In response to increased interest in foreclosure information, this report now includes all residential property types (site built homes, manufactured homes, and condominiums). Unless otherwise noted, all data is from the Western Arizona REALTOR® Data Exchange.
Foreclosures account for 1/3 of residential sales in Bullhead City
The trend established in the the 3rd quarter continued in October, as 16 of the 48 home sales reported to the local REALTOR® data exchange in Bullhead City were foreclosures. A 33% share of all homes sold is nothing to sneeze at, but it did go down (barely) from September and (significantly) from the August tally of 44%.
Are human sellers starting to compete more effectively with non-human sellers (banks)?
I’ll be digging into the active inventory to compare the offerings of both and posting my findings this week. In the meanwhile, let’s look further at October sales by property type.
Bullhead City site built homes sold in October 2008
Foreclosures
Sold: 12
Median Sale Price: $151,000
Avg. Price per Square Foot: $98.34
Avg. List/Sale Ratio: 96.3%
Avg. Days on Market: 110
Non-Foreclosures
Sold: 15
Median Sale Price: $170,000
Avg. Price per Square Foot: $134.83
Avg. List/Sale Ratio: 91.7%
Avg. Days on Market: 216
The spread was almost identical to last month, with 44% of the site built home sales going to foreclosures. Check out the huge difference between price per square foot, which no doubt contributed to those foreclosures selling twice as fast as the other homes.
Bullhead City manufactured homes sold in October 2008
Foreclosures
Sold: 4
Median Sale Price: $51,250
Avg. Price per Square Foot: $41.46
Avg. List/Sale Ratio: 80.8%
Avg. Days on Market: 120
Non-Foreclosures
Sold: 16
Median Sale Price: $58,750
Avg. Price per Square Foot: $60.83
Avg. List/Sale Ratio: 88.4%
Avg. Days on Market: 239
With 20 sales, four of which were foreclosures, October was one of the strongest months of the year for manufactured homes. The median asking price of manufactured homes listed for sale has dropped every month since March, and broke the $100,000 mark in September, which perhaps contributed to the increase in sales in October.
Seller Tip: The competition from site built homes puts downward pressure on manufactured home prices. When the price difference is small enough, many buyers will step up to the site built home. Stay up on prices of competing site built homes as well as manufactured homes.
Bullhead City condominiums sold in October 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: 1
Median Sale Price: $445,000
Avg. Price per Square Foot: $299.66
Avg. List/Sale Ratio: 84.8%
Avg. Days on Market: 409
The imbalance of supply and demand in the condominium segment of the residential market continues. With 23 condos sold through October and 81 on the market, there’s nearly a three year supply. Stay tuned to see if snowbirds make a dent in some of that inventory.
Foreclosures continue to have a significant market share of residential sales in Bullhead City, particularly in site built homes. The good news, in addition to the opportunity created for buyers in this market, is that they need to sell to work through the market. The real issue is the presence of foreclosures for sale, which will be the topic of an in-depth feature later this week.
Looking for foreclosures for sale in the Bullhead City area?
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