Absolutely YES, the tax credit has helped our local real estate market. Since the first of the year Country Ranch’s Agents have been coaching their clients on how to write the winning offers when they are in the situation of having to compete against other buyers for the same home. With the inventory shrinking in the Bullhead City real estate market buyers have had to strike while the iron was hot.
During the first quarter of 2010 we saw record numbers of homes going under contract. The first quarter saw 341 homes go under contract which is up over 106% from 3 years ago. Record sales were achieved during this same time with 287 single family homes closing escrow during the first quarter, an 87% improvement over 3 years ago.
With the inventory shrinking and sales up, we had hoped that we would be enjoying a higher average and median sales price. With the median sales price down 56% from 3 years ago, one has to wonder how long it will take for the prices to begin to come back. April 2010 saw 67% of the single family homes sales were foreclosures with an additional 7% being short sales. “Regular” or what is now termed “Real People” selling accounted for 26% of the sales. The Bullhead City, Fort Mohave and Mohave Valley Arizona real estate market continues to be a challenge for homeowners selling their homes. Remember, when competing against a foreclosure or distressed property, pricing and condition is the key component in getting a contract.
We expect closings to remain strong as the buyers using the tax credit need to close mid June. Everyone is waiting to see how many homes go under contract during May 2010. We know that there is a chance that sales may slow as the tax credit is over, but we remain confident that 2010 will outperform the past few years. Interest rates are low, and people love our river city. As always, contact Michael and Petra Fahey with your questions or concerns.