| How’s the Market Doing? Here’s a recap of the most recent Real Estate Market Stastics & Trends in Bullhead City / Ft. Mohave: CURRENT MARKET STATISTICS Residential Homes Currently Listed for Sale = 847 * Homes Sold in past 12 months = 1229 (average 102 per month) * Homes Sold in past 6 months = 599 (average 100 per month) * Homes Sold Last Month = 108 * Average Interest Rate 30 Yr. Fixed (Last Month) = 4.99% Based on current inventory of homes listed for sale compared to rate at which they have been sold over the past six months, we have about an 8 month supply on hand. Looking at a full 12 month pace (which eliminates seasonal fluctuations) we also have an 8 month supply on hand, indicating we are back to a balanced market (supply in the 6 – 9 month range). SELLERS – Good News - the inventory supply the past 12 months is lower than at any time in over 3 years. BUYERS – You should not wait any longer to get in, as the reduction in inventory means prices are going to start moving up. And we all can agree that Interest Rates will climb in 2010. MARKET TRENDS & HISTORICAL DATA Homes Sold This Year: January - February ‘10 = 198 * Average days on market = 136 * Median Sales Price = $110,250 * Average Sales Price = $126,593 * Average Sales Price/List Price Ratio = 94.6% * Average Interest Rate 30 Yr. Fixed = 5.01% Home Sales Last Year: January - February ‘09 = 130 * Average days on market = 144 * Median Sales Price = $124,500 * Average Sales Price = $145,249 * Average Sales Price/List Price Ratio = 92.4% * Average Interest Rate 30 Yr. Fixed = 5.09% Home Sales 2 Years Ago: January - February ‘08 = 102 * Average days on market = 159 * Median Sales Price = $156,450 * Average Sales Price = $164,552 * Average Sales Price/List Price Ratio = 92.9% * Average Interest Rate 30 Yr. Fixed = 5.84% Our current results are encouraging, especially to see the number of units sold this year being ahead of the past 2 years. With record-setting low interest rates and Tax Credit incentives for Homebuyers we should expect to see our local real estate market continue to become healthier each month. 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 - February 2000 = 126 * Average days on market = 151 * Median Sales Price = $57,500 * Average Sales Price = $74,481 * Average Sales Price/List Price Ratio = 96.5% * 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 02/28/2010. Interest rate information from Freddie Mac.) |
| John R. Hastings Associate Broker Licensed in Arizona |
| Real Estate Market Statistics |
| Primary Mortgage Market Survey® data provided by Freddie Mac. Updated weekly on Thursdays. |
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Updated 02/28/10