Bullhead City, Fort Mohave, and Mohave Valley home sales for August, 2011. Includes all residential property types (Single Family Homes, Manufactured Homes, Condominiums) reported to the Western Arizona REALTOR Data Exchange. No commercial property or vacant land.
Bullhead City residential inventory hits six year low
Home prices were on the rise this month in Bullhead City, with the median price jumping 24% from July, and 15% year-over-year.
At the same time, unit sales actually fell off 5%, but were up 10% from last August.
On the supply side, the market continues to improve, with inventory down to 445 homes; That’s a low we haven’t seen since August of 2005.
Here’s how it happened:
Plotting monthly home sales against new new listings, using a sample going back to 2009 as shown in the chart above, you can see the shrinking gap between supply and demand.
As homes sold, they were consistently replaced by fewer new listings, cutting the inventory of homes on the market in half in 2 1/2 years.
It’s been a balanced attack.
The stats:
Monthly Home Sales Comparison – Bullhead City, Arizona
| August 2011 | A Month Ago | A Year Ago | |
|---|---|---|---|
| Units Sold | 79 | 83 | 72 |
| Dollar Volume | $9,454,950 | $$9,065,868 | $7,475,762 |
| Average Price | $119,683 | $109,227 | $103,830 |
| Median Price | $90,000 | $73,000 | $78,250 |
Year-to-Date Home Sales Comparison – Bullhead City
| 2011 | 2010 | |
|---|---|---|
| Units Sold | 676 | 662 |
| Dollar Volume | $70,840,944 | $73,652,936 |
Fort Mohave home sales dip again
Unit sales dropped for the second month in Fort Mohave, but grew slightly year-over-year, similar to Bullhead City.
It’s worth noting that the 24 homes sold in August is the lowest mark since last August of 2010.
The stats:
Monthly Home Sales Comparison – Fort Mohave, Arizona
| August 2011 | A Month Ago | A Year Ago | |
|---|---|---|---|
| Units Sold | 24 | 28 | 22 |
| Dollar Volume | $2,467,920 | $3,411,392 | $2,293,877 |
| Average Price | $102,830 | $121,835 | $104,267 |
| Median Price | $92,450 | $120,450 | $96,450 |
Year-to-Date Home Sales Comparison – Fort Mohave
| 2011 | 2010 | |
|---|---|---|
| Units Sold | 269 | 268 |
| Dollar Volume | $29,883,692 | $30,671,458 |
Mohave Valley home sales sag, rounding out the side
Last month I speculated that we were heading back to our normal seasonal patterns. With unit sales also dropping in Mohave Valley, it may just prove the rule.
The stats:
Monthly Home Sales Comparison – Mohave Valley, Arizona
| August 2011 | A Month Ago | A Year Ago | |
|---|---|---|---|
| Units Sold | 13 | 20 | 19 |
| Dollar Volume | $1,115,900 | $2,042,700 | $2,100,470 |
| Average Price | $85,838 | $102,135 | $110,551 |
| Median Price | $63,000 | $59,950 | $85,000 |
Year-to-Date Home Sales Comparison – Mohave Valley
| 2011 | 2010 | |
|---|---|---|
| Units Sold | 118 | 124 |
| Dollar Volume | $11,779,406 | $12,116,161 |
Source: Western Arizona REALTOR® Data Exchange
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