Bullhead City Real Estate Report – October, 2011

by Evan Fuchs on November 21, 2011

in Bullhead City Real Estate

Bullhead City, Fort Mohave, and Mohave Valley home sales including all residential property types (Single Family Homes, Manufactured Homes, Condominiums) reported to the Western Arizona REALTOR Data Exchange. No commercial property or vacant land.

Bullhead City typical, Fort Mohave jumps

There was a slight uptick in sales this month in Bullhead City compared to September, and a slight drop compared to last October, but nothing more than the typical swing we see this time of year in Bullhead City.

Fort Mohave, which is the area of Mohave County just south of Bullhead City limits, saw the strongest October since 2005. The 40 homes sold in Fort Mohave mark an 11% increase from September and a 43% jump year over year.

Fort Mohave has a lower median home price than Bullhead City, but it also benefits from the availability of USDA financing. That means qualified buyers can finance the entire purchase with no down payment. The combination of affordable prices, low rates, and 100% financing makes buying a home cheaper than renting in some cases.

The stats:

Monthly Home Sales Comparison – Bullhead City, Arizona

October 2011 A Month Ago A Year Ago
Units Sold 68 64 71
Dollar Volume $7,638,972 $6,716,479 $7,655,360
Average Price $112,338 $104,945 $107,822
Median Price $79,400 $79,661 $88,000

Year-to-Date Home Sales Comparison – Bullhead City

2011 2010
Units Sold 809 795
Dollar Volume $85,406,295 $88,719,521


Monthly Home Sales Comparison – Fort Mohave, Arizona

October 2011 A Month Ago A Year Ago
Units Sold 40 36 28
Dollar Volume $3,780,050 $3,470,000 $2,690,600
Average Price $94,501 $96,389 $96,093
Median Price $86,750 $02,050 $91,250

Year-to-Date Home Sales Comparison – Fort Mohave

2011 2010
Units Sold 345 321
Dollar Volume $37,133,742 $36,579,753


Monthly Home Sales Comparison – Mohave Valley, Arizona

October 2011 A Month Ago A Year Ago
Units Sold 12 15 14
Dollar Volume $779,115 $1,115,900 $1,739,670
Average Price $64,926 $101,060 $124,262
Median Price $54,500 $85,100 $78,500

Year-to-Date Home Sales Comparison – Mohave Valley

2011 2010
Units Sold 145 152
Dollar Volume $14,074,421 $15,643,471

Source: Western Arizona REALTOR® Data Exchange

Like to keep up on local market stats and trends? The monthly real estate report is usually released after the tenth of each month, followed by the foreclosure report. Or run your own Search for Homes in the Bullhead City area 24/7. Of course I’m happy to do the searching for you. Just shout.

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Bullhead City Real Estate Report – September, 2011

by Evan Fuchs on October 17, 2011

in Bullhead City Real Estate

Bullhead City, Fort Mohave, and Mohave Valley home sales for August, 2011. Includes all residential property types (Single Family Homes, Manufactured Homes, Condominiums) reported to the Western Arizona REALTOR Data Exchange. No commercial property or vacant land.

Site built homes moving in Bullhead City

It doesn’t seem to matter if the market is improving or declining, Bullhead City home sales are going to drop in September – at least they have for the last seven years. Even when annual home sales grew by 34% in 2009, they dropped 21% from August to September. Such is the seasonality of the Bullhead City market.

This time around home sales dropped 19% from August totals, but year-over-year sales increased by 3%, with 64 homes sold compared to 62 homes in September of 2010.

Tracking price trends has been a tricky game lately, and as usual median and average prices do not tell the whole story. Although the median residential sale price – which lumps together site-built homes, manufactured homes, and condos – dropped in September, the median price of site-built homes in Bullhead City went up from $112,000 to $114,950.

The inventory of site-built homes has dropped considerably in the last several months, going from 4.5 months supply of inventory at the end of the second quarter to 2.8 months supply at the end of the third quarter (based on the sales activity in the preceding 6 months).

Look at houses below $150,000 and the supply slices in half to 1.4 months.

Now that the market has balanced out overall and returned to normal seasonal patterns, we are seeing a sharp segmentation by price and property type. I expect this to continue into 2012.

The stats:

Monthly Home Sales Comparison – Bullhead City, Arizona

September 2011 A Month Ago A Year Ago
Units Sold 64 79 62
Dollar Volume $6,716,479 $9,454,950 $7,411,225
Average Price $104,945 $119,683 $119,536
Median Price $79,661 $90,000 $76,300

Year-to-Date Home Sales Comparison – Bullhead City

2011 2010
Units Sold 741 724
Dollar Volume $77,767,323 $81,064,161


Monthly Home Sales Comparison – Fort Mohave, Arizona

September 2011 A Month Ago A Year Ago
Units Sold 36 24 25
Dollar Volume $3,470,000 $2,467,920 $3,217,695
Average Price $96,389 $102,830 $128,708
Median Price $92,050 $92,450 $115,000

Year-to-Date Home Sales Comparison – Fort Mohave

2011 2010
Units Sold 305 293
Dollar Volume $33,353,692 $33,889,153


Monthly Home Sales Comparison – Mohave Valley, Arizona

September 2011 A Month Ago A Year Ago
Units Sold 15 13 14
Dollar Volume $1,515,900 $1,115,900 $1,787,640
Average Price $101,060 $85,838 $127,689
Median Price $85,100 $63,100 $70,500

Year-to-Date Home Sales Comparison – Mohave Valley

2011 2010
Units Sold 133 138
Dollar Volume $13,295,306 $13,903,801

Source: Western Arizona REALTOR® Data Exchange

Like to keep up on local market stats and trends? The monthly real estate report is usually released after the tenth of each month, followed by the foreclosure report. Or run your own Search for Homes in the Bullhead City area 24/7. Of course I’m happy to do the searching for you. Just shout.

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Bullhead City Regatta for Fun and Profit

by Evan Fuchs on September 15, 2011

in Bullhead City News & Events

Bullhead City Mayor discusses Regatta with local REALTORS

Bullhead City Mayor Jack Hakim was a guest speaker at the Bullhead City/Mohave Valley Association of REALTORS quarterly membership luncheon yesterday.

When Mayor Hakim opened the floor for questions, I asked him about the success of the the Bullhead City Regatta, and its impact on our local economy.

Given that Bullhead City’s budget relies on sales tax revenue, having 27,000+ visitors in town for a few days is a clear win, but the Mayor highlighted some other areas, good and bad, vowing to make it better next year:

I know there were problems at the landing zone, and it broke my heart. It will never happen again. We know what we need to do and we are going to make it right.

Hey, this event grew up fast. I’m glad to see Bullhead City leadership publicly acknowledging complaints and committing to fix them.

Some possible solutions being explored include a bigger beach landing area, and better staggering of floats at the launch site to spread out the traffic.

Regatta is Bullhead City’s signature event

Mayor Hakim shared that the Bullhead City Regatta generated $530,000 in revenues, not including sales tax revenue, and was “funded without any taxpayer money.” An estimate of sales tax revenue generated from the Regatta is expected in the first week of October.

The final count of 27,117 was adjusted down from the previously reported 29,000, which Mayor Hakim attributed to the way wristbands were distributed. Apparently the original estimate of 29,000 was based on the number of wristbands given to various distributors, but not all of those were sold.

He also commented on the demographic diverstity of attendees, pointing out that many were first-timers that otherwise would not have visited the area. And they came from allover, including 28 states, Spain, Italy, Germany, and even Dubai. Yes, Dubai.

The Bullhead City Regatta has grown very quickly into major attraction, or as Mayor Hakim put it, “the signature piece for Bullhead City.”

And the repsonse has been mostly positive, but not everyone is a fan. Citing everything from health and safety, to environmental issues, the few detractors I’ve encountered online have been pretty vocal.

Sure, there have been some negatives over the years, but it’s hard to argue with positives; Vistors come from all over the world to have a good time, spend some money, and they tell their friends.

Personally, I’m a big fan.

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Bullhead City Real Estate Report – August, 2011

by Evan Fuchs on September 12, 2011

in Bullhead City Real Estate

Bullhead City, Fort Mohave, and Mohave Valley home sales for August, 2011. Includes all residential property types (Single Family Homes, Manufactured Homes, Condominiums) reported to the Western Arizona REALTOR Data Exchange. No commercial property or vacant land.

Bullhead City residential inventory hits six year low

Home prices were on the rise this month in Bullhead City, with the median price jumping 24% from July, and 15% year-over-year.

At the same time, unit sales actually fell off 5%, but were up 10% from last August.

On the supply side, the market continues to improve, with inventory down to 445 homes; That’s a low we haven’t seen since August of 2005.

Here’s how it happened:

Plotting monthly home sales against new new listings, using a sample going back to 2009 as shown in the chart above, you can see the shrinking gap between supply and demand.

As homes sold, they were consistently replaced by fewer new listings, cutting the inventory of homes on the market in half in 2 1/2 years.

It’s been a balanced attack.

The stats:

Monthly Home Sales Comparison – Bullhead City, Arizona

August 2011 A Month Ago A Year Ago
Units Sold 79 83 72
Dollar Volume $9,454,950 $$9,065,868 $7,475,762
Average Price $119,683 $109,227 $103,830
Median Price $90,000 $73,000 $78,250

Year-to-Date Home Sales Comparison – Bullhead City

2011 2010
Units Sold 676 662
Dollar Volume $70,840,944 $73,652,936

Fort Mohave home sales dip again

Unit sales dropped for the second month in Fort Mohave, but grew slightly year-over-year, similar to Bullhead City.

It’s worth noting that the 24 homes sold in August is the lowest mark since last August of 2010.

The stats:

Monthly Home Sales Comparison – Fort Mohave, Arizona

August 2011 A Month Ago A Year Ago
Units Sold 24 28 22
Dollar Volume $2,467,920 $3,411,392 $2,293,877
Average Price $102,830 $121,835 $104,267
Median Price $92,450 $120,450 $96,450

Year-to-Date Home Sales Comparison – Fort Mohave

2011 2010
Units Sold 269 268
Dollar Volume $29,883,692 $30,671,458

Mohave Valley home sales sag, rounding out the side

Last month I speculated that we were heading back to our normal seasonal patterns. With unit sales also dropping in Mohave Valley, it may just prove the rule.

The stats:

Monthly Home Sales Comparison – Mohave Valley, Arizona

August 2011 A Month Ago A Year Ago
Units Sold 13 20 19
Dollar Volume $1,115,900 $2,042,700 $2,100,470
Average Price $85,838 $102,135 $110,551
Median Price $63,000 $59,950 $85,000

Year-to-Date Home Sales Comparison – Mohave Valley

2011 2010
Units Sold 118 124
Dollar Volume $11,779,406 $12,116,161

Source: Western Arizona REALTOR® Data Exchange

Like to keep up on local market stats and trends? The monthly real estate report is usually released after the tenth of each month, followed by the foreclosure report. Or run your own Search for Homes in the Bullhead City area 24/7. Of course I’m happy to do the searching for you. Just shout.

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Bullhead City Real Estate Report – July, 2011

by Evan Fuchs on August 22, 2011

in Bullhead City Real Estate

Bullhead City, Fort Mohave, and Mohave Valley home sales for July, 2011.

Includes all residential property types (Single Family Homes, Manufactured Homes, Condominiums) reported to the Western Arizona REALTOR Data Exchange. No commercial property or vacant land.

Bullhead City Residential Units

Like water seeks its own level, so does Bullhead City market

The seasonality of the Bullhead City real estate market is such that the there are almost always more sales from April – June than any other three-month period. More often than not, the second quarter wraps, and home sales begin to dip in July.

As with all rules, there are exceptions. Five of them in the last 16 years, in fact.

And it’s no coincidence that three of those five exceptions were 2008, 2009, and 2010, when the normal seasonal trend was trumped by a steady uptrend in unit sales that can be traced back to December of 2007 when Bullhead City posted the lowest monthly numbers in that 16 year period.

Not long ago, the market was completely out of whack. There were far too many homes for sale and far too few buyers.

The supply side started fixing itself five years ago, but it wasn’t until that lowly December of 2007 that demand started to catch up, as shown in the chart above.

Now, with supply and demand finally back in balance,  it seems the “normal” seasonal trend may be back in play.

Unit sales fell off in July for the first time in four years, making 2011 look a lot more normal than the previous three years.

Notice also in the chart above that once the gap between supply (homes for sale) and demand (homes sold) started to close, the median price started to correct.

While the overall residential median price dropped from $79,500 in June to $73,000, the median price of site-built homes grew from $112,000 to $122,000.

The stats:

Monthly Home Sales Comparison – Bullhead City, Arizona

July 2011 A Month Ago A Year Ago
Units Sold 83 96 94
Dollar Volume $9,065,868 $9,670,137 $9,648,129
Average Price $109,227 $100,731 $102,640
Median Price $73,000 $79,500 $80,000

Year-to-Date Home Sales Comparison – Bullhead City

2011 2010
Units Sold 597 590
Dollar Volume $61,385,994 $66,177,174

Fort Mohave home sales sag after big June

Coming off the best selling June in five years, Fort Mohave unit sales fell to 28 homes sold, failing to match the 30 homes sold a year ago.

The median price did move up 8% month-to-month to $120,450, just a few dollars over last July’s $120,200.

The stats:

Monthly Home Sales Comparison – Fort Mohave, Arizona

July 2011 A Month Ago A Year Ago
Units Sold 28 44 30
Dollar Volume $3,411,392 $4,897,450 $3,569,890
Average Price $121,835 $111,306 $118,996
Median Price $120,450 $111,500 $120,200

Year-to-Date Home Sales Comparison – Fort Mohave

2011 2010
Units Sold 245 246
Dollar Volume $27,415,772 $28,377,581

Mohave Valley home sales keep on trucking

Interestingly enough, the 20 homes sold in Mohave Valley were exactly equal to June, and the year-to-date number number of 105 homes sold through July is exactly same as the same period in 2010.

The stats:

Monthly Home Sales Comparison – Mohave Valley, Arizona

July 2011 A Month Ago A Year Ago
Units Sold 20 20 17
Dollar Volume $2,042,700 $1,642,400 $1,585,405
Average Price $102,135 $82,120 $93,259
Median Price $59,950 $63,000 $60,000

Year-to-Date Home Sales Comparison – Mohave Valley

2011 2010
Units Sold 105 105
Dollar Volume $10,663,506 $10,015,691

Source: Western Arizona REALTOR® Data Exchange

Like to keep up on local market stats and trends? The monthly real estate report is usually released after the tenth of each month, followed by the foreclosure report. Or run your own Search for Homes in the Bullhead City area 24/7. Of course I’m happy to do the searching for you. Just shout.

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