The Bullhead City Foreclosure Report includes all homes sold in Bullhead City (site built homes, manufactured homes, and condominiums) as reported to the Western Arizona REALTOR® Data Exchange unless otherwise noted.
Last month I wrote that Bullhead City home owners were striking back against banks in the battle for buyers, grabbing about half of them in February after accounting for a scary-small 31% the previous month. I was even so bold as to make a prediction:
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.
The scales did indeed tip in favor of the human sellers in March.
This updated chart shows the trend has reversed over the last two months. Bank-owned sales are no longer accounting for a growing share of the market. Foreclosures are still a factor for sure, but their force has slowed for now, opening a door for others to compete.
Note for Sellers: For those home owners needing/wanting to sell that haven’t been able to compete with foreclosure prices, this is probably a good time to take another look. It may or may not be the right time for *you*, it’s a case by case thing, but with prices moving up and inventory moving down it’s worth revisiting the idea and making an informed decision.
The stats:
Bullhead City Residential Sales in March 2009
This first section includes all property types – site built homes, manufactured homes, condominiums.
(Figures from last month’s report are shown in parentheses for comparison)
Foreclosures
Sold: 25 (22)
Median Sale Price: $124,000 ($130,200)
Avg. Price per Square Foot: $87.09 ($81.50)
Avg. List/Sale Ratio: 93.1% (90.7%)
Avg. Days on Market: 126 (125)
Non-Foreclosures
Sold: 34 (21)
Median Sale Price: $149,500 ($155,000)
Avg. Price per Square Foot: $115.38 ($113.37)
Avg. List/Sale Ratio: 95.4% (91.0%)
Avg. Days on Market: 230 (159)
Bullhead City Site Built Homes Sold in March 2009
Notice that the median foreclosure sale price jumped up from $125,500 to $147,750, and that the price per square foot moved up across the board.
Foreclosures
Sold: 22 (21)
Median Sale Price: $147,750 ($125,500)
Avg. Price per Square Foot: $90.88 ($81.94)
Avg. List/Sale Ratio: 94.4% (90.2%)
Avg. Days on Market: 119 (130)
Non-Foreclosures
Sold: 21 (12)
Median Sale Price: $185,000 ($235,000)
Avg. Price per Square Foot: $139.08 ($121.69)
Avg. List/Sale Ratio: 98.1% (93.2%)
Avg. Days on Market: 240 (144)
Bullhead City Manufactured Homes Sold in March 2009
The majority of bank-owned homes in Bullhead City are site built, but their presence has had a big impact on manufactured homes as well. As site built home prices were pulled down, the price gap between manufactured and site built homes got small enough that it was easier for buyers to opt for the site built home. With prices moving up the gap is growing. I’ve wondered (out loud in the podcast), when manufactured home sales would pick up.
Foreclosures
Sold: 2 (0)
Median Sale Price: $65,950 (n/a)
Avg. Price per Square Foot: $59.99 (n/a)
Avg. List/Sale Ratio: 82.4% (n/a)
Avg. Days on Market: 176 (n/a)
Non-Foreclosures
Sold: 12 (9)
Median Sale Price: $80,000 ($60,000)
Avg. Price per Square Foot: $78.93 ($102.27)
Avg. List/Sale Ratio: 90.7% (88.1%)
Avg. Days on Market: 222 (180)
Bullhead City Condominiums Sold in March 2009
Condos are still stagnant, but people are inquiring about them more lately. We might see an uptick there soon if inventory keeps going down.
Foreclosures
Sold: 1 (0)
Median Sale Price: $44,000 ( n/a)
Avg. Price per Square Foot: $57.82 (n/a)
Avg. List/Sale Ratio: 88.2% (n/a)
Avg. Days on Market: 183 (n/a)
Non-Foreclosures
Sold: 1 (1)
Median Sale Price: $159,000 ($159,000)
Avg. Price per Square Foot: $72.31 ($72.27)
Avg. List/Sale Ratio: 94.9% 100.1%
Avg. Days on Market: 125 (36)
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