Bullhead City, Fort Mohave, and Mohave Valley home sales stats for March, 2010.
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.
HUGE Month for Real Estate in Bullhead City
It’s been awhile since the number of homes sold in a month hit triple digits in Bullhead City. And when I say awhile, I’m talking August of 2006.
That makes the 107 homes sold in March (up 24% from February, and 79% year-over-year) pretty huge.
I went all the way back to 1996 for some perspective, and found that the record high for homes sold in a single month in Bullhead City is 194 and the record low is 32.
High: August, 2005 – There was a frenzy and real estate was booming like never before. 194 homes sold.
Low: December, 2007 – A couple years later it was the pits. 32 homes sold.
Home sales have been trending up for 17 consecutive months now, but there was this blip on the radar late last year, when November had eclipsed October’s home sales for the first time in seven years. That sign that perhaps inventory would start moving faster got me talking about prices:
But what about prices you ask? Well, I’d say you’re probably asking the wrong question. Or maybe just asking it too soon.
We’re still sitting on close to 12 months of inventory in Bullhead City. While that’s a heck of a lot better than the 22 month supply we had just a year ago, more than 6 months supply is considered a buyer’s market.
The price conversation will make more sense when get closer to that 6 month mark.
At that time the median price was $103,000. Now that the median price slipped from $99,000 in February, to $85,000 in March, you might be asking again, what about prices?
Math says that a bunch of the 107 March sales had to be under $100,000 (since the median sale price was $85,000).
Consider that 33 site-built homes sold for less than $100,000 in March, and 29 new listings entered the market in that price bracket during the same time period. Yet only 7 of those 29 replacements are still available two weeks into April.
TWith the number of <$100,000 houses on the market sliding, and the overall residential supply down to 7.9 months, how long can it be before the median price changes course and moves back over $100,000?
Will we run out?
If so, will more people buy manufactured homes, or will they just quit buying, or will they spend more?
The biggest variable remains the influx of foreclosures. While there’s lots of chatter about the so-called shadow inventory of foreclosures dumping on the market all at once, foreclosures continue to be absorbed faster than they are replaced for now.
The stats:
Monthly Home Sales Comparison – Bullhead City, Arizona
| March 2010 | February 2010 | March 2009 | |
|---|---|---|---|
| Units Sold | 107 | 86 | 60 |
| Dollar Volume | $11,450,243 | $10,197,575 | $13,188,411 |
| Average Price | $115,393 | $118,576 | $231,474 |
| Median Price | $85,000 | $99,000 | $134,500 |
Year-to-Date Home Sales Comparison – Bullhead City
| 2010 | 2009 | |
|---|---|---|
| Units Sold | 256 | 153 |
| Dollar Volume | $30,553,018 | $28,167,261 |
Fort Mohave Home Sales Spike 4 Year High
Not to be outdone by Bullhead City, Fort Mohave also put up big numbers with 43 homes sold. The median price dipped as well, going from $129,850 in February to $115,000.
The stats:
Monthly Home Sales Comparison – Fort Mohave, Arizona
| March 2010 | February 2010 | March 2009 | |
|---|---|---|---|
| Units Sold | 43 | 29 | 29 |
| Dollar Volume | $5,166,125 | $4,100,206 | $3,638,841 |
| Average Price | $120,142 | $141,386 | $125,477 |
| Median Price | $115,000 | $129,850 | $137,500 |
Year-to-Date Home Sales Comparison – Fort Mohave
| 2010 | 2009 | |
|---|---|---|
| Units Sold | 100 | 67 |
| Dollar Volume | $11,968,741 | $8,372,413 |
Mohave Valley Homes Sales Drop Slightly
Mohave Valley has bucked the trend, dropping in year-over year sales for the last two months – strange considering that didn’t happen for 16 months in a row.
The stats:
Monthly Home Sales Comparison – Mohave Valley, Arizona
| March 2010 | February 2010 | March 2009 | |
|---|---|---|---|
| Units Sold | 15 | 13 | 19 |
| Dollar Volume | $1,631,000 | $1,248,300 | $2,481,835 |
| Average Price | $108,733 | $96,023 | $130,623 |
| Median Price | $110,250 | $75,000 | $93,777 |
Year-to-Date Home Sales Comparison – Mohave Valley
| 2010 | 2009 | |
|---|---|---|
| Units Sold | 45 | 48 |
| Dollar Volume | $4,384,550 | $6,750,143 |
Source: Western Arizona REALTOR® Data Exchange
<th align=”left” scope=”col”>February 2010</th>
<th align=”left” scope=”col”>March 2009</th>
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