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Bullhead City Market Report for January 2009

By
Real Estate Agent with Keller Williams Realty/Coastal Valley 01912156

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.

Monthly Statistics Report - 01/01/2009 - 02/01/2009

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
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

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