Sunday, November 01, 2009

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
New Listings Listed as Foreclosed
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
Units Already Under Contract

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
Year Built

Price Range of New Listings in October
Item Lowest Highest

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
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
Average Marketing Price Reduction

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
Year Built

Price Range of New Pending Contracts in October
Item Lowest Highest

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

unit/dollar amount
Total Listings DOWN220
New Listings September
Average Price per New Listing
Median List Price

Pending Contracts
ItemUP/DOWNunit/dollar amountPercentage
Total Pending Contracts UP
New Contracts for SeptemberUP37
Average Marketing Price per Unit
Median Marketing Price DOWN$32,200

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.

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