Bullhead City, Fort Mohave, and Mohave Valley home sales stats for May, 2010.
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.
Home Sales Level, Median Price Jumps Up
And now for something completely different…
While the number of units sold in May moved up only slightly from April, the median price shot up a surprising 29% – from $83,500 to $108,000.
Sneaking a peak at the month-to-date numbers for June, it looks like more of a blip than a trend, which makes sense. While the Bullhead City inventory has dropped significantly over the last 18 months, there is still an 8 month supply of homes on the market. Supply drives price, so I suspect we’ll need to see that number drop more before we can expected sustained appreciation.
Bullhead City home sales have now increased year-over-year for 19 months in a row.
The stats:
Monthly Home Sales Comparison – Bullhead City, Arizona
|
May 2010 |
Last Month |
May 2009 |
| Units Sold |
79 |
77 |
60 |
| Dollar Volume |
$9,405,681 |
$7,571,543 |
$8,283,996 |
| Average Price |
$119,059 |
$98,332 |
$138,067 |
| Median Price |
$108,000 |
$83,500 |
$95,750 |
Year-to-Date Home Sales Comparison – Bullhead City
|
|
|
|
2010 |
2009 |
| Units Sold |
412 |
290 |
| Dollar Volume |
$47,430,242 |
$47,445,182 |
Fort Mohave Bucks the Trend
The number of homes sold actually dipped slightly in Fort Mohave. There were 33 homes sold, compared to 36 last month.
The stats:
Monthly Home Sales Comparison – Fort Mohave, Arizona
|
May 2010 |
Last Month |
May 2009 |
| Units Sold |
33 |
44 |
38 |
| Dollar Volume |
$3,219,400 |
$5,146,200 |
$4,935,155 |
| Average Price |
$97,558 |
$116,959 |
$129,873 |
| Median Price |
$97,000 |
$112,500 |
$137,300 |
Year-to-Date Home Sales Comparison – Fort Mohave
|
2010 |
2009 |
| Units Sold |
177 |
141 |
| Dollar Volume |
$20,334,341 |
$17,655,968 |
Mohave Valley Keeps Pace
Once again, wild fluctuation in price, but not much change in units.
The stats:
Monthly Home Sales Comparison – Mohave Valley, Arizona
|
May 2010 |
Last Month |
May 2009 |
| Units Sold |
16 |
13 |
14 |
| Dollar Volume |
$2,027,412 |
$879,500 |
$1,941,210 |
| Average Price |
$126,713 |
$67,654 |
$138,658 |
| Median Price |
$117,500 |
$63,000 |
$89,250 |
Year-to-Date Home Sales Comparison – Mohave Valley
|
2010 |
2009 |
| Units Sold |
74 |
79 |
| Dollar Volume |
$7,291,462 |
$11,278,669 |
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.
<th align=”left” scope=”col”>March 2010</th>
<th align=”left” scope=”col”>February 2010</th>
<th align=”left” scope=”col”>March 2009</th>
The foreclosure market share dipped to 43% in April, with 33 of 77 home sold in Bullhead City going to bank REO homes – the lowest percentage in a year – following a buying blitz in March.
The drop in foreclosure inventory came just in time for human sellers to catch the wave of buyers dashing to beat the home buyer tax credit, bringing some temporary-but-welcome relief to the fierce competition for buyers they’ve faced since banks got in the game a few years back.
The stats:
Bullhead City Residential Sales in April 2010
This first section includes all property types. A breakdown by property type follows.
|
Foreclosures |
Non-Foreclosures |
| Units Sold |
33 |
44 |
| Median Sale Price |
$88,000 |
$75,901 |
| Avg. Price per Square Foot |
$64.35 |
$67.41 |
| Avg. List/Sale Ratio |
99.5% |
93.3% |
| Avg. Days on Market |
112 |
152 |
Site Built Homes
|
Foreclosures |
Non-Foreclosures |
| Units Sold |
30 |
21 |
| Median Sale Price |
$91,400 |
$95,000 |
| Avg. Price per Square Foot |
$66.63 |
$77.48 |
| Avg. List/Sale Ratio |
100.2% |
95.7% |
| Avg. Days on Market |
106 |
148 |
Manufactured Homes
|
Foreclosures |
Non-Foreclosures |
| Units Sold |
1 |
22 |
| Median Sale Price |
$43,000 |
$60,950 |
| Avg. Price per Square Foot |
$23.27 |
$53.88 |
| Avg. List/Sale Ratio |
107.8% |
91.6% |
| Avg. Days on Market |
86 |
155 |
Condominiums
|
Foreclosures |
Non-Foreclosures |
| Units Sold |
2 |
1 |
| Median Sale Price |
$55,000 |
$250,000 |
| Avg. Price per Square Foot |
$50.59 |
$153.75 |
| Avg. List/Sale Ratio |
84.5% |
83.4% |
| Avg. Days on Market |
216 |
155 |
Source: Western Arizona REALTOR® Data Exchange
August
Bullhead City, Fort Mohave, and Mohave Valley home sales stats for April, 2010.
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.
Home Buyer Tax Credit Frenzy Ends
April 30th marked the end of the Federal Home Buyer Tax Credit (with the exception of select members of the military). The idea behind the tax incentive was to encourage people to buy real estate by giving them what amounted to a rebate on their home purchase of up to $8,000.
I’m not sure if we’ll ever know if it worked, but in Bullhead City it certainly seemed to draw out a bunch of buyers in the first quarter looking to beat the April 30, 2010 deadline. March sales were off the charts.
I’m sure the tax credit was effective in helping some buyers who otherwise would not have bought a home this year. At the same time, I suspect it also had the effect of moving up the timetable for some people that would have bought sometime later this year. So I’m not surprised to see a correction in April, following the highest selling month in 3 1/2 years.
Note however that year-over-sales continue to improve for the 18th month in a row, with April sales up 28% from 2009.
The stats:
Monthly Home Sales Comparison – Bullhead City, Arizona
|
April 2010 |
March 2010 |
April 2009 |
| Units Sold |
77 |
107 |
60 |
| Dollar Volume |
$7,571,543 |
$11,450,243 |
$8,283,996 |
| Average Price |
$98,332 |
$107,012 |
$138,067 |
| Median Price |
$83,500 |
$85,000 |
$95,750 |
Year-to-Date Home Sales Comparison – Bullhead City
|
|
|
|
2010 |
2009 |
| Units Sold |
333 |
213 |
| Dollar Volume |
$38,124,561 |
$36,451,257 |
Another Record for Fort Mohave Home Sales
It looks like sales were a little slower to correct in Fort Mohave. With sales outpacing March by one, April was the biggest month in over 4 years with 44 homes sold. Expect to see the correction in May instead.
The stats:
Monthly Home Sales Comparison – Fort Mohave, Arizona
|
April 2010 |
March 2010 |
April 2009 |
| Units Sold |
44 |
43 |
38 |
| Dollar Volume |
$5,146,200 |
$5,166,125 |
$4,935,155 |
| Average Price |
$116,959 |
$120,142 |
$129,873 |
| Median Price |
$112,500 |
$119,000 |
$137,300 |
Year-to-Date Home Sales Comparison – Fort Mohave
|
2010 |
2009 |
| Units Sold |
144 |
105 |
| Dollar Volume |
$17,114,941 |
$13,307,568 |
More of the Same in Mohave Valley
There has not been a lot of month-to-month fluctuation in homes sales in Mohave Valley, where the market seems to be slower to rebound than in neighboring Fort Mohave and Bullhead City. However, home prices have been all over the map.
The stats:
Monthly Home Sales Comparison – Mohave Valley, Arizona
|
April 2010 |
March 2010 |
April 2009 |
| Units Sold |
13 |
15 |
14 |
| Dollar Volume |
$879,500 |
$1,631,000 |
$1,941,210 |
| Average Price |
$67,654 |
$108,733 |
$138,658 |
| Median Price |
$63,000 |
$110.250 |
$89,250 |
Year-to-Date Home Sales Comparison – Mohave Valley
|
2010 |
2009 |
| Units Sold |
58 |
62 |
| Dollar Volume |
$5,264,050 |
$8,691,353 |
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.
<th align=”left” scope=”col”>March 2010</th>
<th align=”left” scope=”col”>February 2010</th>
<th align=”left” scope=”col”>March 2009</th>
Summer is right around the corner, which means it’s time to mark your calendar for the 4th annual Bullhead City River Regatta.
The Regatta takes place on Saturday, August 14, 2010, when thousands of people will gather at Bullhead City Community Park for a group float down the Colorado River to Rotary Park.
It looks something like this:
If you register before August 10th, the entrance fee for the 8 mile float is $15. After that is bumps up to $20.
The Regatta is open to teams and individuals, with cash, prizes, and bragging rights up for grabs in several categories.
Last year’s overall winner, The Topock Gamblers pictures above, walked away with 500 bucks!
Regatta weekend kicks off on Friday night with the Ye Gatta Regatta pre-party at Community Park from 5:30 – 10 pm and concludes with the Ye Hafta Afta party at Rotary Park. Good times for all!
For detailed information and registration visit bullheadregatta.com or go directly to the Regatta registration page.
Also, be sure to join the Bullhead City River Regatta Facebook page.
It’s typical for the Bullhead City real estate market to heat up in March, but this particular March was anything but typical. Fueled by low prices, and perhaps a rush to beat the First Time Home Buyer Tax Credit, home sales broke triple digits for the first time in 3 1/2 years.
55 of the 107 homes sold in Bullhead City were foreclosures (51%), compared to 56% in February.
A few observations I think are worth noting:
- The number of active foreclosures for sale in the Bullhead City area recently dipped below 100, something we haven’t seen since it hit 100 on the way up, before peaking around 200 in late 2008.
- For the first time since the reinvention of foreclosures, the number of them entering the market dropped actually dropped year-over-year. My shadow inventory theorist friends might call that the calm before the storm. We shall see.
- 22 of the 37 site built foreclosure homes that sold in March fetched less than $100,000. Today there are precisely 11 such homes on the market.
- The median sale price of site built foreclosures was $85,000, and $125,000 for non-foreclosures.
The sudden change in the market and the overall economy a few years ago has had a huge impact on nearly everyone. I am reminded of it literally on a daily basis, as we try to help homeowners understand their options so they can make sound, but very difficult decisions.
From a market standpoint, foreclosures have been a necessary evil in terms of correcting course. Before banks entered the market with their REO properties, inventory was growing, and growing, and growing as buyers stood by refusing to make a move. Prices got too high, financing was drying up, and sellers were going upside down. It was an absolute stalemate.
Of course most banks don’t want to hold real estate. They sell for what they can get. With buyers in charge, prices plummeted.
Here we are a few years later and the Bullhead City market is almost back in balance. Foreclosures still account for half the sales, but they are suddenly running low, especially in the very low price range.
“They” say that there are more coming – lots of them. The shadow inventory it’s called, a gang of bank-owned homes that will dump on the market all at once, “they” say. I’m not sure.
In my humble opinion, it’s all about how fast they get absorbed. Foreclosures greased the wheels of our market, and now we have some momentum. That makes right now a pivotal time in our market.
Can we carry that momentum in the long term if foreclosures continue to sell faster than they are replaced?
Do you fall on the shadow inventory side? If so, can the market withstand an increase in supply?
And how will the market react now that the homes for sale under $100,000 is only a fraction of what it was a few months ago?
While you ponder that, here are the stats:
Bullhead City Residential Sales in March 2010
This first section includes all property types. A breakdown by property type follows.
|
Foreclosures |
Non-Foreclosures |
| Units Sold |
55 |
52 |
| Median Sale Price |
$70,000 |
$105,000 |
| Avg. Price per Square Foot |
$59.12 |
$78.63 |
| Avg. List/Sale Ratio |
95.0% |
89.5% |
| Avg. Days on Market |
99 |
195 |
Site Built Homes
|
Foreclosures |
Non-Foreclosures |
| Units Sold |
37 |
31 |
| Median Sale Price |
$85,000 |
$125,000 |
| Avg. Price per Square Foot |
$66.64 |
$82.51 |
| Avg. List/Sale Ratio |
97.7% |
88.9% |
| Avg. Days on Market |
105 |
149 |
Manufactured Homes
|
Foreclosures |
Non-Foreclosures |
| Units Sold |
14 |
15 |
| Median Sale Price |
$32,450 |
$60,000 |
| Avg. Price per Square Foot |
$37.06 |
$74.19 |
| Avg. List/Sale Ratio |
90.6% |
88.7% |
| Avg. Days on Market |
81 |
245 |
Condominiums
|
Foreclosures |
Non-Foreclosures |
| Units Sold |
4 |
6 |
| Median Sale Price |
$52,250 |
$122,200 |
| Avg. Price per Square Foot |
$66.76 |
$69.66 |
| Avg. List/Sale Ratio |
86.1% |
94.3% |
| Avg. Days on Market |
108 |
302 |
Source: Western Arizona REALTOR® Data Exchange
August
