observed the gentleman say at local public meetings, I honestly do not know the man or have ever had any kind of conversation with him before... for all I know he is the sweetest man to ever walk the face of the earth... but at public meetings (either city of Kingman or Mohave County variety) he rarely makes a damn bit of sense.

I missed what went on at the prior City Council meeting when Sandi Reynolds was selected by the council to fill the seat vacated on the city Planning and Zoning commission, but between the choices that were moved to be considered... Councilman Lyons and the rest made the right decision in my opinion.

I enjoyed watching the majority of RAID members speak at the most recent call to the public. I've met a couple of the individual members of RAID and each time found each individual member to be genuine and courteous... but together as a group, I (and a whole lot of others around the city) disagree with the stance that RAID has taken on some important issues. Truth be told Mr. Lyons gave that group a taste of their own medicine.

Seriously, they do the same stuff, you've heard members of this group go negative talking about developers, builders, etc. What councilman Lyons said is no different, and he certainly has his Constitutional right to disagree with a community group such as RAID.

Buck up kids.

Hopefully by now Councilman Lyons and the vast RAID organization has had themselves a cup of java or two by now and this episode blows over.

October Listings Report (2009)

November already, wow. There has been a pleasant and noticeable increase in activity all throughout the year, and each time I think the level of activity is about to fall off -- I get to report another bump to the good side in terms of unit activity. So without making you wait much longer, much longer waiters, here is 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.

Data tables for all new listings tracked in the month of October 2009

As of November 1 Total Listings on Market

Item	Total Units	Previous Month
Total Listings On Market	372	430
Total Listings Listed as Foreclosed	63	63

New Listing Data

Item	Month of October	Previous Month
New Listings Total	92	88
New Listings Listed as Foreclosed	46	32
Average Asking Price Per Unit	$137,748	$158,623
Median Asking Price	$99,900	$119,000
Average Asking Price Per Square Foot	$88	$96
Units Re-Listed	9	9
Units Already Under Contract	25	14

New Listing House Data

Item	Month of October	Previous Month
Living Area Square Footage	1,556	1,644
Bedrooms	3.09	3.16
Bathrooms	2.08	2.13
Garage	1.86	2.0
Year Built	1990	1993

Price Range of New Listings in October

Item	Lowest	Highest
Listings	$25,000	$699,000

Total listings on market has really come down throughout this year, and of course compared to the year prior (as you will see later in this report). However, I'm not seeing a ton of good news for traditional sellers... foreclosures are still setting the pace. And now we see that half the new listings for the month were in fact bank owned properties.

I still see and hear reports about a 'shadow inventory' just waiting for the right time to jump back into the market. That would be awfully tough to digest if true for this local market. By the looks of it, the current market has the least amount of available inventory since the heady days of the real estate boom many, many moons ago.

Data tables for all new Units under contract tracked in the month of October 2009

As of November 1 Total Units Under Contract

Item	Total Units	Previous Month
Total Units Under Contract	143	127
Total Contracts Listed as Foreclosed	70	61

Units Under Contract Data

Item	Month of October	Previous Month
New Contracts Total	84	62
New Contracts Listed as Foreclosed	47	36
Average Marketing Price Per Unit	$116,697	$133,579
Median Marketing Price	$102,000	$110,000
Average Marketing Price Per Square Foot	$74	$81
Days on Market to Acquire a Contract	90	92
Average Marketing Price Reduction	$8,738	$14,793

New Units Under Contract House Data

Item	Month of October	Previous Month
Living Area Square Footage	1,585	1,642
Bedrooms	3.17	3.13
Bathrooms	2.04	2.11
Garage	1.77	2.0
Year Built	1993	1995

Price Range of New Pending Contracts in October

Item	Lowest	Highest
Listings	$36,900	$274,900

Activity picks back up again after slowing a bit back in September. Going back to March, on average there have been about 78 new contracts written each month. 2009 has been the most active year by far since the bottom fell out of the local housing market. The reason why it doesn't feel like a rally though... obviously because the banks are, by far, the biggest player on the stage. They are offering the bargains in bulk, the buyers (who have existed all along) have responded to price and perceived value.

So let's take a look at year over year data now...

Year over year data listings/pending contracts

Listings

Item	UP/DOWN	unit/dollar amount	Percentage
Total Listings	DOWN	220	(37%)
New Listings September	DOWN	8	(8%)
Average Price per New Listing	DOWN	$63,689	(32%)
Median List Price	DOWN	$52,000	(34%)

Pending Contracts

Item	UP/DOWN	unit/dollar amount	Percentage
Total Pending Contracts	UP	68	90%
New Contracts for September	UP	37	79%
Average Marketing Price per Unit	DOWN	$48,147	(29%)
Median Marketing Price	DOWN	$32,200	(24%)

Prices have taken a beating and the activity soars. But I gotta say that losing 37% of last years inventory -- somehow, someway -- is the bright spot of this months report. Buyers may soon feel some pressure if that trend continues. The Kingman market may yet see the return of the urgent buyer. Stay tuned.

Ya'll be well.