Bullhead City, Fort Mohave, and Mohave Valley home sales for July, 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.
Like water seeks its own level, so does Bullhead City market
The seasonality of the Bullhead City real estate market is such that the there are almost always more sales from April – June than any other three-month period. More often than not, the second quarter wraps, and home sales begin to dip in July.
As with all rules, there are exceptions. Five of them in the last 16 years, in fact.
And it’s no coincidence that three of those five exceptions were 2008, 2009, and 2010, when the normal seasonal trend was trumped by a steady uptrend in unit sales that can be traced back to December of 2007 when Bullhead City posted the lowest monthly numbers in that 16 year period.
Not long ago, the market was completely out of whack. There were far too many homes for sale and far too few buyers.
The supply side started fixing itself five years ago, but it wasn’t until that lowly December of 2007 that demand started to catch up, as shown in the chart above.
Now, with supply and demand finally back in balance, it seems the “normal” seasonal trend may be back in play.
Unit sales fell off in July for the first time in four years, making 2011 look a lot more normal than the previous three years.
Notice also in the chart above that once the gap between supply (homes for sale) and demand (homes sold) started to close, the median price started to correct.
While the overall residential median price dropped from $79,500 in June to $73,000, the median price of site-built homes grew from $112,000 to $122,000.
The stats:
Monthly Home Sales Comparison – Bullhead City, Arizona
| July 2011 | A Month Ago | A Year Ago | |
|---|---|---|---|
| Units Sold | 83 | 96 | 94 |
| Dollar Volume | $9,065,868 | $9,670,137 | $9,648,129 |
| Average Price | $109,227 | $100,731 | $102,640 |
| Median Price | $73,000 | $79,500 | $80,000 |
Year-to-Date Home Sales Comparison – Bullhead City
| 2011 | 2010 | |
|---|---|---|
| Units Sold | 597 | 590 |
| Dollar Volume | $61,385,994 | $66,177,174 |
Fort Mohave home sales sag after big June
Coming off the best selling June in five years, Fort Mohave unit sales fell to 28 homes sold, failing to match the 30 homes sold a year ago.
The median price did move up 8% month-to-month to $120,450, just a few dollars over last July’s $120,200.
The stats:
Monthly Home Sales Comparison – Fort Mohave, Arizona
| July 2011 | A Month Ago | A Year Ago | |
|---|---|---|---|
| Units Sold | 28 | 44 | 30 |
| Dollar Volume | $3,411,392 | $4,897,450 | $3,569,890 |
| Average Price | $121,835 | $111,306 | $118,996 |
| Median Price | $120,450 | $111,500 | $120,200 |
Year-to-Date Home Sales Comparison – Fort Mohave
| 2011 | 2010 | |
|---|---|---|
| Units Sold | 245 | 246 |
| Dollar Volume | $27,415,772 | $28,377,581 |
Mohave Valley home sales keep on trucking
Interestingly enough, the 20 homes sold in Mohave Valley were exactly equal to June, and the year-to-date number number of 105 homes sold through July is exactly same as the same period in 2010.
The stats:
Monthly Home Sales Comparison – Mohave Valley, Arizona
| July 2011 | A Month Ago | A Year Ago | |
|---|---|---|---|
| Units Sold | 20 | 20 | 17 |
| Dollar Volume | $2,042,700 | $1,642,400 | $1,585,405 |
| Average Price | $102,135 | $82,120 | $93,259 |
| Median Price | $59,950 | $63,000 | $60,000 |
Year-to-Date Home Sales Comparison – Mohave Valley
| 2011 | 2010 | |
|---|---|---|
| Units Sold | 105 | 105 |
| Dollar Volume | $10,663,506 | $10,015,691 |
Source: Western Arizona REALTOR® Data Exchange
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