Bullhead City Real Estate Blog http://jrhastings.com/blog Bullhead City & Ft. Mohave Real Estate Market Trends, Financial News & Local Information Sat, 04 Feb 2012 20:21:39 +0000 en hourly 1 http://wordpress.org/?v=3.0.1 How is the Market Doing? – February 3, 2012 http://jrhastings.com/blog/how-is-the-market-doing-february-3-2012/ http://jrhastings.com/blog/how-is-the-market-doing-february-3-2012/#comments Sat, 04 Feb 2012 20:19:06 +0000 John Hastings http://jrhastings.com/blog/ 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.)

]]> http://jrhastings.com/blog/how-is-the-market-doing-february-3-2012/feed/ 0 How is the Market Doing? – January 2, 2012 http://jrhastings.com/blog/how-is-the-market-doing-january-2-2012/ http://jrhastings.com/blog/how-is-the-market-doing-january-2-2012/#comments Mon, 02 Jan 2012 19:45:52 +0000 John Hastings http://jrhastings.com/blog/ 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 = 536
* Homes Sold in past 12 months = 1330 (average 111 per month)
* Homes Sold in past 6 months = 602 (average 100 per month)
* Homes Sold Last Month = 88
* Average Interest Rate 30 Yr. Fixed (Last Month) = 3.96%

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 about just under a 3 month inventory supply on hand.

MARKET TRENDS & HISTORICAL DATA
Homes Sold This Year:
January – December ‘11 = 1330
* Average days on market = 137
* Median Sales Price = $87,500
* Average Sales Price = $106,148
* Average Sales Price/List Price Ratio = 94.7%
* Average Interest Rate 30 Yr. Fixed = 4.46%

Home Sales Last Year:
January – December ‘10 = 1323
* Average days on market = 140
* Median Sales Price = $91,900
* Average Sales Price = $110,335
* Average Sales Price/List Price Ratio = 94.5%
* Average Interest Rate 30 Yr. Fixed = 4.69%

Home Sales 2 Years Ago:
January – December ‘09 = 1161
* Average days on market = 146
* Median Sales Price = $121,000
* Average Sales Price = $137,861
* Average Sales Price/List Price Ratio = 94.8%
* Average Interest Rate 30 Yr. Fixed = 5.04%

For the past several months I’ve noted that both the Median and Average Sales Prices remain basically unchanged compared to the prior month’s year-to-date levels. For the moment then it appears that the market has stabilized. 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 2001:
Home Sales 10 Years Ago:
January – December 2001 = 1132
* Average days on market = 139
* Median Sales Price = $75,000
* Average Sales Price = $88,392
* Average Sales Price/List Price Ratio = 96.8%
* Average Interest Rate 30 Yr. Fixed = 6.97%

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 1/1/2012. Interest rate information from Freddie Mac.)

]]> http://jrhastings.com/blog/how-is-the-market-doing-january-2-2012/feed/ 0 How is the Market Doing? – December 3, 2011 http://jrhastings.com/blog/how-is-the-market-doing-december-3-2011/ http://jrhastings.com/blog/how-is-the-market-doing-december-3-2011/#comments Sat, 03 Dec 2011 19:34:11 +0000 John Hastings http://jrhastings.com/blog/ 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 = 579
* Homes Sold in past 12 months = 1357 (average 113 per month)
* Homes Sold in past 6 months = 653 (average 109 per month)
* Homes Sold Last Month = 93
* Average Interest Rate 30 Yr. Fixed (Last Month) = 3.99%
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 about a 2 ½ month inventory supply on hand.

MARKET TRENDS & HISTORICAL DATA
Homes Sold This Year:
January – November ‘11 = 1241
* Average days on market = 136
* Median Sales Price = $89,000
* Average Sales Price = $105,868
* Average Sales Price/List Price Ratio = 94.9%
* Average Interest Rate 30 Yr. Fixed = 4.50%

Home Sales Last Year:
January – November ‘10 = 1207
* Average days on market = 141
* Median Sales Price = $94,900
* Average Sales Price = $111,563
* Average Sales Price/List Price Ratio = 94.7%
* Average Interest Rate 30 Yr. Fixed = 4.69%

Home Sales 2 Years Ago:
January – November ‘09 = 1046
* Average days on market = 148
* Median Sales Price = $120,950
* Average Sales Price = $138,441
* Average Sales Price/List Price Ratio = 94.8%
* Average Interest Rate 30 Yr. Fixed = 5.05%

For the past three months I’ve noted that both the Median and Average Sales Prices remain basically unchanged compared to the prior month’s year-to-date levels. For the moment then it appears that the market has stabilized. 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 2001:
Home Sales 10 Years Ago:
January – November 2001 = 1040
* Average days on market = 140
* Median Sales Price = $76,000
* Average Sales Price = $88,570
* Average Sales Price/List Price Ratio = 96.7%
* Average Interest Rate 30 Yr. Fixed = 6.97%

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 12/02/2011. Interest rate information from Freddie Mac.)

]]> http://jrhastings.com/blog/how-is-the-market-doing-december-3-2011/feed/ 0 How is the Market Doing? – November 3, 2011 http://jrhastings.com/blog/how-is-the-market-doing-november-3-2011/ http://jrhastings.com/blog/how-is-the-market-doing-november-3-2011/#comments Thu, 03 Nov 2011 20:06:02 +0000 John Hastings http://jrhastings.com/blog/ 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 = 576
* Homes Sold in past 12 months = 1359 (average 113 per month)
* Homes Sold in past 6 months = 667 (average 111 per month)
* Homes Sold Last Month = 106
* Average Interest Rate 30 Yr. Fixed (Last Month) = 4.07%
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 about a 2 ½ month inventory supply on hand.

MARKET TRENDS & HISTORICAL DATA
Homes Sold This Year:
January – October ‘11 = 1148
* Average days on market = 136
* Median Sales Price = $89,000
* Average Sales Price = $106,128
* Average Sales Price/List Price Ratio = 94.9%
* Average Interest Rate 30 Yr. Fixed = 4.55%

Home Sales Last Year:
January – October ‘10 = 1112
* Average days on market = 142
* Median Sales Price = $95,000
* Average Sales Price = $112,323
* Average Sales Price/List Price Ratio = 94.7%
* Average Interest Rate 30 Yr. Fixed = 4.73%

Home Sales 2 Years Ago:
January – October ‘09 = 947
* Average days on market = 147
* Median Sales Price = $122,500
* Average Sales Price = $140,327
* Average Sales Price/List Price Ratio = 95.0%
* Average Interest Rate 30 Yr. Fixed = 5.07%

For the past two months I’ve noted that both the Median and Average Sales Prices remain basically unchanged compared to the prior month’s year-to-date levels. For the moment then it appears that the market has stabilized. 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 2001:
Home Sales 10 Years Ago:
January – October 2001 = 967
* Average days on market = 139
* Median Sales Price = $76,500
* Average Sales Price = $89,593
* Average Sales Price/List Price Ratio = 96.7%
* Average Interest Rate 30 Yr. Fixed = 6.99%

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 11/03/2011. Interest rate information from Freddie Mac.)

]]> http://jrhastings.com/blog/how-is-the-market-doing-november-3-2011/feed/ 0 How is the Market Doing? – October 03, 2011 http://jrhastings.com/blog/how-is-the-market-doing-october-03-2011/ http://jrhastings.com/blog/how-is-the-market-doing-october-03-2011/#comments Mon, 03 Oct 2011 18:08:53 +0000 John Hastings http://jrhastings.com/blog/ 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 = 564
* Homes Sold in past 12 months = 1349 (average 112 per month)
* Homes Sold in past 6 months = 682 (average 113 per month)
* Homes Sold Last Month = 98
* Average Interest Rate 30 Yr. Fixed (Last Month) = 4.11%
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 slightly less than 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 about a 2 ½ month inventory supply on hand.

MARKET TRENDS & HISTORICAL DATA
Homes Sold This Year:
January – September ‘11 = 1039
* Average days on market = 135
* Median Sales Price = $89,000
* Average Sales Price = $106,131
* Average Sales Price/List Price Ratio = 94.9%
* Average Interest Rate 30 Yr. Fixed = 4.61%

Home Sales Last Year:
January – September ‘10 = 1013
* Average days on market = 142
* Median Sales Price = $95,000
* Average Sales Price = $113,087
* Average Sales Price/List Price Ratio = 94.6%
* Average Interest Rate 30 Yr. Fixed = 4.78%

Home Sales 2 Years Ago:
January – September ‘09 = 855
* Average days on market = 149
* Median Sales Price = $123,500
* Average Sales Price = $141,933
* Average Sales Price/List Price Ratio = 94.8%
* Average Interest Rate 30 Yr. Fixed = 5.08%

For the past month I see that both the Median and Average Sales Prices remain basically unchanged compared to the prior month’s year-to-date levels. For the moment then it appears that the market has stabilized. The inventory supply indicates we are back to a balanced market, and actually moving towards a Sellers’ Market in certain price ranges. A continued balance of supply & demand coupled with low interest rates should help us move towards solid growth again.

Keeping the value of long term real estate investments in proper perspective, take a look at these numbers from 2001:
Home Sales 10 Years Ago:
January – September 2001 = 871
* Average days on market = 140
* Median Sales Price = $76,500
* Average Sales Price = $88,856
* Average Sales Price/List Price Ratio = 97.0%
* Average Interest Rate 30 Yr. Fixed = 7.04%

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 10/01/2011. Interest rate information from Freddie Mac.)

]]> http://jrhastings.com/blog/how-is-the-market-doing-october-03-2011/feed/ 0 How is the Market Doing? – September 3, 2011 http://jrhastings.com/blog/how-is-the-market-doing-september-3-2011/ http://jrhastings.com/blog/how-is-the-market-doing-september-3-2011/#comments Tue, 06 Sep 2011 19:42:01 +0000 John Hastings http://jrhastings.com/blog/ 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 = 577
* Homes Sold in past 12 months = 1338 (average 111 per month)
* Homes Sold in past 6 months = 736 (average 123 per month)
* Homes Sold Last Month = 103
* Average Interest Rate 30 Yr. Fixed (Last Month) = 4.27%
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 slightly less than 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 less than a 2 ½ month inventory supply on hand.

MARKET TRENDS & HISTORICAL DATA
Homes Sold This Year:
January – August ‘11 = 941
* Average days on market = 136
* Median Sales Price = $89,000
* Average Sales Price = $106,482
* Average Sales Price/List Price Ratio = 94.9%
* Average Interest Rate 30 Yr. Fixed = 4.67%

Home Sales Last Year:
January – August ‘10 = 926
* Average days on market = 143
* Median Sales Price = $95,000
* Average Sales Price = $112,233
* Average Sales Price/List Price Ratio = 94.9%
* Average Interest Rate 30 Yr. Fixed = 4.84%

Home Sales 2 Years Ago:
January – August ‘09 = 760
* Average days on market = 151
* Median Sales Price = $124,000
* Average Sales Price = $142,096
* Average Sales Price/List Price Ratio = 94.6%
* Average Interest Rate 30 Yr. Fixed = 5.09%

For the Fifth Month in a Row, I see that both the Median and Average Sales Prices rose last month compared to the prior month’s year-to-date levels. As I consider 3 in a row to be a trend I’m comfortable saying we are Trending Upward. The inventory supply indicates we are back to a balanced market, and actually moving towards a Sellers’ Market in certain price ranges. A continued balance of supply & demand coupled with low interest rates should help us move towards solid growth again.

Keeping the value of long term real estate investments in proper perspective, take a look at these numbers from 2001:
Home Sales 10 Years Ago:
January – August 2001 = 793
* Average days on market = 140
* Median Sales Price = $75,000
* Average Sales Price = $87,420
* Average Sales Price/List Price Ratio = 97.0%
* Average Interest Rate 30 Yr. Fixed = 7.06%

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 09/03/2011. Interest rate information from Freddie Mac.)

]]> http://jrhastings.com/blog/how-is-the-market-doing-september-3-2011/feed/ 0 How is the Market Doing? – August 2, 2011 http://jrhastings.com/blog/how-is-the-market-doing-august-2-2011/ http://jrhastings.com/blog/how-is-the-market-doing-august-2-2011/#comments Tue, 02 Aug 2011 20:14:55 +0000 John Hastings http://jrhastings.com/blog/ 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 = 579
* Homes Sold in past 12 months = 1326 (average 111 per month)
* Homes Sold in past 6 months = 737 (average 123 per month)
* Homes Sold Last Month = 108
* Average Interest Rate 30 Yr. Fixed (Last Month) = 4.55%
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 slightly less than 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 less than a 2 ½ month inventory supply on hand.

MARKET TRENDS & HISTORICAL DATA
Homes Sold This Year:
January – July ‘11 = 836
* Average days on market = 140
* Median Sales Price = $89,000
* Average Sales Price = $105,508
* Average Sales Price/List Price Ratio = 94.8%
* Average Interest Rate 30 Yr. Fixed = 4.73%

Home Sales Last Year:
January – July ‘10 = 833
* Average days on market = 143
* Median Sales Price = $97,000
* Average Sales Price = $113,185
* Average Sales Price/List Price Ratio = 94.7%
* Average Interest Rate 30 Yr. Fixed = 4.90%

Home Sales 2 Years Ago:
January – July ‘09 = 642
* Average days on market = 151
* Median Sales Price = $123,950
* Average Sales Price = $143,641
* Average Sales Price/List Price Ratio = 94.8%
* Average Interest Rate 30 Yr. Fixed = 5.07%

For the Fourth Month in a Row, I see that both the Median and Average Sales Prices rose last month compared to the prior month’s year-to-date levels. As with all things, I consider 3 in a row to be a trend. The inventory supply indicates we are back to a balanced market, and actually moving towards a Sellers’ Market in certain price ranges. A continued balance of supply & demand coupled with low interest rates should help market prices continue to stabilize in 2011 and start us moving towards growth again.

Keeping the value of long term real estate investments in proper perspective, take a look at these numbers from 2001:
Home Sales 10 Years Ago:
January – July 2001 = 675
* Average days on market = 139
* Median Sales Price = $76,500
* Average Sales Price = $88,136
* Average Sales Price/List Price Ratio = 97.0%
* Average Interest Rate 30 Yr. Fixed = 7.08%

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 08/02/2011. Interest rate information from Freddie Mac.)

]]> http://jrhastings.com/blog/how-is-the-market-doing-august-2-2011/feed/ 0 How is the Market Doing? – July 4, 2011 http://jrhastings.com/blog/how-is-the-market-doing-july-4-2011/ http://jrhastings.com/blog/how-is-the-market-doing-july-4-2011/#comments Tue, 05 Jul 2011 22:57:13 +0000 John Hastings http://jrhastings.com/blog/ 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 = 577
* Homes Sold in past 12 months = 1334 (average 111 per month)
* Homes Sold in past 6 months = 721 (average 120 per month)
* Homes Sold Last Month = 133
* Average Interest Rate 30 Yr. Fixed (Last Month) = 4.51%
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 about 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 shows slightly less than a 3 month inventory supply on hand.

MARKET TRENDS & HISTORICAL DATA
Homes Sold This Year:
January – June ‘11 = 721
* Average days on market = 140
* Median Sales Price = $88,000
* Average Sales Price = $104,632
* Average Sales Price/List Price Ratio = 94.8%
* Average Interest Rate 30 Yr. Fixed = 4.76%

Home Sales Last Year:
January – June ‘10 = 710
* Average days on market = 143
* Median Sales Price = $98,950
* Average Sales Price = $114,352
* Average Sales Price/List Price Ratio = 94.6%
* Average Interest Rate 30 Yr. Fixed = 4.95%

Home Sales 2 Years Ago:
January – June ‘09 = 524
* Average days on market = 150
* Median Sales Price = $125,250
* Average Sales Price = $148,599
* Average Sales Price/List Price Ratio = 95.3%
* Average Interest Rate 30 Yr. Fixed = 5.05%

For the third month in a row, I saw that both the Median and Average Sales Prices rose last month compared to the prior month’s year-to-date levels. As with all things, I consider 3 in a row to be a trend. Future Price Growth will remain subject to both the pace at which foreclosures occur and any increases in interest rates eroding buyers’ purchasing power. The inventory supply indicates we are back near a balanced market, and actually moving towards a Sellers’ Market in certain price ranges. A continued balance of supply & demand coupled with low interest rates should help market prices stabilize in 2011 and start us moving towards growth again.

Keeping the value of long term real estate investments in proper perspective, take a look at these numbers from 2001:
Home Sales 10 Years Ago:
January – June 2001 = 576
* Average days on market = 142
* Median Sales Price = $74,900
* Average Sales Price = $86,845
* Average Sales Price/List Price Ratio = 97.0%
* Average Interest Rate 30 Yr. Fixed = 7.07%

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 07/04/2011. Interest rate information from Freddie Mac.)

]]> http://jrhastings.com/blog/how-is-the-market-doing-july-4-2011/feed/ 0 How is the Market Doing? – June 4, 2011 http://jrhastings.com/blog/how-is-the-market-doing-june-4-2011/ http://jrhastings.com/blog/how-is-the-market-doing-june-4-2011/#comments Tue, 21 Jun 2011 19:34:34 +0000 John Hastings http://jrhastings.com/blog/ 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 = 589
* Homes Sold in past 12 months = 1322 (average 110 per month)
* Homes Sold in past 6 months = 703 (average 117 per month)
* Homes Sold Last Month = 107
* Average Interest Rate 30 Yr. Fixed (Last Month) = 4.64%
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 about 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 shows slightly less than a 3 month inventory supply on hand.

MARKET TRENDS & HISTORICAL DATA
Homes Sold This Year:
January – May ‘11 = 587
* Average days on market = 140
* Median Sales Price = $87,000
* Average Sales Price = $104,462
* Average Sales Price/List Price Ratio = 94.8%
* Average Interest Rate 30 Yr. Fixed = 4.81%

Home Sales Last Year:
January – May ‘10 = 588
* Average days on market = 141
* Median Sales Price = $99,950
* Average Sales Price = $115,475
* Average Sales Price/List Price Ratio = 94.7%
* Average Interest Rate 30 Yr. Fixed = 5.00%

Home Sales 2 Years Ago:
January – May ‘09 = 428
* Average days on market = 148
* Median Sales Price = $125,000
* Average Sales Price = $151,061
* Average Sales Price/List Price Ratio = 95.2%
* Average Interest Rate 30 Yr. Fixed = 4.97%

For the second month in a row, I saw that both the Median and Average Sales Prices rose last month compared to the prior month’s year-to-date levels. One or two months do not prove change, but maybe we can get three in a row? Future Price Growth will remain subject to both the pace at which foreclosures occur and any increases in interest rates eroding buyers’ purchasing power. The inventory supply indicates we are back near a balanced market, and actually moving towards a Sellers’ Market in certain price ranges. A continued balance of supply & demand coupled with low interest rates should help market prices stabilize in 2011 and start us moving towards growth again.

Keeping the value of long term real estate investments in proper perspective, take a look at these numbers from 2001:
Home Sales 10 Years Ago:
January – May 2001 = 476
* Average days on market = 145
* Median Sales Price = $74,900
* Average Sales Price = $86,511
* Average Sales Price/List Price Ratio = 97.0%
* Average Interest Rate 30 Yr. Fixed = 7.05%

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 06/04/2011. Interest rate information from Freddie Mac.)
(Read and/or Post Comments below)

]]> http://jrhastings.com/blog/how-is-the-market-doing-june-4-2011/feed/ 0 How is the Market Doing? – April 30, 2011 http://jrhastings.com/blog/how-is-the-market-doing-april-30-2011/ http://jrhastings.com/blog/how-is-the-market-doing-april-30-2011/#comments Sat, 30 Apr 2011 18:16:53 +0000 John Hastings http://jrhastings.com/blog/ 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 = 630
* Homes Sold in past 12 months = 1319 (average 110 per month)
* Homes Sold in past 6 months = 683 (average 114 per month)
* Homes Sold Last Month = 115
* Average Interest Rate 30 Yr. Fixed (Last Month) = 4.84%
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 about a 6 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 shows slightly less than a 3 month inventory supply on hand.

MARKET TRENDS & HISTORICAL DATA
Homes Sold This Year:
January – April ‘11 = 472
* Average days on market = 140
* Median Sales Price = $85,000
* Average Sales Price = $102,527
* Average Sales Price/List Price Ratio = 94.9%
* Average Interest Rate 30 Yr. Fixed = 4.85%

Home Sales Last Year:
January – April ‘10 = 476
* Average days on market = 137
* Median Sales Price = $99,700
* Average Sales Price = $115,913
* Average Sales Price/List Price Ratio = 94.3%
* Average Interest Rate 30 Yr. Fixed = 5.02%

Home Sales 2 Years Ago:
January – April ‘09 = 317
* Average days on market = 149
* Median Sales Price = $124,000
* Average Sales Price = $156,558
* Average Sales Price/List Price Ratio = 95.6%
* Average Interest Rate 30 Yr. Fixed = 5.00%

For the first time in recent memory I saw that both the Median and Average Sales Prices rose last month compared to the prior month’s year-to-date levels. One month does not prove change, but maybe if we can get two or three in a row? Future Price Growth will remain subject to both the pace at which foreclosures occur and any increases in interest rates eroding buyers’ purchasing power. The inventory supply has held fairly steady for several months and indicates we are back near a balanced market. A continued balance of supply & demand coupled with low interest rates would help market prices stabilize in 2011 and hopefully start us moving towards growth again.

Keeping the value of long term real estate investments in proper perspective, take a look at these numbers from 2001:
Home Sales 10 Years Ago:
January – April 2001 = 372
* Average days on market = 140
* Median Sales Price = $75,000
* Average Sales Price = $88,311
* Average Sales Price/List Price Ratio = 97.4%
* Average Interest Rate 30 Yr. Fixed = 7.03%

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 04/30/2011. Interest rate information from Freddie Mac.)
(Read and/or Post Comments below)

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