Monthly Statistics Report - 06/01/2009 - 07/01/2009
Bullhead CityMohave Vall Asc of REALTORS - Compiled on July 13, 2009
	06/01/2009 - 07/01/2009	Change from 05/01/2009 - 05/31/2009	06/01/2008 - 07/01/2008	Change from 06/01/2008 - 07/01/2008 to 06/01/2009 - 07/01/2009	YTD 2009	YTD 2008	2008 - 2009 YTD
Residential
New Listings	240	7.14%	303	-20.79%	1,470	1,962	-25.08%
Sold Listings	127	-11.81%	102	24.51%	679	545	24.59%
Volume - Sold Listings	$16,540,779	-13.31%	$21,048,478	-21.42%	$96,477,608	$101,759,122	-5.19%
Average Sale Price	$130,242	-1.71%	$206,358	-36.89%	$142,088	$186,714	-23.90%
High Sale Price	$560,000	-31.71%	$1,886,878	-70.32%	$3,561,925	$2,800,000	27.21%
Low Sale Price	$19,000	26.67%	$20,000	-5.00%	$9,000	$20,000	-55.00%
Average Days on Market	171	12.50%	163	4.91%	158	171	-7.60%

April 2009

The trend in the Bullhead City area real estate market remains one of lower prices fueled by foreclosures of single family homes.  The average sales price for the first 4 months of 2009 is 19% lower than the same period in 2008, with the average price of a home dropping from $185,000 to $150,000.  It seems the market has not hit bottom yet and the signs are prices will continue to fall if the expected influx of new foreclosures turns out to be correct.  For first time buyers, investors and those looking for a second home these figures could be good news.    The tax credit for first time buyers* makes this an especially attractive time to buy.  There are many bargains to be found and some think we will never see such an opportunity to buy real estate like this again.  That opportunity is apparent as the number of homes sold are up over 15% for the first 4 months of this year compared to the same period in 2008.  These are some signs that could put pressure on the decline of home prices.  With sales up and the number of new listings taken down 27%, there are now fewer homes to choose from.  In addition, we are seeing multiple offers, sometimes over list price, on well priced homes.

Land sales are showing no sign of improvement yet.  Price reductions have slowed a bit, but the number of sales are down over 42% from year ago rates.  A little good news is the average time on the market is going down and the number of new listing coming on the market has dropped considerably.

*To learn more about the first time tax credit please call or email us.
 

Monthly Statistics Report - 04/01/2009 - 04/30/2009
Bullhead CityMohave Vall Asc of REALTORS - Compiled on May 3, 2009
	04/01/2009 - 04/30/2009	Change from 03/02/2009 - 03/31/2009	04/01/2008 - 04/30/2008	Change from 04/01/2008 - 04/30/2008 to 04/01/2009 - 04/30/2009	YTD 2009	YTD 2008	2008 - 2009 YTD
Residential
New Listings	246	7.42%	354	-30.51%	994	1,371	-27.50%
Sold Listings	117	4.46%	118	-0.85%	402	348	15.52%
Volume - Sold Listings	$15,438,711	-24.64%	$19,046,555	-18.94%	$60,338,119	$64,523,362	-6.49%
Average Sale Price	$131,955	-27.86%	$161,411	-18.25%	$150,095	$185,412	-19.05%
High Sale Price	$1,050,000	-70.52%	$615,000	70.73%	$3,561,925	$2,800,000	27.21%
Low Sale Price	$15,000	-6.25%	$25,000	-40.00%	$9,000	$22,500	-60.00%
Average Days on Market	149	-9.70%	163	-8.59%	156	174	-10.34%
Vacant Land
New Listings	100	9.89%	133	-24.81%	416	602	-30.90%
Sold Listings	13	-23.53%	33	-60.61%	49	85	-42.35%
Volume - Sold Listings	$853,305	-43.31%	$2,945,600	-71.03%	$3,295,772	$6,545,320	-49.65%
Average Sale Price	$65,639	-25.86%	$89,261	-26.46%	$67,261	$77,004	-12.65%
High Sale Price	$465,000	11.58%	$885,000	-47.46%	$465,000	$885,000	-47.46%
Low Sale Price	$6,100	-12.86%	$17,000	-64.12%	$4,900	$2,500	96.00%
Average Days on Market	217	-8.44%	204	6.37%	180	200	-10.00%

January 2009

The first full month of 2009 is over and the marketing trends revealed are interesting and there is one surprise.  While it is no surprise that prices are down, what is surprising for home sales is that there were as many sales for January 2008 and January 2009, with 80 sales in each monthly period.  It seemed to me that January was much busier than last year.  And it was for those of us still left in the business of real estate!  Our local board of Realtors saw a drop in the number of agents of around 35% this January.  The remaining 65% did the same number of sales as last year!!!  Overall, home prices were still down 21.5% from this period in 2008, with foreclosures and short sales continuing to put pressure on home prices.

Land and lot sales continue to be very depressed.  The number of listings sold this January were down over 35% from year ago numbers and the average price was down over 23%.  This resulted in a drop in the volume (total dollars sold) of just under 51%.  Not good news to property owners or Realtors.

Commercial and multi family sales are so irregular here that making sense of the numbers is difficult, though suffice it to say both are suffering in this market as well.

Monthly Statistics Report - 01/01/2009 - 02/01/2009
Bullhead CityMohave Vall Asc of REALTORS - Compiled on February 10, 2009
	01/01/2009 - 02/01/2009	Change from 11/30/2008 - 12/31/2008	01/01/2008 - 02/01/2008	Change from 01/01/2008 - 02/01/2008 to 01/01/2009 - 02/01/2009	YTD 2009	YTD 2008	2008 - 2009 YTD
Residential
New Listings	253	24.02%	379	-33.25%	253	379	-33.25%
Sold Listings	80	2.56%	80	0.00%	80	80	0.00%
Volume - Sold Listings	$10,928,389	15.05%	$13,926,275	-21.53%	$10,928,389	$13,926,275	-21.53%
Average Sale Price	$136,605	12.17%	$174,078	-21.53%	$136,605	$174,078	-21.53%
High Sale Price	$1,200,000	215.79%	$590,000	103.39%	$1,200,000	$590,000	103.39%
Low Sale Price	$20,000	2.56%	$22,500	-11.11%	$20,000	$22,500	-11.11%
Average Days on Market	148	4.23%	166	-10.84%	148	166	-10.84%
Vacant Land
New Listings	97	32.88%	165	-41.21%	97	165	-41.21%
Sold Listings	9	50.00%	14	-35.71%	9	14	-35.71%
Volume - Sold Listings	$489,334	204.12%	$996,350	-50.89%	$489,334	$996,350	-50.89%
Average Sale Price	$54,370	102.74%	$71,168	-23.60%	$54,370	$71,168	-23.60%
High Sale Price	$87,673	143.54%	$325,000	-73.02%	$87,673	$325,000	-73.02%
Low Sale Price	$6,500	-67.50%	$2,500	160.00%	$6,500	$2,500	160.00%
Average Days on Market	75	-14.77%	171	-56.14%	75	171	-56.14

December 2008
 

RESIDENTIAL SALES

A very interesting and trying year has passed and I think most of us are glad it’s over and are looking forward to 2009 and the promise of better things to come.  Our Keller Williams office had a great month with 18 closings, as you can see from the data below the trends for December residential sales were UP over 37% from December 2007.  This is a great sign and the second consecutive month for this trend.  Residential sales for the year were still down over 13% from 2007, however.

Residential sales volume highlighted the trend of lower prices as volume was down almost 28% from 2007 to 2008 with the average price dropping 14.91% from $206,614 in 2007 to $175,809 in 2008.

Despite the relativly brisk sales of foreclousre homes the time on market was longer in 2008 than 2007 for the market as a whole.

VACANT LAND SALES

Vacant land listings continued to take a beating in December down over 55% for the month compared to 2007 and down 49% for the year.  The average sales price YTD reflects the weak demand with the price of lots and land dropping over 56% from 2007’s not so great averages.

In some areas where owners are slow to recognize the shift or unwilling to reduce prices to keep pace with the declining market sales were literally non-existent.  One neighborhood I am familiar with, the Highlands at Desert Foothills Estates,  saw no lot sales in all of 2008.  This once booming prestige community now suffers with a complete dearth of buyers willing to pay what sellers are asking.

Acreage parcel sales are near zero for the year as well and only parcels with price reductions of 50% or more were able to garner buyers.  Development land sales were also non-existant as builders and developers sit out this current market.

Bullhead CityMohave Vall Asc of REALTORS - Compiled on January 2, 2009
	12/01/2008 - 12/31/2008	Change from 10/31/2008 - 11/30/2008	12/01/2007 - 12/31/2007	Change from 12/01/2007 - 12/31/2007 to 12/01/2008 - 12/31/2008	YTD 2008	YTD 2007	2007 - 2008 YTD
Residential
New Listings	148	-34.80%	177	-16.38%	2,948	3,822	-22.87%
Sold Listings	62	-11.43%	45	37.78%	918	1,066	-13.88%
Volume - Sold Listings	$7,882,127	-25.21%	$9,103,100	-13.41%	$161,392,750	$220,250,479	-26.72%
Average Sale Price	$127,131	-15.56%	$202,291	-37.15%	$175,809	$206,614	-14.91%
High Sale Price	$380,000	-71.41%	$645,000	-41.09%	$2,800,000	$2,700,000	3.70%
Low Sale Price	$19,500	21.88%	$28,000	-30.36%	$16,000	$22,500	-28.89%
Average Days on Market	125	-12.59%	145	-13.79%	162	143	13.29%
Vacant Land
New Listings	47	-34.72%	103	-54.37%	1,021	1,620	-36.98%
Sold Listings	4	0.00%	9	-55.56%	147	290	-49.31%
Volume - Sold Listings	$120,900	-76.63%	$621,500	-80.55%	$14,237,952	$35,986,571	-60.44%
Average Sale Price	$30,225	-76.63%	$69,056	-56.23%	$96,857	$124,092	-21.95%
High Sale Price	$36,000	-85.60%	$115,000	-68.70%	$1,525,000	$3,105,740	-50.90%
Low Sale Price	$28,300	-14.24%	$45,000	-37.11%	$14,000	$15,000	-6.67%
Average Days on Market	105	-46.43%	341	-69.21%	172	206	-16.50%
Commercial
New Listings	13	44.44%	10	30.00%	170	228	-25.44%
Sold Listings	2	100.00%	3	-33.33%	25	36	-30.56%
Volume - Sold Listings	$463,000	-51.26%	$1,156,000	-59.95%	$6,079,823	$18,552,040	-67.23%
Average Sale Price	$231,500	-75.63%	$385,333	-39.92%	$243,193	$515,334	-52.81%
High Sale Price	$427,000	-55.05%	$750,000	-43.07%	$950,000	$6,000,000	-84.17%
Low Sale Price	$36,000	-96.21%	$46,000	-21.74%	$1,200	$18,000	-93.33%
Average Days on Market	199	14.37%	264	-24.62%	172	137	25.55%
Multi-Family
New Listings	7	133.33%	4	75.00%	55	56	-1.79%
Sold Listings	0	N/A	0	N/A	2	6	-66.67%
Volume - Sold Listings	$0	N/A	$0	N/A	$3,185,000	$2,132,900	49.33%
Average Sale Price	$0	N/A	$0	N/A	$1,592,500	$355,483	347.98%
High Sale Price	$0	N/A	$0	N/A	$3,120,000	$464,900	571.11%
Low Sale Price	$0	N/A	$0	N/A	$65,000	$260,000	-75.00%
Average Days on Market	0	N/A	0	N/A	257	167	53.89%

 

October 2008

The October sales statistic are in for the Bullhead City area from our Board of Realtors.   While there are no big surprises, there are some interesting trends.  Residential sales YTD declined 18.46% from the same period last year, with YTD sales in 2007 of 964 vs. 786 for 2008.  For the month however, sales in October 2008 were only down 7.14% from October 2007.  There were 65 residential sales in October 2008.  Of real significance is that listings taken dropped more than sales, down 24.21% YTD 2008 vs. the same period in 2007.  This means inventory is coming down which may have the effect of slowing the rate of decline on prices and could even indicate a shift towards a neutral market from a buyers market.  This could be the news that gets buyers off the fence an back to buying mode.  The average price dropped only 13.23% YTD.

Land/lot sales are still sagging badly.  YTD sales are down 47.35% from the same period in ‘07!!!  The average sales price is down 21.44% since this time last year.  While home sellers are keenly aware of the declining prices and doing a decent job of reducing prices to meet the market, that can’t be said of land sellers, which may explain why land sales continue to suffer so badly.  The combination of declining prices and declining sales resulted in an overall decline in sales volume of 58.64% from $32,877,571 this time last year to $13,599,708 in 2008.  New listings did not drop as much as sales meaning inventory is still in the rise.  Not a good sign for land sellers.

Even commercial sales are down though only 13% for the period.  The encouraging news is listings are down almost 23%.