The first full month of 2009 is over and the marketing trends revealed are interesting and there is one surprise. While it is no surprise that prices are down, what is surprising for home sales is that there were as many sales for January 2008 and January 2009, with 80 sales in each monthly period. It seemed to me that January was much busier than last year. And it was for those of us still left in the business of real estate! Our local board of Realtors saw a drop in the number of agents of around 35% this January. The remaining 65% did the same number of sales as last year!!! Overall, home prices were still down 21.5% from this period in 2008, with foreclosures and short sales continuing to put pressure on home prices.
Land and lot sales continue to be very depressed. The number of listings sold this January were down over 35% from year ago numbers and the average price was down over 23%. This resulted in a drop in the volume (total dollars sold) of just under 51%. Not good news to property owners or Realtors.
Commercial and multi family sales are so irregular here that making sense of the numbers is difficult, though suffice it to say both are suffering in this market as well.
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Monthly Statistics Report - 01/01/2009 - 02/01/2009 |
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| Bullhead CityMohave Vall Asc of REALTORS - Compiled on February 10, 2009 | |||||||
| 01/01/2009 - 02/01/2009 | Change from 11/30/2008 - 12/31/2008 |
01/01/2008 - 02/01/2008 | Change from 01/01/2008 - 02/01/2008 to 01/01/2009 - 02/01/2009 |
YTD 2009 |
YTD 2008 |
2008 - 2009 YTD |
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| Residential | |||||||
| New Listings | 253 | 24.02% | 379 | -33.25% | 253 | 379 | -33.25% |
| Sold Listings | 80 | 2.56% | 80 | 0.00% | 80 | 80 | 0.00% |
| Volume - Sold Listings | $10,928,389 | 15.05% | $13,926,275 | -21.53% | $10,928,389 | $13,926,275 | -21.53% |
| Average Sale Price | $136,605 | 12.17% | $174,078 | -21.53% | $136,605 | $174,078 | -21.53% |
| High Sale Price | $1,200,000 | 215.79% | $590,000 | 103.39% | $1,200,000 | $590,000 | 103.39% |
| Low Sale Price | $20,000 | 2.56% | $22,500 | -11.11% | $20,000 | $22,500 | -11.11% |
| Average Days on Market | 148 | 4.23% | 166 | -10.84% | 148 | 166 | -10.84% |
| Vacant Land | |||||||
| New Listings | 97 | 32.88% | 165 | -41.21% | 97 | 165 | -41.21% |
| Sold Listings | 9 | 50.00% | 14 | -35.71% | 9 | 14 | -35.71% |
| Volume - Sold Listings | $489,334 | 204.12% | $996,350 | -50.89% | $489,334 | $996,350 | -50.89% |
| Average Sale Price | $54,370 | 102.74% | $71,168 | -23.60% | $54,370 | $71,168 | -23.60% |
| High Sale Price | $87,673 | 143.54% | $325,000 | -73.02% | $87,673 | $325,000 | -73.02% |
| Low Sale Price | $6,500 | -67.50% | $2,500 | 160.00% | $6,500 | $2,500 | 160.00% |
| Average Days on Market | 75 | -14.77% | 171 | -56.14% | 75 | 171 | -56.14 |
Colorado River Bluegrass Festival
BULLHEAD AREA CHAMBER OF COMMERCE AND CITY PARK
February 13th, 14th & 15th, 2009 Presented by the Aquarius Resort and The Bullhead Area Chamber of Commerce.
ADMISSION: ADULTS $15, 7-17 $5, 6 & UNDER FREE! Sunday Morning Service and Gospel Hour. Free shuttle to the Aquarius Casino and Resort. For more Information Call: (928) 768-5819 OR (928) 201-5819 or Email at: banjo@citlink.net Or you can visit the Colorado River Bluegrass Festival website.
| 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 |
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| 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.
The Coats for Kids Pancake Charity Breakfast host by the Bullhead Morning Kiwanis Club and Keller Williams Realty/River Cities Specialists was a run-a-way success!!! The Kiwanian's led the charge setting up the cooking station early in the cold and dark. Realtors from KW helped set things up for the dining area and also helped with food prep. Red Mountain Development generously provided the space for the dining area in an unoccupied portion of their new office building on Adobe Rd. To make things fun for the youngster the Bullhead City Fire Dept. sent over a fire truck for kids to play on. It seems everyone had a great time!!! Thanks to all those who gave their time and energy to make this event a success and to those local business who donated food and other items.
Breakfast was served to over 100 guests in cool and blustery conditions and the event raised over $650 for the Coats for Kids Charity, enough for more than 40 new coats for needy area children. Many of our fine citizens dropped off coats adding to the number of kids who received warmer clothing for this winter.
A warm round of applause is deserved by everyone who helped or attended this great pre-holiday event!!!! Thanks Everyone!!!!
Wow!!! That's all I can say is WOW! 30 year fixed rate home loans have dropped more than a full point in the last 30 days. From an average 6.5% just a few weeks ago mortgage rates are now under 5.5%!! This is amazing. To view a chart of the mortgage rate drop click here.
Now is the time for first time home buyers to get that home you have been dreaming of!! With foreclosure specials readily available buyers can get into a great home for less than half of what they would have cost just 3 years ago.
Want to learn more or check out if you can qualify for a loan just email us at cliffc@kw.com or sharon@buybullheadhomes.com
Check out our websites: www.bhccliff.com or www.buybullheadhomes.com
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Bullhead City is both a retirement relocation destination and a seasonal getaway. I help buyers find the right property for their specific needs. Search the MLS on my website to find homes for sale.
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