The Bullhead City Foreclosure Report includes all Bullhead City homes (site built homes, manufactured homes, and condominiums) as reported to the Western Arizona REALTOR® Data Exchange unless otherwise noted.
If you’ve been following along at home, you know that bank-owned homes have been wreaking havoc on the real estate market, forcing human sellers to compete on price in order to attract buyers. The line has been drawn, and those human sellers who have not adjusted to the reality of the market are sitting on aging listings as new ones enter the market and sell ahead of them. As a result, we’ve seen foreclosures making an increasingly bigger dent in the number of homes sold in the last few months:
A third of the homes sold in October of 2008 were foreclosures, but a mere three months later that percentage doubled as the foreclosure market share climbed for four months straight.
Homeowners Strike Back
The trend was bucked in February as 22 of the 43 homes sold in Bullhead City went to the banks and 21 to the humans.
As you can see, the split dropped down to the 50/50 range in February. Why the change of course and what does it mean?
There are a lot of factors at play here:
- This could be a blip on the radar or the start of a trend. One month is not enough to gauge, but looking at pending sales right now compared to those pending a month ago, the spread between banks and humans seems pretty similar.
- A surge of foreclosures hit the market back in October, sending the number of foreclosures for sale to an all time high for Bullhead City. That level of supply created some serious pricing competition, and buyers responded. Only five of the 44 foreclosures that hit the market in October are still available. Most of them sold or are under contract, and a few expired or were taken off the market unsold.
- There were 83 foreclosures on the market in Bullhead City at the end of February compared to 103 at the end of October. With fewer bank-owned properties to choose from, it stands to reason that the rest of the homes would get more attention.
- How fast are bank-owned homes going to come on the market? This is a biggie, and hard to predict. You can look at recordings with Mohave County to get an idea of how many homes face foreclosure, but that doesn’t give us the answer. What if 50 foreclosures come on the market next month? This variable has a big impact on how fast they are absorbed, and how much price is impacted. Time will tell.
Bottom line, I predict that 50% or fewer of the homes sold in March will be foreclosures. Let’s leave it at that for now and decide next month if we are looking at a new trend developing or a blip.
On to the breakdown:
Bullhead City Residential Sales in February 2009
Includes all property types – site built homes, manufactured homes, condominiums
Foreclosures
Sold: 22
Median Sale Price: $130,200
Avg. Price per Square Foot: $81.50
Avg. List/Sale Ratio: 90.7%
Avg. Days on Market: 125
Non-Foreclosures
Sold: 21
Median Sale Price: $155,000
Avg. Price per Square Foot: $113.37
Avg. List/Sale Ratio: 91.0%
Avg. Days on Market: 159
Bullhead City Site Built Homes Sold in February 2009
Median price went up on both bank-owned and traditional homeowner sales in Bullhead City when it came to site built homes. Interestingly, price per square foot went down on foreclosures from $85.23 in January to $81.94 in February, while going up from $99.46 to $121.69 in the rest of the market.
Foreclosures
Sold: 21
Median Sale Price: $125,500
Avg. Price per Square Foot: $81.94
Avg. List/Sale Ratio: 90.2%
Avg. Days on Market: 130
Non-Foreclosures
Sold: 12
Median Sale Price: $235,000
Avg. Price per Square Foot: $121.69
Avg. List/Sale Ratio: 93.2%
Avg. Days on Market: 144
Bullhead City Manufactured Homes Sold in February 2009
None of the nine manufactured homes sold in February were foreclosures. All of the foreclosure action was in the site built arena this month. However, sales in this segment of the market almost doubled from five manufactured homes sold in January.
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: 9
Median Sale Price: $60,000
Avg. Price per Square Foot: $102.27
Avg. List/Sale Ratio: 88.1%
Avg. Days on Market: 180
Bullhead City Condominiums Sold in February 2009
One condo sold in February for $159,000. There were 84 on the market at then end of the month. With snowbird season winding down, condo sales were a huge disappointment this winter.
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: 1
Median Sale Price: $159,000
Avg. Price per Square Foot: $72.27
Avg. List/Sale Ratio: 100.1%
Avg. Days on Market: 36
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