With 2012 in full swing we are for the first time in years seeing indications that prices may be on the rise. Our real estate market in Bullhead City, Fort Mohave and Mohave Valley continues to out perform itself month after month during 2012. For the fourth consecutive month in 2012 we have experienced more homes selling, increased average and median sales prices and fewer homes on the market for sale!
You all know me as the perpetual optimist throughout this housing crisis bringing hope and results to all that have a pulse on our market. Watching the market indicators, looking for trends I am thrilled that this year may be the beginning of the end. Numbers during 2011/2010 indicated we are into the leg of the L, with local home sale prices stabilizing and inventory of homes on the market decline on the yearly average..
Dramatic changes in year over year market sale statistics:
|# ACTIVE||# PENDING||# CLOSED||DAYS ON MARKET|
|APRIL 2007||WE HADN’T STARTED TRACKING YET||WE HADN’T STARTED TRACKING YET||59||117|
|AVG SOLD $||MED SOLD $||% FORECLOSURE SALES|
|APRIL 2008||$199519||$177,500||WE HADN’T STARTED TRACKING YET|
|APRIL 2007||$277603||235,000||WE HADN’T STARTED TRACKING YET|
Bottom line, Real Living Country Ranch agents report frustration from buyers that remained on the fence during 2011 as home selections are dramatically fewer this season than last and although there are great deals to be had there are very few steals. Percentage of foreclosure sales has dramatically reduced their grasp on the market as there are fewer and fewer foreclosures entering our market. Hyper hysteria rumors about shadow inventory continue to be a player but it may turn out that they are just that, a rumor. Again, it’s too early to tell.
2012 is definitely shaping up as the year to get in the game as I expect we will continue to see the home sales price increase trend continue. With diminishing homes on the market we could see a slight drop in number of home sales due only to the fact that buyers can not find what they are looking for.
For real people selling their homes prices may still be slightly out of reach but time is rapidly closing the gap. Our property management continues to fill vacant homes quickly as we see a constant flow of tenants visiting our website and coming into our new location.
Looking to buy, sell, invest or place a tenant into your home, the time is right!
Again, thank you for all your continued support for without you, we would not be experiencing this level of success. Please call or email us with any of your real estate needs!
Michael and Petra Fahey