The most likely reason that the average price and median price shot up higher was most likely due to the average size home was over 1700 square feet, the largest average since I've been keeping track of that data.
I've decided to add one more monthly chart for review, it is the median price chart. I've been keeping median prices since 2004 so I know the data is good.
So let's get is started, first 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 and sales in units chart:
The new listing numbers have been bouncing back and forth for awhile now, but they are still too high and continue to add to an inflated inventory which won't help sellers too much. I was hoping to see the sold numbers at least continue on some kind of upward path, but they fell.
Average listings and sales averages chart:
I dare you to say that all is good by the newly established record for a one month average price in sold SFR's. I'll have data later on showing that the homes sold in June were larger than in previous months. Sellers in June still conceded over 8% off the original listing price. I bet the sold average heads back down again before it can cross the new listing average (but I've been wrong before).2004 through 2007 unit sales chart:
As you can clearly see, sellers are still not even on par with last years less than stellar numbers to this point in 2007. What we should hope for is that the orange line heads north of the yellow line within the next few months and that will only likely happen if the asking prices continue to slide to reflect what the market IS bearing.2004 through 2007 average price chart:
You can clearly see that June was a record breaking month for average price. Better than 2005 at any point during that record breaking sales year. The higher priced home market seems to have some life, for the first time this calendar year a home closed for over $500,000 in my search area (according the WARDEX data exchange). Twelve of the 50 closings in June were for more than $300,000 (yet there are still 187 listings on the market for more than $300k).2004 through 2007 median price chart:
Here is the new median price chart that I will continue to run with the monthly sales report. Once again a new record for highest median price in my search area (yet not as dramatic as the average price chart shows).Average SFR statistics:
The average home sold in June had 3.22 bedrooms, 2.1 bathrooms, a 2.16 car garage, included 1,756 square feet of living space, and was built in 1996. The average hold sold for an average of $133 per square foot of living space.
It took an average of 114 days of marketing to attract a buyer to come to an agreement and a total of 158 days from the first day of marketing to the close of escrow.
Sellers reduced price $12,316 to attract a buyer on average from the first day of marketing, and conceded another $6,750 to the buyer in the transaction. The total average price concession for the homes sold in June was $19,066.
Your turn... you be the expert. What do these numbers tell you?? What do you tell sellers?? What do you tell buyers??
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