Some big changes for the numbers for March. You'll see below that in terms of putting single family homes under contract, this last March is the new record holder by my historical data I've been collecting since 2006 (I didn't collect and keep 'pending contract' information until 2006). This number is big and it was fueled by the fact that 31 of the 88 new contracts were written on new listings taken in March.
So activity is up. What is the catch??
Prices are down. New listing prices are off from the previous month a noticeable amount, but the significant change in prices were on the new contracts written in March. Be sure to closely look at the price figures in the tables below.
While I'm not the sort of Realtor that is going to crow that "now is the best time to buy", but if you have saved up some down payment money and have good credit... now is a fine time to see if you can get the deal on a property that makes sense to you. The data I'm following and reporting on looks as good as ever when you include prices and activity.
Getting a strong feeling that 2009 will be a busy year. Here comes 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 March 2009
| Item | Total Units | Previous Month |
|---|---|---|
| Total Listings On Market | 482 | 510 |
| Total Listings Listed as Foreclosed | 63 | 66 |
| Item | Month of March | Previous Month |
|---|---|---|
| New Listings Total | 114 | 104 |
| New Listings Listed as Foreclosed | 44 | 33 |
| Average Asking Price Per Unit | $156,035 | $169,214 |
| Median Asking Price | $129,900 | $135,150 |
| Average Asking Price Per Square Foot | $97 | $102 |
| Units Re-Listed | 14 | 15 |
| Units Already Under Contract | 31 | 13 |
| Item | Month of March | Previous Month |
|---|---|---|
| Living Area Square Footage | 1,612 | 1,649 |
| Bedrooms | 3.09 | 3.16 |
| Bathrooms | 2.06 | 2.1 |
| Garage | 1.8 | 1.9 |
| Year Built | 1991 | 1996 |
| Item | Lowest | Highest |
| Listings | $35,900 | $499,000 |
The average asking price per square foot broke the $100 barrier. Again, sellers hitting the market have broken the barrier that both sales and new contracts have months ago. Sellers are responding... and being led down the path by the foreclosures (which have been listed on average for less than $100 a square foot for months).
Total listings fell even though new listings for March increased from the previous month. The number that jumped out at me was the 31 new contracts taken on 114 new listings in March. Thats a pretty good clip.
Data tables for all new Units under contract tracked in the month of March 2008
| Item | Total Units | Previous Month |
|---|---|---|
| Total Units Under Contract | 125 | 106 |
| Total Contracts Listed as Foreclosed | 62 | 55 |
| Item | Month of March | Previous Month |
|---|---|---|
| New Contracts Total | 88 | 62 |
| New Contracts Listed as Foreclosed | 47 | 34 |
| Average Marketing Price Per Unit | $109,682 | $137,313 |
| Median Marketing Price | $102,125 | $119,500 |
| Average Marketing Price Per Square Foot | $73 | $86 |
| Days on Market to Acquire a Contract | 86 | 84 |
| Average Marketing Price Reduction | $17,543 | $12,155 |
| Item | Month of March | Previous Month |
|---|---|---|
| Living Area Square Footage | 1,496 | 1,586 |
| Bedrooms | 3.08 | 3.05 |
| Bathrooms | 2 | 2.1 |
| Garage | 1.7 | 1.9 |
| Year Built | 1995 | 1998 |
| Item | Lowest | Highest |
| Listings | $24,900 | $249,900 |
Foreclosures are still leading the way and making the dramatic impacts on the numbers of new contracts taken last month. The average price drop is significant and keep in mind that the figure represents the average marketing price of the properties under contract... these properties likely conceded even more in the negotiations and we won't know those final numbers until they are posted on the sales reports once they close escrow. The price drop was huge but if I take just the foreclosed data the new contract average marketing price for March was $96,092... five figure days are back for single family homes, en masse.
Year over year data listings/pending contracts
| Item | UP/DOWN | unit/dollar amount | Percentage |
|---|---|---|---|
| Total Listings | DOWN | 161 | (25%) |
| New Listings in March | DOWN | 13 | (10%) |
| Average Price per New Listing | DOWN | $50,071 | (24%) |
| Median List Price | DOWN | $32,100 | (20%) |
| Item | UP/DOWN | unit/dollar amount | Percentage |
|---|---|---|---|
| Total Pending Contracts | UP | 21 | 21% |
| New Contracts for March | UP | 32 | 57% |
| Average Marketing Price per Unit | DOWN | $79,007 | (42%) |
| Median Marketing Price | DOWN | $67,775 | (40%) |
If you are outside looking in, this year looks much better than last year. Listing units down, listing prices down. New contracts up, new contract prices way down.
Sellers and potential sellers... obviously prices have dropped significantly and it is likely that this price drop has eaten away any equitable position you might have had on your home. You are not alone, Realtors are not immune to this problem either. You might consider a short sale if you have to sell. Contact me for more information.
Lastly, I know it is Tea Party day in Kingman today. I wish I could be there but this trip was scheduled before I knew about the Tea Party event. I'm there in spirit. Give 'em heck folks (just don't be the crazies like the protesters at the G20).
See you next month.
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