Unlike last month when humans actually out-sold banks for the first time in awhile, more than half of the Bullhead City homes sold in February were bank-owned foreclosures (56% of all residential homes and 62% of site built homes) .
The good news? Foreclosures are moving through the system. There have been a couple of factors at play:
First, the number of new foreclosure listings has gone down over the last couple of months even though banks are still foreclosing on homeowners. Artificial or not, the supply of new foreclosures has dropped.
Second, more of them are selling.
As a result, we now have a combined 108 foreclosures for sale today in Bullhead City, Fort Mohave, and Mohave Valley – which is fewer than at any point in 2009.
And the faster they move through the market the better for all of us.
It’s no secret that the presence of foreclosures in the market put serious pressure on prices. If they continue to sell faster than they are replaced we’ll all be better off.
Here’s the breakdown:
Bullhead City Residential Sales in February 2010
This first section includes all property types. A breakdown by property type follows.
| Foreclosures | Non-Foreclosures | |
|---|---|---|
| Units Sold | 48 | 38 |
| Median Sale Price | $90,350 | $119,750 |
| Avg. Price per Square Foot | $65.82 | $86.28 |
| Avg. List/Sale Ratio | 95.3% | 92.2% |
| Avg. Days on Market | 111 | 170 |
Site Built Homes
| Foreclosures | Non-Foreclosures | |
|---|---|---|
| Units Sold | 35 | 22 |
| Median Sale Price | $97,000 | $154,950 |
| Avg. Price per Square Foot | $71.50 | $95.99 |
| Avg. List/Sale Ratio | 94.5% | 93.2% |
| Avg. Days on Market | 115 | 212 |
Manufactured Homes
| Foreclosures | Non-Foreclosures | |
|---|---|---|
| Units Sold | 10 | 13 |
| Median Sale Price | $57,200 | $48,000 |
| Avg. Price per Square Foot | $46.43 | $69.19 |
| Avg. List/Sale Ratio | 97.7% | 92.7% |
| Avg. Days on Market | 95 | 111 |
Condominiums
| Foreclosures | Non-Foreclosures | |
|---|---|---|
| Units Sold | 3 | 3 |
| Median Sale Price | $79,000 | $124,500 |
| Avg. Price per Square Foot | $64.21 | $89.11 |
| Avg. List/Sale Ratio | 97.6% | 82.6% |
| Avg. Days on Market | 106 | 115 |
Source: Western Arizona REALTOR® Data Exchange
August
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