This Bullhead City foreclosure report includes all Bullhead City residential property types (site built homes, manufactured homes, and condominiums). Unless otherwise noted, all data is from the Western Arizona REALTOR® Data Exchange.
Foreclosures moving in Bullhead City as pace picks up
Stop me if this sounds familiar, but half of the homes sold in Bullhead City in December were foreclosures. Total homes sold changed slightly month to month (from 47 in November to 45 in December) but the number of foreclosures stayed put at 22 per month. In other words, the foreclosure market share increased.
You’ll be used to this by next month when I will almost certainly report that foreclosures grab an even bigger chunk of the market. The question is will foreclosures sell faster than they are replaced by new ones? If they do so consistantly, the balance of that market segment will swing to the seller side which could bring some relief to the rest of the sellers. I’m watching it very closely and will help you stay up on that trend here.
Now for the breakdown by property type:
Bullhead City site built homes sold in December 2008
Foreclosures
Sold: 21
Median Sale Price: $128,500
Avg. Price per Square Foot: $79.87
Avg. List/Sale Ratio: 96%
Avg. Days on Market: 98
Non-Foreclosures
Sold: 11
Median Sale Price: $125,000
Avg. Price per Square Foot: $97.41
Avg. List/Sale Ratio: 87.7%
Avg. Days on Market: 142
Since most of the foreclosure activity happens here among site built homes, it doesn’t come as a huge surprise to learn they accounted for 11 of the 32 homes sold. Here’s something important:
Foreclosures sold in 98 days on average, down BIG from 131 days in November. They also sold for 96% of asking compared to 94.8% in November. At the same time the median price moved up from $110,000 to $128,500.
Bullhead City manufactured homes sold in December 2008
Foreclosures
Sold: 0
Median Sale Price: n/a
Avg. Price per Square Foot: n/a
Avg. List/Sale Ratio: n/a
Avg. Days on Market: n/a
Non-Foreclosures
Sold: 11 8
Median Sale Price: $75,000
Avg. Price per Square Foot: $75.69
Avg. List/Sale Ratio: 92.7%
Avg. Days on Market: 151
No foreclosed manufactured homes sold this month, but the overall sales did move up from 8 to 11. Keep in mind the competition isn’t as stiff as most of the foreclosures are site built homes.
Bullhead City condominiums sold in December 2008
Foreclosures
Sold: 1
Median Sale Price: $172,500
Avg. Price per Square Foot: $78.44
Avg. List/Sale Ratio: 100.0%
Avg. Days on Market: 33
Non-Foreclosures
Sold: 1
Median Sale Price: $105,000
Avg. Price per Square Foot: $98.41
Avg. List/Sale Ratio: 87.6%
Avg. Days on Market: 261
Not much to report here. The over-supply of condos is staggering. If you’re considering a condominium in Bullhead City, you’ve got the pick of the litter. They’re a great choice for snowbirds and part-timers with features ranging from secure complexes, to marinas, river access, views, and so on.
So that’s it for the stats. On a less scientific note, we are experiencing a decidedly different vibe over the last few weeks. There is a much faster pace to the buying process for one thing. People are making offers and being outbid. More often than not, the foreclosures we are working with are receiving multiple offers. One or two months does not a market make, but it’s a heck of a start and the statistics are backing it up for now. Stay tuned.
That’s all for my last foreclosure report for 2008. Be on the look out for the annual report as well as the 4th quarter review edition of The Informant next week.
Looking for foreclosures for sale in the Bullhead City area?
For detailed market stats and commentary on the Bullhead City real estate market, download the latest edition of The Informant now.
Related posts:
