January Listings Report (2010)

You bet, it sure has been awhile since I posted a listings report... or any report for that matter. Have to say that I've been a bit busy to faithfully produce such reports, but at least I have continued to track the data. I've also decided to slim down the listing reports to some degree (basically won't be offering the previous months data in order to save me some time).

So what have you missed over the last couple of months?? In a nutshell... prices continue to slide (yet sellers still haven't totally figured that out) and sales activity has picked up the pace. Yep... pretty much like it was all of last calendar year.

I owe you a couple of other reports... I will be doing the January sales report later this month and in the next few days I'll probably get the annual report out.

So without further ado... 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 January 2010

As of February 1 Total Listings on Market

Item	Total Units
Total Listings On Market	373
Total Listings Listed as Foreclosed	76

New Listing Data

Item	Month of January
New Listings Total	92
New Listings Listed as Foreclosed	46
Average Asking Price Per Unit	$119,212
Median Asking Price	$99,900
Average Asking Price Per Square Foot	$78
Units Re-Listed	10
Units Already Under Contract	22

New Listing House Data

Item	Month of January
Living Area Square Footage	1,536
Bedrooms	3.04
Bathrooms	1.98
Garage	1.65
Year Built	1992

Price Range of New Listings in January

Item	Lowest	Highest
Listings	$23,900	$375,000

See you weren't really missing out on anything here... the only stat that jumps out at me is the fact that half of the new listings were of the foreclosed on variety. The largest such invasion by the banks by percentage since I've been keeping track. Human sellers, I guess, have tired.

And even though the inventory of active listings is down as compared to years past, it hasn't meant the end of the issues surrounding excess inventory... at least not yet.

Data tables for all new Units under contract tracked in the month of January 2010

As of February 1 Total Units Under Contract

Item	Total Units
Total Units Under Contract	114
Total Contracts Listed as Foreclosed	57

Units Under Contract Data

Item	Month of January
New Contracts Total	67
New Contracts Listed as Foreclosed	42
Average Marketing Price Per Unit	$99,588
Median Marketing Price	$74,450
Average Marketing Price Per Square Foot	$65
Days on Market to Acquire a Contract	134
Average Marketing Price Reduction	$14,597

New Units Under Contract House Data

Item	Month of January
Living Area Square Footage	1,539
Bedrooms	3
Bathrooms	2.07
Garage	1.7
Year Built	1992

Price Range of New Pending Contracts in January

Item	Lowest	Highest
Listings	$19,900	$424,900

And here it is just a slaughter by the banks. Banks control the clear majority of the action in this local real estate market. Basically... nothing to see here, move along now... move along.

Year over year data listings/pending contracts

Listings

Item	UP/DOWN	unit/dollar amount	Percentage
Total Listings	DOWN	125	(25%)
New Listings January	UP	2	2%
Average Price per New Listing	DOWN	$55,928	(32%)
Median List Price	DOWN	$35,000	(26%)

Pending Contracts

Item	UP/DOWN	unit/dollar amount	Percentage
Total Pending Contracts	UP	26	30%
New Contracts for January	UP	12	22%
Average Marketing Price per Unit	DOWN	$31,860	(24%)
Median Marketing Price	DOWN	$27,500	(26%)

The average price of a newly listed unit for sale was way down in January of 2010... lower than it has ever been according to the records I have kept and we should expect it to continue to be the case as long as banks are putting up half the new listings every month (banks really get the idea of competition and are definitely motivated to sell). It's just down to the question of how low can they go in regards to prices.

No promises, but I hope to get back on the horse (so to speak) and get these reports out on a once again consistent basis. Stay tuned.