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 = 768
* Homes Sold in past 12 months = 1347 (average 112 per month)
* Homes Sold in past 6 months = 738 (average 123 per month)
* Homes Sold Last Month = 123
* Average Interest Rate 30 Yr. Fixed (Last Month) = 4.56%
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. This supply has held steady for several months and indicates we are back near a balanced market. SELLERS – Good News – Due to the fact that interest rates are at record lows, homes are affordable for many more buyers. BUYERS – You should not wait any longer to make your move, as we all can agree that Interest Rates will climb – the current rates are the lowest in history, and can only go up.
MARKET TRENDS & HISTORICAL DATA
Homes Sold This Year:
January – July ‘10 = 828
* Average days on market = 143
* Median Sales Price = $98,000
* Average Sales Price = $113,316
* Average Sales Price/List Price Ratio = 94.6%
* Average Interest Rate 30 Yr. Fixed = 4.90%
Home Sales Last Year:
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%
Home Sales 2 Years Ago:
January – July ‘08 = 514
* Average days on market = 159
* Median Sales Price = $157,950
* Average Sales Price = $182,231
* Average Sales Price/List Price Ratio = 94.3%
* Average Interest Rate 30 Yr. Fixed = 6.05%
It remains encouraging to see the number of units sold this year being ahead of the past 3 years. With record-setting low interest rates the dream of affordable housing becomes a reality. Let’s all hope that those interest rates remain under control and that employment numbers begin to improve quickly. The return to a truly healthy real estate market relies upon both affordable interest rates and a busy fully employed workforce.
Keeping the value of long term real estate investments in proper perspective, take a look at these numbers from 2000:
Home Sales 10 Years Ago:
January – July 2000 = 646
* Average days on market = 156
* Median Sales Price = $68,750
* Average Sales Price = $83,539
* Average Sales Price/List Price Ratio = 96.4%
* Average Interest Rate 30 Yr. Fixed = 8.27%
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 08/02/2010. Interest rate information from Freddie Mac.)
