Here’s a recap of the current Real Estate Market Statistics & Trends in Bullhead City / Ft. Mohave:
CURRENT MARKET STATISTICS
Residential Homes Currently Listed for Sale = 985
* Homes Sold in past 12 months = 1065 (average 89 per month)
* Homes Sold in past 6 months = 624 (average 104 per month)
* Homes Sold Last Month = 86
* Average Interest Rate 30 Yr. Fixed (Last Month) = 4.95%
Based on current inventory of homes listed for sale compared to rate at which they have been sold over the past six months, we have about a 9 month supply on hand. A huge improvement from the 27 month supply we had in March 2008 and this indicates we are back to a balanced market (supply in the 8 – 10 month range). The statistics continue to show inventory coming down and a sustained pace of sales ahead of last year’s numbers. SELLERS – Good News – the inventory supply the past 3 months is lower than at any time in over 2 ½ years. BUYERS – You should not wait any longer to get in, as the reduction in inventory means prices are going to start moving up.
MARKET TRENDS & HISTORICAL DATA
Homes Sold This Year:
January – October ‘09 = 941
* Average days on market = 147
* Median Sales Price = $123,500
* Average Sales Price = $140,501
* Average Sales Price/List Price Ratio = 94.9%
* Average Interest Rate 30 Yr. Fixed = 5.07%
Home Sales Last Year:
January – October ‘08 = 730
* Average days on market = 161
* Median Sales Price = $152,000
* Average Sales Price = $178,563
* Average Sales Price/List Price Ratio = 94.6%
* Average Interest Rate 30 Yr. Fixed = 6.11%
Home Sales 2 Years Ago:
January – October ‘07 = 863
* Average days on market = 138
* Median Sales Price = $174,900
* Average Sales Price = $208,563
* Average Sales Price/List Price Ratio = 95.6%
* Average Interest Rate 30 Yr. Fixed = 6.38%
Our current results are encouraging, especially to see the number of units sold this year being ahead of the past 2 years. With record-setting low interest rates and incentives for First Time Homebuyers we should expect to see our local real estate market continue to become healthier each month.
Keeping the value of long term real estate investments in proper perspective, take a look at these numbers from 1999:
Home Sales 10 Years Ago:
January – October ‘99 = 821
* Average days on market = 166
* Median Sales Price = $73,000
* Average Sales Price = $87,720
* Average Sales Price/List Price Ratio = 96.3%
* Average Interest Rate 30 Yr. Fixed = 7.35%
Don’t forget – if you or anyone you know needs real estate services to buy or sell – here in Bullhead City or anywhere else – contact me and I’ll get to work for you !! The highest compliment that I can receive is a referral to one of your friends, relatives or business associates. A referral is when you send someone you care about to someone you trust. Thank you for your trust and confidence.
(Data reflects residential sales reported to Western Arizona REALTOR® Data Exchange as of 10/31/2009. Interest rate information from Freddie Mac.)
