December 2008 Bullhead City area Market Stats

Bullhead CityMohave Vall Asc of REALTORS - Compiled on January 2, 2009
	12/01/2008 - 12/31/2008	Change from 10/31/2008 - 11/30/2008	12/01/2007 - 12/31/2007	Change from 12/01/2007 - 12/31/2007 to 12/01/2008 - 12/31/2008	YTD 2008	YTD 2007	2007 - 2008 YTD
Residential
New Listings	148	-34.80%	177	-16.38%	2,948	3,822	-22.87%
Sold Listings	62	-11.43%	45	37.78%	918	1,066	-13.88%
Volume - Sold Listings	$7,882,127	-25.21%	$9,103,100	-13.41%	$161,392,750	$220,250,479	-26.72%
Average Sale Price	$127,131	-15.56%	$202,291	-37.15%	$175,809	$206,614	-14.91%
High Sale Price	$380,000	-71.41%	$645,000	-41.09%	$2,800,000	$2,700,000	3.70%
Low Sale Price	$19,500	21.88%	$28,000	-30.36%	$16,000	$22,500	-28.89%
Average Days on Market	125	-12.59%	145	-13.79%	162	143	13.29%
Vacant Land
New Listings	47	-34.72%	103	-54.37%	1,021	1,620	-36.98%
Sold Listings	4	0.00%	9	-55.56%	147	290	-49.31%
Volume - Sold Listings	$120,900	-76.63%	$621,500	-80.55%	$14,237,952	$35,986,571	-60.44%
Average Sale Price	$30,225	-76.63%	$69,056	-56.23%	$96,857	$124,092	-21.95%
High Sale Price	$36,000	-85.60%	$115,000	-68.70%	$1,525,000	$3,105,740	-50.90%
Low Sale Price	$28,300	-14.24%	$45,000	-37.11%	$14,000	$15,000	-6.67%
Average Days on Market	105	-46.43%	341	-69.21%	172	206	-16.50%
Commercial
New Listings	13	44.44%	10	30.00%	170	228	-25.44%
Sold Listings	2	100.00%	3	-33.33%	25	36	-30.56%
Volume - Sold Listings	$463,000	-51.26%	$1,156,000	-59.95%	$6,079,823	$18,552,040	-67.23%
Average Sale Price	$231,500	-75.63%	$385,333	-39.92%	$243,193	$515,334	-52.81%
High Sale Price	$427,000	-55.05%	$750,000	-43.07%	$950,000	$6,000,000	-84.17%
Low Sale Price	$36,000	-96.21%	$46,000	-21.74%	$1,200	$18,000	-93.33%
Average Days on Market	199	14.37%	264	-24.62%	172	137	25.55%
Multi-Family
New Listings	7	133.33%	4	75.00%	55	56	-1.79%
Sold Listings	0	N/A	0	N/A	2	6	-66.67%
Volume - Sold Listings	$0	N/A	$0	N/A	$3,185,000	$2,132,900	49.33%
Average Sale Price	$0	N/A	$0	N/A	$1,592,500	$355,483	347.98%
High Sale Price	$0	N/A	$0	N/A	$3,120,000	$464,900	571.11%
Low Sale Price	$0	N/A	$0	N/A	$65,000	$260,000	-75.00%
Average Days on Market	0	N/A	0	N/A	257	167	53.89%

RESIDENTIAL SALES

A very interesting and trying year has passed and I think most of us are glad it's over and are looking forward to 2009 and the promise of better things to come. Our Keller Williams office had a great month with 18 closings, as you can see from the data above the trends for December residential sales were UP over 37% from December 2007. This is a great sign and the second consecutive month for this trend. Residential sales for the year were still down over 13% from 2007, however.

Residential sales volume highlighted the trend of lower prices as volume was down almost 28% from 2007 to 2008 with the average price dropping 14.91% from $206,614 in 2007 to $175,809 in 2008.

Despite the relativly brisk sales of foreclousre homes the time on market was longer in 2008 than 2007 for the market as a whole.

VACANT LAND SALES

Vacant land listings continued to take a beating in December down over 55% for the month compared to 2007 and down 49% for the year. The average sales price YTD reflects the weak demand with the price of lots and land dropping over 56% from 2007's not so great averages.

In some areas where owners are slow to recognize the shift or unwilling to reduce prices to keep pace with the declining market sales were literally non-existent. One neighborhood I am familiar with, the Highlands at Desert Foothills Estates, saw no lot sales in all of 2008. This once booming prestige community now suffers with a complete dearth of buyers willing to pay what sellers are asking.

Acreage parcel sales are near zero for the year as well and only parcels with price reductions of 50% or more were able to garner buyers. Development land sales were also non-existant as builders and developers sit out this current market.