Update for February 2011 sales
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. (see the pictures below)
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.
Michael and Petra Fahey