Here’s a recap of the current Real Estate Market Statistics & Trends in Bullhead City / Ft. Mohave:
CURRENT MARKET STATISTICS
Residential Properties Currently Listed for Sale = 530
* Homes Sold in past 12 months = 1324 (average 110 per month)
* Homes Sold in past 6 months = 584 (average 97 per month)
* Homes Sold Last Month = 88
* Average Interest Rate 30 Yr. Fixed (Last Month) = 3.92%
Based on the current inventory of homes listed for sale compared to the rate at which they have been sold over the past six months, we have approximately a 5 month supply on hand. Home sale activity in our local market remains brisk, especially in the price brackets fitting the budget of both local residents and retirees. Site-built single family homes priced under $200,000 sell quickly and that price range has just under a 3 month inventory supply on hand.
MARKET TRENDS & HISTORICAL DATA
Homes Sold This Year:
January – 2012 = 88
* Average days on market = 147
* Median Sales Price = $86,500
* Average Sales Price = $103,451
* Average Sales Price/List Price Ratio = 94.2%
* Average Interest Rate 30 Yr. Fixed = 3.92%
Home Sales Last Year:
January – 2011 = 99
* Average days on market = 138
* Median Sales Price = $90,500
* Average Sales Price = $116,597
* Average Sales Price/List Price Ratio = 94.4%
* Average Interest Rate 30 Yr. Fixed = 4.76%
Home Sales 2 Years Ago:
January – 2010 = 90
* Average days on market = 132
* Median Sales Price = $106,000
* Average Sales Price = $128,251
* Average Sales Price/List Price Ratio = 94.8%
* Average Interest Rate 30 Yr. Fixed = 5.03%
Overall results for January seem a bit soft compared to the past 6 months, however I cannot draw too many conclusions. These results are for only 1 month and seem appropriately soft for the season and the beginning of an Election Year. The inventory supply indicates we are back to a balanced market, and actually are now in a Sellers’ Market in certain price ranges (homes under $200,000).
Keeping the value of long term real estate investments in proper perspective, take a look at these numbers from 2002:
Home Sales 10 Years Ago:
January – 2002 = 112
* Average days on market = 127
* Median Sales Price = $82,500
* Average Sales Price = $96,917
* Average Sales Price/List Price Ratio = 97.0%
* Average Interest Rate 30 Yr. Fixed = 7.00%
Don’t forget – if you or anyone you know needs real estate services to buy or sell – here in Bullhead City or anywhere else – contact me and I’ll get to work for you !! The highest compliment that I can receive is a referral to one of your friends, relatives or business associates. A referral is when you send someone you care about to someone you trust. Thank you for your trust and confidence.
(Data reflects residential sales reported to Western Arizona REALTOR® Data Exchange as of 2/3/2012. Interest rate information from Freddie Mac.)
