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.)
