Bullhead City, Fort Mohave, and Mohave Valley home sales for the month of January, 2009.
Please note this report includes all residential property types (Single Family Homes, Manufactured Homes, Condominiums) and does not include commercial property or vacant land. Enjoy!
Bullhead City Home Sales
Home sales continue to remain extremely steady with 44 homes sold in January. Take a look at the home sold in each of the last four months:
(click on the month to jump to the Bullhead City Blog report for that month)
The median price price for January jumped up about 5% from December and the overall dollar volume for residential homes sold in Bullhead City increased by a whopping $1.6 million (32%). $1.2 million of that can be credited to Bullhead City’s first million dollar home of 2009.
The recent improvements in our market can be largely attributed to increased affordability – lower prices are a sign of a healing market. Throw in outrageously low interest rates and look at the results.
Bullhead City home sales have improved for three months running when compared to the same month the previous year. We went nearly three years straight without such year-over-year increase before that.
How long will the window be open? Foreclosures account for a big share of the home sales in Bullhead City, and certainly account for cranking up the affordability factor. Keep an eye on the median price and the number of homes sold to see how the market reacts to changes in price and supply as the number of active foreclosures continues to drop. I’ll dig deeper into that topic later this week in the January Foreclosure Report.
Units Sold – 44
Dollar Volume – $6,723,550
Average Price – $152,808
Median Price – $110,500
Year-to-Date
Units Sold – 44
Dollar Volume – $6,723,550
Fort Mohave Home Sales
The number of homes sold in Fort Mohave spiked up by 20% this past month as the median price moved down almost 25% in contrast to Bullhead City. Year-over-year sales were pretty similar though, with 20 homes sold this January and 19 sold in January 2008.
Units Sold – 20
Dollar Volume – $2,154,300
Average Price – $107,715
Median Price – $113,550
Year-to-Date
Units Sold – 20
Dollar Volume – $2,154,300
Mohave Valley Home Sales
You’ve been busy, Mohave Valley! 13 homes sold in the month of January is the best mark in a year and a half, and nearly double the sales from December with a 25% higher median price.
Units Sold – 13
Dollar Volume – $1,787,239
Average Price – $137,480
Median Price – $100,000
Year-to-Date
Units Sold – 13
Dollar Volume – $1,787,239
Source: Western Arizona REALTOR® Data Exchange
There is no doubt that a critical mass was reached in the last 30-60 days as the combination of price and interest rates seemed to jolt buyers into action in Bullhead City, Fort Mohave, and Mohave Valley. But questions remain. How long will interest rates remain ridiculously low? When will more foreclosures hit the market? What will come of the widely publicized and debated stimulus bills under consideration? These are great questions, especially for buyers thinking of sticking their toe in the water but not quite ready to dive in.
Stay tuned…
Check back later whis week for my write up on the stimulus bills and the January Foreclosure Report or Subscribe to Bullhead City Blog to have them delivered to you.
If you’re looking for foreclosures in our area, you can find the foreclosure list here.
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