Not all doom and gloom

By
Real Estate Agent with US Southwest

Some interesting numbers were just recently released.

In a report showing Real Estate prices from 150 MSA's (Metropolitan Statistical Areas) a total of 73 MSA's showed 4th quarter price increases.

Fourth quarter price increases ranged from a modest 0.1% to an impressive 19%.

As in the past, the Real Estate market is correcting itself. One of the characteristics of the Real Estate market as a whole is that it is slow to adjust.

Interesting enough, data I personally analyzed showed that if you purchased a home in Bullhead City at the average sales price in 2004, by the end of 2007 you would see an appreciation rate of 54.1%.

We were asked by the Bullhead City Regional Economic Development Authority to give a presentation on the State of the Community. As soon as the Powerpoint presentation is done I will make it available on our website for download. The numbers don't lie...things are starting to level off.

Chris

Comments (3)

Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland
What about the number of sales in 2005, 2006, 2007???
Feb 27, 2008 09:37 AM
Keith Berne
RE/MAX Equity Group, Inc. - Portland, OR
Real Estate Broker, Realtor, GRI
Awesome! AZ is coming back, that means more folks can buy that second home in Portland for the hot season!!! Keith, Portland, Realtor 503-734-6646
Feb 27, 2008 09:47 AM
Chris Deschacht
US Southwest - Bullhead City, AZ

I don't know the market in your area (VA, MD). As I am sure you know one of the characteristics of a Real Estate market is that it is local. We did not start seeing a decrease (I prefer to call it leveling off) till about the first quarter of 2007.

Here are some average sales prices for Bullhead City, AZ (Traditional built housing)

January 2004 - $157,723
January 2005 - $217,086
January 2006 - $263,217
January 2007 - $292,308
January 2008 - $237,395

(Source: Wardex MLS)

Stay tuned for the PowerPoint...

Chris

Feb 27, 2008 09:48 AM