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
| Item | Oct. '09 |
|---|---|
| Average Price per Unit Sold | $112,600 |
| Median Price per Unit Sold | $95,000 |
| Average Price per Square Foot | $74 |
| Item | Oct. '09 |
|---|---|
| Ave Living Space per Square Foot | 1,521 |
| Bedrooms | 2.99 |
| Bathrooms | 2.01 |
| Garage | 2.09 |
| Year Built | 1994 |
| 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
| 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 |
| 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 |
| 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.
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