| Several years ago the Census Bureau began studying smaller, growing communities, and using their historical data, researched these communities back to 1990. The Bureau defined these new communities as Micropolitan areas. There are 560 Micropolitan areas in the US • From 1990 to 2003, in actual population growth Mohave County ranked 1st out of all 560 Micropolitan areas in the US; • From 1990 to 2000 Mohave County grew from 93,497 to 155,032; • From 2000 to 2003 Mohave County had a population increase of 16,335 or 10.5%; • Population for the county is estimated at 193,035 in 2006. |
| John R. Hastings Associate Broker Licensed in Arizona |
| Real Estate Market Statistics |
| 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 = 1,362 * Homes Sold in past 12 months = 816 (average 68 per month) * Homes Sold in past 6 months = 446 (average 74 per month) * Homes Sold Last Month = 60 * Average Interest Rate 30 Yr. Fixed (Last Month) = 6.20% Based on current inventory of homes listed for sale compared to rate at which they are being sold over the past six months, it appears we have about an 18 month supply on hand. This number is down from the 27 month supply we had in March but is still too high to reflect a healthy market. An inventory supply greater than 10 - 12 months is tough for Sellers and great for Buyers. TODAY REMAINS A GREAT TIME TO BE A BUYER. MARKET TRENDS & HISTORICAL DATA Homes Sold This Year: January - October ‘08 = 724 * Average days on market = 161 * Median Sales Price = $152,000 * Average Sales Price = $178,807 * Average Sales Price/List Price Ratio = 94.7% * Average Interest Rate 30 Yr. Fixed = 6.11% Home Sales Last Year: January - October ‘07 = 879 * Average days on market = 139 * Median Sales Price = $175,000 * Average Sales Price = $209,913 * Average Sales Price/List Price Ratio = 95.8% * Average Interest Rate 30 Yr. Fixed = 6.38% Home Sales 2 Years Ago: January - October ‘06 = 1630 * Average days on market = 126 * Median Sales Price = $206,914 * Average Sales Price = $230,937 * Average Sales Price/List Price Ratio = 97.8% * Average Interest Rate 30 Yr. Fixed = 6.46% The Historical Data above shows the dramatic changes in our market over the past couple years, especially the huge drop in volume (number of units) sold as well as the decrease in the Median Sales price. As this is the “Median”, not the “Average”, this decrease is not directly related to home values declining but does reflect the fact that in terms of units sold, more low to moderately priced homes are selling than expensive homes. Keeping the value of long term real estate investments in proper perspective, take a look at these numbers from 1998: Home Sales 10 Years Ago: January - October ‘98 = 723 * Average days on market = 177 * Median Sales Price = $69,000 * Average Sales Price = $76,784 * Average Sales Price/List Price Ratio = 95.7% * 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 11/01/2008. Interest rate information from Freddie Mac.) |
| Primary Mortgage Market Survey® data provided by Freddie Mac. Updated weekly on Thursdays. |
| Why is this area growing so robustly? The only place in North America recognized for Warm Weather, Gaming and Water Recreation - the Tri-State: the communities of Bullhead City, Golden Valley, Mohave Valley and Fort Mohave Arizona and Laughlin Nevada, located along the Colorado River from Lake Mohave 20 miles south to Needles. Some experts call it "Amenity Migration" - people are moving - and BUYING - where they like to play. With baby boomers now beginning to inherit their parents' wealth, this growth will continue to increase. Want more demographics data? Click Here |
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