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 |
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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 |
|
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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