Bullhead City Real Estate Report – July 2009

by Evan Fuchs on August 22, 2009

Bullhead City, Fort Mohave, and Mohave Valley home sales for July, 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.

Bullhead City Homes Sold in July, 2009

Lower home prices = more sales.

There were 81 homes sold in Bullhead City last month, making July the highest selling month in more than two years. The previous high for this year was the 77 homes sold in May, before dipping down to 68 homes in June. Good news? Sure, but there’s a trade off.

The trade off is price.

Compare July’s median price of $101,000 to the same month a year ago when the median price was $152,950. That’s a 34% decrease year-over-year, which explains why the overall dollar volume was higher in 2008 even though there were 13 fewer sales.

The lower-prices-equals-more-sales trend (or more-sales-but-lower-prices trend, if you prefer) has been consistent all year. Take a look at the year-to-date numbers through July. There were 82 more homes sold this year than there were last year during the same period, yet the difference in dollar volume was less than $1 Million.

The inventory of homes for sale in the Bullhead City area ballooned a couple years ago when buyers collectively said to sellers “we will not buy at that price anymore.” There was a standoff for awhile, but eventually prices moved down and buyers started showing up. It seems the more prices go down, the more buyers show up. And yes, you can thank foreclosure competition for that.

Monthly Home Sales Comparison – Bullhead City, Arizona

July 2009 Previous Month July 2008
Units Sold 81 68 68
Dollar Volume $9,774,351 $9,353,529 $11,278,155
Average Price $120,671 $137,552 $165,855
Median Price $101,000 $109,000 $152,950

Year to Date

2009 2008
Units Sold 439 357
Dollar Volume $66,573,062 $65,892,843

Fort Mohave Homes Sold in July, 2009

The real estate market in Fort Mohave has been quietly, steadily on the move. Prices are still down year-over-year, but by a smaller margin than both Bullhead City and Mohave Valley. But sales are up big time.

37 homes sold in Fort Mohave makes July the second highest selling month in more than three years. Aside from the month of May when there were 38 homes sold, you’d have to go back to June of 2006 to find a higher selling month. But there’s another piece to this puzzle.

The number of homes on the market  in Fort Mohave at the end of July was almost half of what it was a mere 18 months ago. That’s big.

How big you ask?

Factoring in the big uptick in demand and the big downturn in supply, Fort Mohave has gone from 23 months of inventory in February of 2008 to 8.4 months in July of 2009.

As I said, that’s BIG. Yet it’s also gone largely unnoticed from my observation. Nobody is really talking about it.

Monthly Home Sales Comparison – Fort Mohave, Arizona

July 2009 Previous Month July 2008
Units Sold 37 27 22
Dollar Volume $4,537,300 $3,752,325 $3,724,950
Average Price $122,630 $138,975 $169,316
Median Price $123,900 $133,000 $159,700

Year to Date

2009 2008
Units Sold 205 163
Dollar Volume $25,945,593 $28,665,793

Mohave Valley Homes Sold in July, 2009

The number of homes sold in Mohave Valley this year is way, way up compared to the same period last year. This July looked pretty similar to last July in terms of units, but the median price was 44% lower than last year. Keep in mind that the sample is very small (11 or 12 homes) so one sale can make a big difference.

Monthly Home Sales Comparison – Mohave Valley, Arizona

July 2009 Previous Month July 2008
Units Sold 12 20 11
Dollar Volume $1,319,600 $2,555,100 $1,981,500
Average Price $109,967 $127,755 $180,136
Median Price $107,450 $114,450 $175,000

Year to Date

2009 2008
Units Sold 110 66
Dollar Volume $14,963,369 $14,767,750

Source: Western Arizona REALTOR® Data Exchange

Like to keep up on local market stats and trends? The monthly real estate report is released (usually) by the tenth of each month, followed by the foreclosure report.

Looking for bank-owned homes? Get the foreclosure list here.

{ 0 comments… add one now }

Leave a Comment