The October sales statistic are in for Bullhead City Real Estate from our Board of Realtors. While there are no big surprises, there are some interesting trends. Residential sales YTD declined 18.46% from the same period last year, with YTD sales in 2007 of 964 vs. 786 for 2008. For the month however, sales in October 2008 were only down 7.14% from October 2007. There were 65 residential sales in October 2008. If you are selling your Bullhead City home it is significant that listings taken dropped more than sales, down 24.21% YTD 2008 vs. the same period in 2007. This means inventory is coming down which may have the effect of slowing the rate of decline on prices and could even indicate a shift towards a neutral market from a buyers market. This could be the news that gets buyers off the fence an back to buying mode. The average price dropped only 13.23% YTD. Still, most sales in Bullhead City are foreclosures and mak up about 60% of all site built home sales
Land/lot sales are still sagging badly. YTD sales are down 47.35% from the same period in ‘07!!! The average sales price is down 21.44% since this time last year. While home sellers are keenly aware of the declining prices and doing a decent job of reducing prices to meet the market, that can't be said of land sellers, which may explain why land sales continue to suffer so badly. The combination of declining prices and declining sales resulted in an overall decline in sales volume of 58.64% from $32,877,571 this time last year to $13,599,708 in 2008. New listings did not drop as much as sales meaning inventory is still in the rise. Not a good sign for land sellers.
Even commercial sales are down though only 13% for the period. The encouraging news is listings are down almost 23%.