MARKET WATCH REPORT
Specific to Colorado Riverfront Home Sales
Bullhead City and the Colorado River has been a destination spot for travelers and vacationers alike. Many family traditions and fond memories have been created here for over the last 30 years. Waterfront living at its best with sun-filled days on the water mixed with fun filled nights on the town.
Living in our countries recession and depressed housing market, what should a person do? Deciding to purchase can be a stressful decision and without the luxury of a crystal ball it can be worrisome. As we review the cost per sq ft approach to sales of luxury homes on the Colorado River, we can plainly see that prices have not been this low since 2004. The quality of home that is on the market today is generally more upgraded with luxury amenities far surpassing the amenities in the homes selling in 2004.
Will the prices slide down a bit more? We do know that we never know when the market has bottomed out until the prices begin to increase, and then, you have missed the bottom. One thing is for certain, memories made with friends and families sharing days on the river are some of the most precious. Can a value be put on memories spent with loved ones?
According to the ILHM National Report this week the current median price per sq ft in the luxury home market is $318.00. ILHM’s data is calculated from properties on the market in the most expensive zip codes in each region. Our riverfront homes are selling on the average of $194.00 per sq foot. Perhaps today is the time to buy.