June Listings Report (2007)

Sorry about the delay in producing this report for June. In recent months I've run into quite a few folks that have told me they look forward to these reports. 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.

Listings:

Today total listings available for single family residence equals 729 (down some from 751 on May 1). The rate of new listings taken per day in June was 4.4.

There were 132 new listings taken in June (down some from 152 in May). The average asking price for the new listings is $247,731 (while last month is was $256,385). The median asking price is $199,000 (down from $219,900 previously).

The average newly listed home has 3.17 bedrooms, 2.2 baths, a 2.038 car garage, with 1659 square feet of living space and was built in 1995. The average asking price per square foot of living space is $149. Lastly, 27 of the new listings were actually re-listed either by the same or different broker.

Of the new listings in June, 4 already have taken a contract.

Units under contract:

49 homes entered into contracts in the month of June (YIKES... down from 58 the previous month). The average asking price for homes that received contracts was $204,496 (down from $217,709 last month) and the median asking price for June was $182,500 (down from last months $194,900 figure).

The average home that went under contract in June has 3.08 bedrooms, 2 baths, a 1.69 car garage, with 1518 square feet of living space, and was built in 1996. The average asking price per square foot of living space for listings that entered contract this month is $135. It was also priced $24,418 higher when it first was listed as compared to its current asking price (the average price concession was $12,129 last month). It took an average of 151 days of marketing to get a contract.

Conclusions:

The data for the last three months shows that sellers price reduced a little over $9,000, then a little over $12,000, and most recently $24,000 on average to attract a buyer. This is something I'll keep track of over the next many months. I am noticing that the average asking price of new listings is steadily coming down over this time as well (you'll see that reflected in the charts on the sales report next week some time). It does seem that sellers are finally feeling the heat and are willing to play ball in order to attract buyers.

It has now been 18 months since the numbers of sales have begun to drop off and I suspect it may take another 18 months before the numbers begin to gain back towards better levels. Now I'm not going to give you the NAR spiel that this is the best time to buy or sell. I'll maintain that if you are a seller and really need to sell your home that you heed the market conditions and price accordingly. Forget 2005 and some of 2006.

For buyers, yes there are some excellent deals to be made if you are careful. It seems that interest rates are climbing and if you wait too long looking for that great deal, it may not be that great of a deal in terms of afford-ability. Seek out the homes in the price range you are comfortable with first and negotiate with those sellers.

The sales report will be done probably next week. A quick look at the numbers show that once again the numbers softened slightly from the previous couple of months.