As the local real estate market moves into the second quarter of 2012 there are increasing signs of stability in the Bullhead City, Ft. Mohave, and Mohave Valley areas. During the month of April 135 residential units were sold, or closed escrow compared to 130 during April of 2011. This is a 3.84% gain over 2011. In April 143 residential units were placed under contract for a 7.51% increase over April 2011. April was the fourth month in a row that the number of units under contract outstripped the same period in 2011. The average sales price of homes enjoyed a robust 6.49% gain over April 2011 moving up from $100,308 to $106,828. Interestingly, April was the second month in a row that the average sales price increased as March enjoyed a similar 6.33% increase in average sales price. April was the first month that the total dollar volume of sales increased over the previous year. The total volume of sales in April was $14,421,884 compared to $13,040,162 in April 2011 which was a respectable 10.59% increase.

The general opinion among Realtor® professionals is that the declining inventory of homes for sale is a key factor in market stability. As of May 8 the total residential inventory, in Bullhead City, Ft. Mohave & Mohave Valley, was 580 units. Surprisingly, “distressed” properties, those properties either in foreclosure or short sale categories, are making up a smaller portion of the overall total of inventory. As of the May 8 date less than 14% (78 units) of total residential inventory fell within the “distressed” category. Inventory of single family, or “site-built”, homes is at the lowest levels in 5 years. Currently there are only 179 single family homes for sale, in Bullhead City, and only 276 within the overall market area including Ft. Mohave & Mohave Valley. Industry sources are reporting similar market trends in many Arizona real estate markets.

For more specific neighborhood information or, to find out how this relates to your real estate needs contact me.