Bullhead City Foreclosure Report – January, 2010

In looking at the Bullhead City foreclosures sold in January, we could talk about how foreclosures sold for an average of 98.2% of their asking price and how banks weren’t caving as much on price as they’ve had to in the past to make a sale; or how there wasn’t a huge price difference per square foot between bank foreclosure sales and traditional sales; or how the median price of foreclosures was still a lot lower than the rest of the homes sold. I suppose we could.

But if you want to know what strikes me most about the January figures it’s the number of site built homes sold by human homeowners – not banks.

70% of all homes sold last year in Bullhead City were site built homes, and 60% of those site built homes sold were foreclosures. In fact, there wasn’t even one month last year when traditional human sellers sold more site built homes than banks. Foreclosures made up more than half of the site built home sales for 15 months in a row. Until now.

In January, for the first time in over a year, foreclosures accounted for less than half of the site built homes sold for the month. 25 of the 43 houses sold in Bullhead City were owned by actual homeowners, not banks. It’s noteworthy because site built homes are the sweet spot in the market – that’s where people are buying.

That demand has been driven by foreclosure activity. Seeing banks hold on that sweet spot slip, even for a month, is a big deal.

Here’s the breakdown:

Bullhead City Residential Sales in January 2010

This first section includes all property types. A breakdown by property type follows.

	Foreclosures	Non-Foreclosures
Units Sold	30	33
Median Sale Price	$83,500	$130,000
Avg. Price per Square Foot	$82.32	$85.39
Avg. List/Sale Ratio	98.2%	93.2%
Avg. Days on Market	105	151

Site Built Homes

	Foreclosures	Non-Foreclosures
Units Sold	18	25
Median Sale Price	$70,400	$180,000
Avg. Price per Square Foot	$64.68	$95.55
Avg. List/Sale Ratio	99.6%	92.9%
Avg. Days on Market	103	162

Manufactured Homes

	Foreclosures	Non-Foreclosures
Units Sold	4	8
Median Sale Price	$62,450	$44,750
Avg. Price per Square Foot	$40.75	$53.62
Avg. List/Sale Ratio	89.9%	94.2%
Avg. Days on Market	136	114

Condominiums

	Foreclosures	Non-Foreclosures
Units Sold	8	0
Median Sale Price	$231,500	n/a
Avg. Price per Square Foot	$142.81	n/a
Avg. List/Sale Ratio	99.4%	n/a
Avg. Days on Market	93	n/a

Source: Western Arizona REALTOR® Data Exchange

Looking for Bank-owned foreclosures in the Bullhead City area ? You might also want to check out our Bullhead City homes search. You can run your own home searches 24/7 and even get emailed when new matches hit the market. No login or personal information required.