December 2011 Market Watch Report
With the arrival of the new year, our hopes soar that 2012 will mark the beginning of the end for the great recession. The Bullhead City, Fort Mohave and Mohave Valley real estate markets continue to level out giving investors and local residents a bright outlook for the coming year. Although our single family home sales during 2011 were 62 fewer than 2010, sale prices are beginning to stabilize year over year for the first time.
During 2010 the average single family home sales price came in at $128,427 with the median sales price at $114,000. 2011 average single family home sales price came in at $130,376 with the median sales price remaining at $114,000. This is great news for all as it is the first time we have seen sales prices level out and not drop in years. This could be due to the trend in fewer foreclosures claiming the lion’s share of the closings. Foreclosure sales averaged 61% of the market in 2010 while 2011 saw a reduction in foreclosure sales of 51% of the market. We also experienced a slight 2% increase in short sales over last year.
Active homes for sale are down over last year. On the average 2011, had 393 single family homes for sale with was down significantly over 2010 which experienced an average of 460 single family homes on the market for sale. Still the unknown amount of the “shadow foreclosure inventory” looms in the back of our minds. It is difficult to know if our local area has a back log of foreclosures getting ready to enter the market. In the event there is a significant amount of shadow inventory, it appears that we have enough buyers ready to purchase that our sales prices should hold.
Riverfront home sales were strong in number and the cost per square foot rose 11% over 2010. Nearly twice as many riverfront homes sold during 2011 over 2010. With 21 single family home sales during 2011, and the average cost per sq foot at $170.00, it is clear that those who have dreamed of owning riverfront property in Bullhead City or Mohave Valley are taking the plunge. Of the 21 sales, 4 were foreclosures, 4 were short sales while the remaining 13 were regular sales. Of the 13 regular sales Real Living Country Ranch’s agents represented either the buyer, seller or both in 10 of these sales. Keeping in step with tradition, Real Living Country Ranch continues to successfully negotiate through troubled waters of appraisals and bank conditions to get these properties sold.
On a side note, in my monthly Market Watch report for December, I wrote about the solar company,ENN group, headquartered in Langfang, China. During the December 20th meeting the land deal was approved by the County Commission. Interesting, if ENN fails to meet any of the terms in the contract, the land will revert back to the county. The Las Vegas Journal and the Mohave Valley Daily News covered the story. (Click on the newspaper names to read the stories).
Thank you for your continued support and confidence. Looking for us, remember we have moved to 3706 Highway 95 just south of the Kohl’s/Target Shopping Center across from Woody’ s Chevron Gas Station.
November 2011 Market Watch Report
Greetings from Arizona!
Everyone in town on Thanksgiving Day enjoyed a beautiful day. Clear skies, no wind and warm weather reminded everyone why we love living in Bullhead City Arizona! Despite the housing and economic difficulties our river city is experiencing, this is the best place to call home.
The local real estate market in Bullhead City, Fort Mohave and Mohave Valley continues to bounce along a wash board road toward recovery. Although November single family homes sale numbers were lower than hoped for, the number of foreclosure sales were drastically down. Number of home sales for November 2011 dipped to 61 down from 70 reported November 2010. Foreclosure sales dropped drastically to a mere 31% of the market verses 61% just 12 months ago. Those of you that have been receiving my market updates for years know that I watch the numbers and I was stunned to see this huge reduction in foreclosure sales.
So what is up?
Yes, the available homes for sale on the market have been dropping and of course the foreclosure listings appear to be dropping as well. Are we in the depths of the "Shadow Inventory" we hear about in the news. Are the bankers holding back the reins of the foreclosures so tightly that it has caused a 23 % reduction in foreclosure sales from last month? If this is true then I also believe that the lack of inventory is directly related the fewer overall home sales during November.
If the banks are the boogie man in this epic novel of the great recession, how about adding a pot of gold?
Everyone on both sides of the river is practicing – excitement. How about the 14 mile, 4,000 acre sun powered generating plant and solar photovoltaic panel making factory. Add 10 billion dollars and 4,000 jobs and yes, our fingers are crossed for the December 20th meeting. Wow, what a shot in the arm for our local area. I will keep you posted on the outcome. Click here to read the most recent article about the American subsidiary of the world-wide ENN group, headquartered in Langfang, China. The story is just about as extreme and unbelievable as the economy and yes, it is in the works.
We have completed our move to our new location at 3706 Highway 95 on the east side of the highway across from Woody's Chevron Gas Station near the Target/Kohl's shopping center.
Merry Christmas to you and your families! And remember, Team Fahey even sells homes during the holidays too. So give us a call, as we are ready to help you with your move.
October 2011 Market Watch Report
Time flies as it was nearly one year ago that Michael and I announced Country Ranch GMAC was to be re-branded as Real Living Country Ranch. One year later, our new signs are all over town and everyone has become accustomed to our eye catching red and black signs. As the 2011 comes to a close, we are excited to announce that we are moving to the south end of Bullhead City to a more convenient location with yes, additional parking. Our new office is across the street from the Target/Kohl's shopping center. We are currently open at both locations but expect to be fully moved to the new location, by the end of November. Stop in and join us at 3706 Highway 95 Suite 103, in Bullhead City, where we prepare to meet the real estate recovery!
The local real estate market in Bullhead City, Fort Mohave and Mohave Valley Arizona continues to bump along toward recovery. Looking back at the 2010 single family homes market we see an improvement during 2011. Average sales price has increased to $129,779 up from $125,209. Average days on the market have become shorter as the banks have been streamlining their short sale process. Foreclosures have taken a smaller percentage of the market this year with 53% of the sales being foreclosures compared with 2010 which reported 61%.
Homes under contract or pending continue to remain steady and it is very likely that we will sell as many homes during 2011 as we did in 2010. If sales continue to remain strong through the end of the year, we have a good chance of selling as many as 1000 homes this year. Year to date local realtors have closed 843 homes while during all of 2010, 872 single family homes were sold in Bullhead City, Fort Mohave and Mohave Valley. Buyers are experiencing more difficultly finding the right home as inventory has been shrinking this fall.
Michael and I want to thank you for your continued support and referral business you have sent our way. Without your support and referrals our business would not enjoy the level of success we have. We wish you and your families a wonderful Thanksgiving!
September 2011 Market Watch Report
Greetings Everyone!September has ended and October has brought another refreshing rain this morning. Bullhead City, Fort Mohave and Mohave Valley Arizona continue to experience strong home sales. Unit sales during the past 12 months are up 11.3%, homes under contract are up 16.5% while housing inventory is down 16.6%. Median sales price is also up 7% during this time period. With numbers like this, it's likely our local real estate market should end the year on a positive note as we head into the New Year.
Could it be that our local real estate market is making headway when it comes to clearing the foreclosure inventory? Foreclosure sales made up 45% of the home sales which is the lowest since 2009 when I started tracking these sales. If the last quarter of 2011 continues as the last three, we should end 2011 with the same amount of closings as 2010, if we get lucky, we may exceed it. You need not be a analytical analysis to see a pattern emerging, and it is going our way.
| Average # Active homes per month | Average % Foreclosed | Average % Shortsales per month | Total # Closed Homes for the Year | |
| 2011-YTD | 399 | 53% |
10% | 754 |
|---|---|---|---|---|
| 2010 | 460 | 61% | 8% | 1007 |
| 2009 | 662 | 63% | 6% | 869 |
On another positive note, Yusua Wang, Chairman of the Chinese company ENN Group, spoke during Senator Harry Reid's 4th annual Clean Energy Summit in Las Vegas. ENN Mojave Solar has plans to break ground in Laughlin this coming year on a $6 billion project consisting of 5,400 acres that is inside the boundary of Laughlin Nevada. My local sources of the "In the Know" group around town, have assured me that this project is a go! Read Full Story Click Here!
In closing as we enter the 4th quarter of the year, we are looking forward to the return of our snowbirds to the market. With the rain we received this weekend and cooler weather here, please take time to spruce up front yards to maximize curb appeal. As always we need your home in its "Kodak moment" appearance to out shine the competition. Please contact Michael or myself with your questions and concerns.
August 2011 Market Watch Report
Cool weather is arriving as fall approaches!
Our country experienced more than its share of stomach churning emotional and financial challenges during the month of August 2011. Hurricane Irene pelted the East coast and the stock market experienced deep sell offs. US downgrade shook consumer confidence and job creation is at a near standstill. Are you ready for some good news?
The Bullhead City, Fort Mohave and Mohave Valley communities along the banks of the Colorado River are a welcoming retreat. Last month Bullhead City enjoyed the largest attendance for the River Regatta in its short history. Over 29,000 people walked to the banks, pushed out in their home made or locally purchased rafts to enjoy old fashioned fun as they treated themselves to a slow float down the river! Water fights, laughs a good time was had by all!
Considering the volatile market conditions affecting our country, Bullhead City, Fort Mohave and Mohave Valley real estate market continues to move at its own small town pace toward recovery. Year over year, homes for sale on the market have dropped from 525 to an unbelievable low of 328. Fewer foreclosure sales may account for this decrease. August 2010 experienced foreclosure sales accounting for 65% verses 56% of the market during August 2011. More good news, average days a home was on the market before selling dropped from 136 to 98. Average sales price gently moved in the right direction from $108,000 during August 2010 increasing to $110,000 during August 2011. While all indications appear good, it is too soon to call as researchers continue to report that there is a large shadow inventory looming.
Real Living Country Ranch Agents, continue to provide their customers and clients the premier service and results they are looking for. Although small in number, the collective efforts of the 19 dedicated Real Living Country Ranch Agents allows our company to hold a strong number 2 position in the local real estate market. We continue to successfully help sellers sell their homes when foreclosures are the competition! We understand the challenges and are constantly looking for ways to outperform in this real estate recovery and get you the results you desire.
Next time you visit the app store, search for Real Living Country Ranch and download our free app! The app is also available for your iphone or Android. Searching for real estate in our area has never been easier!
Thank you for you support and referrals! With your support and referrals, we will continue to help your friends and family achieve their real estate dreams.
Michael & Petra Fahey
July 2011 Market Watch Report
As the temperature increased during July, on the communities along the banks of the Colorado River, the real estate market saw the average and median sales prices of single family homes increase over July 2010. Median sales price during July 2011 increased to $122,000 over July 2010 median sales price of $118,250. Foreclosures home sales dropped to under 50% of home sales for the second time this year claiming 46% of the market in Bullhead City, Fort Mohave and Mohave Valley Arizona. July was an excellent month for homeowners trying to avoid foreclosure as short sales claimed and all time high of 13% of the sales.
Bullhead City, Fort Mohave and Mohave Valley local MLS reported 87 single family homes sales for the month of July 2011 which was just down slightly from a year ago which reported 90 home sales during July 2010.
Keeping in relatively consistent with last month our market saw 69% of the homes selling for under $150,000 with 13 of the sales over $200,000 which 5 of the sales were riverfront homes. Keeping in sync with tradition, Real Living Country Ranch agents represented either the buyer or seller in 4 of these riverfront sales.
Single Familiy Home Activity: Bullhead City, Fort Mohave, Mohave Valley
As always we are focused on your real estate success. Please call us with your real estate needs. We appreciate all of your referrals and support!
Michael and Petra Fahey
June 2011 Market Watch Report
Bullhead City, Fort Mohave and Mohave Valley, Arizona real estate markets closed 101 single family homes for the month of June. Median sales price slid back to $115000. Since 73% of the homes sold in the month of June were under $150,000 this is not too surprising. The market enjoyed two riverfront home closings in June, which Real Living Country Ranch agents brought the buyers, and an additional 7 homes selling for over $200,000.
The month's supply of single family housing inventory continues to drop. During June 2010, the Bullhead City, Fort Mohave and Mohave Valley Arizona experienced 5.0 months of inventory, while this year our local market is at 3.2 months of inventory, the lowest in years. The number of days on the market dropped from 144 in May to 84 during June. I believe this is due to the small number of short sale closing that occurred during the month. Unlike the last two months where short sales claimed 10% of the sales, May short sale numbers dropped to 4% of the market. (Short sales take longer to close than the standard sale)
With the inventory dropping and the sales remaining strong it is clear for many, Bullhead City, Fort Mohave and Mohave Valley is the place to buy real estate.
The 4th of July holiday weekend has started the month out strong. Our phones are ringing at Real Living Country Ranch. Multiple offers continue to reign supreme for properties that are priced right. Our updated www.RealLivingCountryRanch.com website is seeing an increase in traffic and we have had many raving reviews from those that have been using it! Thank you again for your continued support and referral customer you are sending our way.
As always we are focused on your real estate success.
Michael and Petra Fahey
May 2011 Market Watch Report
Prices heat up with the temperature.
Our Bullhead City, Fort Mohave and Mohave Valley real estate market continues to move in the right direction for recovery. May ended strong with the average and median sales price of single family homes topping the charts for the year at $133,109/$122,000. In last month's newsletter I touched on the fact that demand for housing had been strong, why had we not seen an increase in sales price? Thankfully for the second consecutive month our local real estate market has seen an increase in sales price. With the temperature just starting to hit the 100 degree mark, our prices are heating up too!
| Active | Pending | Sold | Average | Median | Days on | Foreclosed | Short | Resale | Under | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sold $ | Sold $ | Market | Sales % | Sale % | Percent | 150k | ||||
| J-11 | 398 | 160 | 78 | $144,350 | $113,950 | 135 | 56% | 12% | 32% | 70% |
| F-11 | 451 | 253 | 62 | $127,354 | $115,400 | 133 | 46% | 11% | 43% | 74% |
| M-11 | 387 | 169 | 106 | $119,436 | $100,500 | 119 | 54% | 9% | 37% | 75% |
| A-11 | 451 | 258 | 85 | $124,687 | $114,900 | 140 | 60% | 10% | 30% | 78% |
| M-11 | 452 | 250 | 85 | $133,109 | $122,000 | 144 | 55% | 10% | 33% | 65% |
In addition to the average sales price increase during May 2011, we saw an increase in sales for homes priced over $150,000. Foreclosure sales continue to bump along and claim the lion's share of the market although May did see a decrease from 60% of the market in April down to 55%. Short sales Number of homes sold tied with April at a total of 85.
Our market continues to recover and we continue to remain proactive in our marketing efforts. We continue to market in the local Around the River Magazine, flyers, our eye catching new yard signs, direct mail, and website presence through extensive SEO (search engine optimization). The videos on our YouTube.com channel are just another layer we add to our marketing tool bag. Michael and I are focused on your real estate success. We thank you again for all your support and referral business.
Thank you for our continued support
April 2011 Market Watch Update
Last year at this time, our local real estate market had finished the sprint to the finish line to make the April 2010 cut off for the First Time Tax Credit deadline. Our median sales price had slid back to $112,500 while the number of single family home sales had topped out at 111. Our Bullhead City, Fort Mohave and Mohave Valley real estate market continues to plug away toward recovery.
Today the residential, median home sales price has increased during April to $114,000. Number of home sale closing for April 2011 for Bullhead City, Fort Mohave and Mohave Valley came in at 85. Foreclosure sales have claimed the largest portion of the market (60%) during April than any other month this year. Homes under contract rose to 258 during April.
While The President struggles to successfully negotiate a deal with congress to keep our government open, Real Living Country Ranch's agents have been negotiating and putting deals together for our clients. Buyers and sellers in the Bullhead City real estate market are coming to the table and with the aid of their REALTOR are making deals.
March 2011 (106) saw a spectacular month for single family home sales. The Bullhead City real estate market had not seen this many sales since March 2010 (111). Although this March was down slightly from the same month last year, less than 1%, keep in mind the first time tax buyer credit was in full force last year. Another positive is that the average days a home was on the market dropped to 119 days. Our days on market have not been so few since January 2010 (109 days on market). It is clear that our local market continues to forge ahead as we move out of theses recession times.
Median sales price dropped during March ($100,500) from February ($115,400) as the number of home sales that were foreclosure properties claimed 54% of the market. Short sales accounted for 9% which left 37% of the market going to the "real person" selling their home. The median low sales price can also be attributed to the fact that 75% of the homes that sold during March 2011 in Bullhead City, Fort Mohave and Mohave Valley were under the $150,000 price point.
As I mentioned a few months back in our newsletter, we have been working on adding video to our marketing efforts. Click here to view our video for 229 Riverfront Drive. We continue to market in the local Around the River Magazine, flyers, our eye catching new yard signs, direct mail, and website presence through extensive SEO (search engine optimization). The videos on our YouTube.com cannel are another layer we add to our marketing tool bag.
We are focused on your real estate success. We thank you again for all your support and referral business. Please call or email us with any of your real estate needs.
| Active | Pending | Sold | Average | Median | Days on | Foreclosed | Short | Resale | Under | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sold $ | Sold $ | Market | Sales % | Sale % | % | 150k | ||||
| J-11 | 398 | 160 | 78 | $144,350 | $113,950 | 135 | 56% | 12% | 32% | 70% |
| F-11 | 451 | 253 | 62 | $127,354 | $115,400 | 133 | 46% | 11% | 43% | 74% |
| M-11 | 387 | 169 | 106 | $119,436 | $100,500 | 119 | 54% | 9% | 37% | 74% |
| A-11 | 451 | 258 | 85 | $124,687 | $114,900 | 140 | 60% | 10% | 30% | 78% |
Trends show that the market continues to level out. Over the past 3 years we have seen the inventory reduce by 55%, sales increase by 72%, as the median sales price decrease by 46%. Simple high school economics teaches us that as supply decreases and demand increases, prices increase as well. Hmmmm not happening yet.
We continue to stay proactive in our marketing efforts. In addition to adding video we have also created mobile websites for nearly all of our listings. (Just a few more to go) The beauty of mobile website is that it allows buyers to view information about a listing on their smart phones. We continue to market in the local Around the River Magazine, flyers, our eye catching new yard signs, direct mail, and website presence through extensive SEO (search engine optimization). The videos on our YouTube.com channel are just another layer we add to our marketing tool bag. Michael and I are focused on your real estate success. We thank you again for all your support and referral business.
Please call or email us with any of your real estate needs.
Michael and Petra Fahey
March 2011 Market Watch Update
While The President struggles to successfully negotiate a deal with congress to keep our government open, Real Living Country Ranch's agents have been negotiating and putting deals together for our clients. Buyers and sellers in the Bullhead City real estate market are coming to the table and with the aid of their REALTOR are making deals.
March 2011 (106) saw a spectacular month for single family home sales. The Bullhead City real estate market had not seen this many sales since March 2010 (111). Although this March was down slightly from the same month last year, less than 1%, keep in mind the first time tax buyer credit was in full force last year. Another positive is that the average days a home was on the market dropped to 119 days. Our days on market have not been so few since January 2010 (109 days on market). It is clear that our local market continues to forge ahead as we move out of theses recession times.
Median sales price dropped during March ($100,500) from February ($115,400) as the number of home sales that were foreclosure properties claimed 54% of the market. Short sales accounted for 9% which left 37% of the market going to the "real person" selling their home. The median low sales price can also be attributed to the fact that 75% of the homes that sold during March 2011 in Bullhead City, Fort Mohave and Mohave Valley were under the $150,000 price point.
As I mentioned a few months back in our newsletter, we have been working on adding video to our marketing efforts. Click here to view our video for 229 Riverfront Drive. We continue to market in the local Around the River Magazine, flyers, our eye catching new yard signs, direct mail, and website presence through extensive SEO (search engine optimization). The videos on our YouTube.com channel are another layer we add to our marketing tool bag.
We are focused on your real estate success. We thank you again for all your support and referral business. Please call or email us with any of your real estate needs.
February 2011 Market Watch Update
The Bullhead City, Fort Mohave and Mohave Valley local real estate market saw interesting movement during February. Although the number of closed escrows dropped from 78 in January to 62 for February, our market experienced an increase in homes going under contract. The number of single family homes going under contract during February rose 63% from the previous month. Not only was this a huge increase over January, this is more homes under contract than any other month during 2010.
Average ($127,354) and median ($115,400) sales prices were down from January. This is directly related to the fact that we saw a rise in the number of home sales that were under $150,000. 74% of the homes that sold during February were under $150,000. Interestingly enough the number of home sales that were foreclosure properties dropped to a low of 46% of the sales. I have been tracking the number of foreclosure sales since January 2009 and this is the lowest percentage of foreclosure sales we have seen during any given month.
This is encouraging news, but we expect to see foreclosure sales playing a large part in our 2011 local real estate market. Realty Trac reported today, a 36 month low in foreclosure notice filings which is down 27% from last year. Since Arizona is the number 2 state for foreclosures, this is really great news. It is too soon and there is not enough data to predict if foreclosure sales will continue to drop throughout this year but we remain hopeful.
Look for our new sign on the Highway and yard signs in the yards as our conversion from GMAC Real Estate to Real Living is in full swing. Our newly formed property management department is up and running. We now offer residential and commercial leasing as well as management services. Michele West is head of the department and is very excited with the amount of walk in traffic we are seeing. Michele and I attended the Southwest Regional National Association of Property Managers convention in Scottsdale last month. We brought back a wealth of knowledge and technology which we have put into place. If you have any leasing or property management needs, please give us a call.
Big news on a local level; the smoke stack at the retired electrical plant in Laughlin Nevada is scheduled to be demolished this morning. I expect it to be quite spectacular as implosion will take the huge stack down in seconds. Hence, the desert skyline returns back to Mother Nature.
Our phones are ringing at Real Living Country Ranch and we are busy matching buyer with sellers. As always we appreciate your referral business!
We are focused on your real estate success.
January 2011 Market Watch Update
As the cold front moves through Bullhead City my cars outside temperature reads 35 degrees as I left for work this morning. Don't think for a minute I am complaining. Our local snowbirds have been sharing stories from their home states as they come in to extend their winter rental stays for another month. I imagine the Packers and Steelers are glad they are traveling to Texas for the game this weekend. Many of you may know our my partner and the company's broker, Michael Fahey, is a Wisconsin native and is fired up for the Super Bowl Game! Bring on the brats and cheese curds!
The local real estate market in Bullhead City, Fort Mohave and Mohave Valley came out the gate strong. The average sales price for homes was the highest since March 2010. Two riverfront sales at 9853 Dike Road ($1,000,000) and 2649 Camino Del Rio ($727,500) did contribute to the increase in the average sales price. Including these two sales, a total of 22 of the 78 sales were over $150,000.
The most promising news, were the number of homes that went under contract during January 2011. During the month, 105 homes went pending/under contract. Our local real estate market has not seen this many homes under contract in a given month since March (111) and April (105) of last year. Remember, these two months were the height of the First Time Home Buyer Tax Credit. Starting 2011 with such a strong number of homes under contract this early in the year is good news. Even more encouraging, this up tick is without the aid of government tax credits.
Although the median sales price did make a comeback this past month, home sellers would like to see the sales prices continue to improve. Over the last 12 months the median sales price has dipped 4.9%, while number of home sales have remained strong. Looking back to the fourth quarter of 2007 the number of home sales are up over 117% along with the under contract up over 95%.
Our phones are ringing at Real Living Country Ranch with buyers asking questions about homes on the market in Bullhead City, Fort Mohave and Mohave Valley. Our new Real Living sign has been installed this week and we expect to change yard signs as early as mid month. As we are always looking for new ways to market our listings for sale and are in the process of kicking it up for 2011! We are working on adding video to our marketing efforts and hope to have the first video out of production by Monday. With the help of a third party marketing company we are in the process of advertising our properties through our Real Living Country Ranch Facebook Fan page. The www.RealLivingCountryRanch.com website is live and we are creating new content and pages daily.
Thank you for your continued support as we launch into the new year!
To read archived Market Watch Reports Click Here
and then scroll down on the right side and review the Archeive Section of the www.TeamFahey.com Blog.
