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Real Living Country Ranch
1858 Highway 95
Bullhead City, AZ
928-758-8811

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Market Watch Report Bullhead City Fort Mohave and Mohave Valley

Wednesday, May 9th, 2012

Dear All,

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 2012 269 168 94 133
APRIL 2011 451 258 85 140
APRIL 2010 416 226 91 118
APRIL 2009 705 278 73 127
APRIL 2008 1045 104 68 195
APRIL 2007 WE HADN’T STARTED TRACKING YET WE HADN’T STARTED TRACKING YET 59 117
AVG SOLD $ MED SOLD $ % FORECLOSURE SALES
APRIL 2012 $129,774 $122,500 39%
APRIL 2011 $124687 $114,500 60%
APRIL 2010 $116182 $110,000 65%
APRIL 2009 $156921 $137,600 73%
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

Posted in Foreclosures, Homes, Homes for Sale, Housing Market, Real Estate Agent | No Comments »

Real Estate Market Watch February 2012 Bullhead City AZ

Tuesday, March 13th, 2012

Dear All,

True, I am late writing the Market Watch Newsletter for our local Bullhead City, Fort Mohave and Mohave Valley real estate market.  Don’t think for a minute I wasn’t on schedule Monday morning running the numbers and filling in my chart when a yield sign glared at me. The median sales price dropped from January and the percentage of homes (79%) selling under $150,000 increased to an all time high, while the number of homes for sale dropped 61% from last year at this time.  What was going on?  I needed a few days to reflect.

I continue to expect that as the inventory of homes for sale continues to drop and the sales continue to remain steady, prices should begin to come up.  Well considering the Niagara Falls price drop we have been experiencing for years, I remain positive that these slight dips are merely bubbles in the brook.  The two most perplexing changes are the large number of homes selling under the $150,000 price point and the fewer than 300 homes for sale.  During the month of February homes selling under $150,000 made up 79% of the market with 50% of those homes being foreclosures and 7% being short sales.  This is good news for the upper end of our market as most of these sales are what we now refer to as “normal” or “non distressed” sales.   I wonder, if we had more of these homes on the market that were price well or had added value that the buyers were willing to pay for, would we have more sales in this price range?  Has our inventory shrunk so far that we don’t have the right home for buyers in our area?

Currently there are 284 homes for sale in Bullhead City, Fort Mohave and Mohave Valley.  Just looking at the month of February over the years the number of homes for sale is down to 284 from 451 last year; down from 456 of 2010; down from 777 of 2009; and down from 969 of 2008.  Let’s look at February again and as mentioned the number of sales continue to either increase or remain consistent with 76 sales this month; 65 sales in 2011; 89 sales in 2010 (give some credit to the first time tax credit); 63 sales in 2009; and a measly 36 sales in 2008.  I’m getting off tract but in 2008 we had 16.4 months of inventory contrast that number to the 4.8 months of inventory today.

I remember when the real estate bubble started in Bullhead City.  The $100,000-$125,000 price range was always experienced the most sales.  Suddenly there were no sales at this price point.  Was there not a market for this price point?  No, the homes in this price range did not exist and the new price point that saw the most sales was $125,000-$150,000 and on up the market went.

While statics are easily found on line and our median sales price rolls in at $95,000, I guarantee you that we will be hard pressed to show you homes in this price range today.    If you choose to shop in this range (Click here, to see homes from in the $90,000-$105,000 price range) you will be greatly disappointed as there are only 7 to choose from and you may run up against multiple offers and homes in disrepair. Don’t let the over rated median sales price fool you.  The reality is that most of the homes creating this number are foreclosure homes in need of repairs.  They require plenty of work and would be ripe for any Home Disaster DIY television show.   Investors and cash buyers are quick to relay what a low price per sq foot they pay for homes. On the flip side, I have never had one relate how much they have earmarked to repair their homes.

Of the 284 homes currently on the market for sale, there is only one home built as recent as 2011, two built 2010, two built 2009 and a whopping six built in 2008.  There are a handful of homes that can be built on a lot, but are not started.  With home sale number remaining strong, inventory at an all time low I think it may be time to consider the new home or at least a non distressed home.  Perhaps not the mega home of the pre bubble years but an affordable reliable home that can be purchased with a warranty instead of a bank “as is” addendum.  Perhaps spending a bit more at the closing table instead of coming out of pocked thousands or tens of thousands during your first 90 days of home ownership may make more sense.  And by the way, a few more dollars at the closing table at 4% interest for 30 years may be a better deal than hard cold cash spent on repairs.

Thank you all for your support and referral business.  Call or email us with all your real estate needs.

Posted in Builders, Buy a House, Commercial Real Estate, Community, Estate, First Time Home Buyers, Foreclosures, Home Builders, Home Improvement, Homes, Homes for Sale, Housing Market, Luxury Homes, MLS, Mortgages, Neighborhood, Property, Questions and Answers, Real Estate, Real Estate Agent, Relocation, Short Sale, Townhomes, selling your home | No Comments »

Real Estate Market Watch January 2012 Bullhead City AZ

Friday, February 3rd, 2012

Our beautiful Arizona weather, with temperatures in the high 60’s to low 70’s it is no wonder people are buying up homes in Bullhead City, Fort Mohave and Mohave Valley.  Inventory continues to remain low and multiple offers in all price ranges continue to be a regular occurrence for homes priced right.

Fourth quarter 2011 numbers are in, so we can make some year over year comparisons.  For the first time since the start of this housing crash our median sales price stayed the same two years in a row at $114,000.  It is too early to speculate that prices have stabilized but it is very encouraging news that at least during 2011 the price decline stayed flat.

The number of homes under contract was up 28% year over year in January 2010 compared to January 2011.  This is not too surprising as we have been experiencing an influx of buyers having fewer homes to choose from.  More good news, our inventory is shrinking as once again year over year comparisons, there are 11.9% fewer homes on the market in Bullhead City, Fort Mohave and Mohave Valley for buyers to choose from.

Playing with the charts today I thought I would take a look at year over year but looking backward 3 years.  Wow, things are improving as the number of homes sales was up 31.4%, the number of homes on the market down 52% and the number of homes under contract up 19.9 % as well.

So what does this mean?  Has the market corrected and is on the way to a slow comeback?  What happens if the “Foreclosure Shadow Inventory” shows up?

Well we all know about opinions, but it is clear that the worm has turned.  Sales prices continue to be the salt on the wound for sellers and the icing on the cake for buyers.  The big question is how long will it take to see sales prices improve?  When will the underwater homeowners begin to emerge from the perpetual dark depth of the ocean floor and see the sun light above the surface?

I’ll share a personal story with you today.  Our 20 year old daughter is in escrow to purchase a small 2 bedroom home in Fort Mohave.  It has been a long short sale wait and although the close of escrow is set for this month we are all anxious as we know when it comes to working with a bank changes can happen at the last minute.  But the point of the story is that the purchase price is $72,000 and the required insurance coverage on the home is $128,000 for replacement cost (remember there is no land value as it is always there).  So just think about it.  That is a huge spread between what she is paying for the home and how much it would cost to build it.  When the housing inventory becomes so low that our expert home builders begin to put sticks in the air, we know that these new homes must be sold for construction costs plus profit to the builder.  (Builders are self employed entrepreneurs without a government bailout).  So, for the rest of the existing homeowners out there, your values will increase too.  It is just time and thankfully for Bullhead City, Fort Mohave and Mohave Valley, we may be finally moving off the ocean floor.

As always, thank you for your continued support and referrals.  Without your continued faith in us and Real Living Country Ranch, our business would not be what it is today.

Michael and Petra Fahey

Posted in Appraisal, Builders, Buy a House, Commercial Real Estate, Community, Condos, Estate, First Time Home Buyers, Foreclosures, Home Builders, Home Improvement, Homes, Homes for Sale, Housing Market, Luxury Homes, Neighborhood, Property, Property Investment, Questions and Answers, Real Estate, Real Estate Agent, Short Sale, Townhomes, selling your home | No Comments »

Real Estate Market Update Bullhead City, Fort Mohave and Mohave Valley

Saturday, December 3rd, 2011

Everyone in town on Thanksgiving Day enjoyed a beautiful day.  Clear skies, no wind and warm weather reminded everyone why we love living in Bullhead City Arizona!  Despite the housing and economic difficulties our river city is experiencing, this is the best place to call home.

The local real estate market in Bullhead City, Fort Mohave and Mohave Valley continues to bounce along a wash board road toward recovery.  Although November single family homes sale numbers were lower than hoped for, the number of foreclosure sales were drastically down.  Number of home sales for November 2011 dipped to 61 down from 70 reported November 2010.  Foreclosure sales dropped drastically to a mere 31% of the market verses 61% just 12 months ago.  Those of you that have been receiving my market updates for years know that I watch the numbers and I was stunned to see this huge reduction in foreclosure sales.  So what is up?  Yes, the available homes for sale on the market have been dropping and of course the foreclosure listings appear to be dropping as well.  Are we in the depths of the “Shadow Inventory” we hear about in the news.  Are the bankers holding back the reins of the foreclosures so tightly that it has caused a 23 % reduction in foreclosure sales from last month?  If this is true then I also believe that the lack of inventory is directly related the fewer overall home sales during November.

If the banks are the boogie man in this epic novel of the great recession, how about adding a pot of gold?  Everyone on both sides of the river is practicing reserved excitement. How about the 14 mile, 4,000 acre sun powered generating plant and solar photovoltaic panel making factory.  Add 10 billion dollars and 4,000 jobs and yes, our fingers are crossed for the December 20th meeting.  Wow, what a shot in the arm for our local area.  I will keep you posted on the outcome.  Click here to read the most recent article about the American subsidiary of the world-wide ENN group, headquartered in Langfang, China.  The story is just about as extreme and unbelievable as the economy and yes, it is in the works.

We have completed our move to our new location at 3706 Highway 95 on the east side of the highway across from Woody’s Chevron Gas Station near the Target/Kohl’s shopping center.

Merry Christmas to you and your families!  And remember, Team Fahey even sells homes during the holidays too.  So give us a call, as we are ready to help you with your move.

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Bullhead City Arizona Housing market shows signs of stability

Thursday, November 10th, 2011

I had a great interview with James Chilton with the Mohave Valley Daily News on Monday.

2011 numbers similar to 2010

By JAMES CHILTON/The Daily News
Published: Wednesday, November 9, 2011 12:03 AM MST
BULLHEAD CITY — As 2011 enters its final few weeks, the local real estate market is poised to finish its best year since the end of the mid-2000s housing boom — though that’s still not saying much, given the extent of the post-boom collapse in that decade’s final years.

According to numbers collected from the WARDEX listing service and compiled by local Realtor Petra Fahey of Real Living Country Ranch, 820 single-family homes were sold through the end of October across Bullhead City, Fort Mohave and Mohave Valley, an average of 82 a month. That’s slightly below 2010’s average of 84 per month, but close enough that Fahey believes it’s entirely possible that local Realtors could outdo 2010’s final total of 1,007 homes sold — the most since 2006.

“We’re definitely going to be right there at the tiebreaker,” Fahey said Monday. “I’m excited that it looks like we might surpass last year’s sales.”

But sales aren’t the only numbers Fahey says have been improving. Pricing, she said, appears to have finally leveled out after nearly four straight years of sharp declines. In fact, the average sales price has actually risen slightly this year, to $129,779 from the previous year’s $125,290, though again, Fahey tempered her optimism, noting that the median sales price — which ignores outliers on the high or low end of the price scale — has dipped to $113,950, down from $116,746 in 2010.

Still, she said, the month-to-month median price has become increasingly stable over the past three years, particularly when compared to the sharp drops experienced throughout 2008, when the median price began the year at $212,000 and finished it at $135,000.

“Now, it’s kind of a washboard — we’re up a little one month then down another,” Fahey said. “But the overall downward trend seems to have leveled out.”

As in previous post-bust years, foreclosures have continued to make up a majority of the homes sold here, but Fahey noted that the proportion has been dropping — albeit slowly — thanks in part to banks’ increasing willingness to assist troubled homeowners in the short sale process, heading off potential foreclosures before they actually happen. So far this year, foreclosures have accounted for 53 percent of all home sales compared to 61 percent in 2010 and 63 percent in 2009. Short sales, meanwhile, have climbed to 10 percent, up from 8 percent a year prior and just 6 percent in 2009. Traditional home sales also took up a bigger proportion of transactions this year, though they’re still well below where they were pre-bust, rising to 37 percent compared to 30 in 2010.

Of those looking to buy homes in the area, Fahey said many seem to be coming from the upper Midwest, particularly states like North Dakota, where the burgeoning oil industry has resulted in a jobs explosion, with not enough new homes to go around for the influx of jobseekers. She said many of the retired homeowners in that region who may already be spending their winters in the Southwest are now looking to capitalize off the situation by selling their in-demand homes and permanently relocating here.

Others, she said, may still have several years to go before retirement, but are now looking at purchasing a home for the purpose of renting it out for several years before they permanently retire here. With home prices now so much lower than they were in the boom years, she said, such moves make more fiscal sense, since the owner can charge more competitive rents while still making their monthly mortgage payments. Additionally, many of the foreclosed homes on the market are still either in relatively new condition or have been recently renovated by local contractors, whom Fahey said have begun purchasing some foreclosures at trustee sales for a pittance, fixing them up, then putting them back on the market for resale.

“It seems that everyone getting into their snowbird rentals is saying that they want to look at homes while they’re here this year to purchase something,” Fahey said. “I think that’s why, this coming year, we’re going to start seeing a lot of snowbirds buying here. Our pricing has gone down to 2002 levels — that’s lower than before the boom — and as long as the property is in good condition, that’s a really strong price point.”

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5 Real Estate Trends

Thursday, September 22nd, 2011

Five Real Estate Trends to Watch For

I read the article that ran in the Rismedia.com site.  In Greg Rand’s five trends to watch the “Short-Term Pain” intrigued me.  Considering the young age of the Tri-State community, I decided to do a quick case study on the community of Arroyo Vista Estates which has been a popular community prior 2002 through the present.

Arroyo Vista Est. # Homes Sold Avg  Sq Ft Avg  Sales Price Med Sq Ft Med Sales Price
2011 Year to Date 23 1914 177,623 1889 160,000
2002 35 1936 179,909 1870 166,000

So what does it mean when a market has over corrected itself?  When a market has over corrected itself, real estate housing is definitely on sale on the clearance rack.  With the conventional mortgage rate at 6.56% (30 year) and 6.02% (15 year) during 2002, versus 3.75% (30 year) and 3.125% (15 year) 2011, today’s buyers have more buying power than they have had in over 40 years.

Looking to invest or purchase in the area?  Clicking here will show you all the homes for sale in

Arroyo Vista Estate that are for sale.

Give us a call or drop us an email and we will be glad to help with all your real estate needs.

Michael and Petra Fahey
Real Living Country Ranch
928-758-8811
[email protected]

Posted in Buy a House, Community, Estate, First Time Home Buyers, Home Builders, Homes, Homes for Sale, Housing Market, MLS, Neighborhood, Property, Property Investment, Questions and Answers, Real Estate, Real Estate Agent, Relocation, Rent, Short Sale, Staging Your Home For Sale, Townhomes, selling your home | No Comments »

Bullhead City Market Watch July 2011

Wednesday, August 17th, 2011

July 2011 Market Watch Report
As the temperature increased during July, on the communities along the banks of the Colorado River, the real estate market saw the average and median sales prices of single family homes increase over July 2010. Median sales price during July 2011 increased to $122,000 over July 2010 median sales price of $118,250. Foreclosures home sales dropped to under 50% of home sales for the second time this year claiming 46% of the market in Bullhead City, Fort Mohave and Mohave Valley Arizona. July was an excellent month for homeowners trying to avoid foreclosure as short sales claimed and all time high of 13% of the sales.

Bullhead City, Fort Mohave and Mohave Valley local MLS reported 87 single family homes sales for the month of July 2011 which was just down slightly from a year ago which reported 90 home sales during July 2010.

Keeping in relatively consistent with last month our market saw 69% of the homes selling for under $150,000 with 13 of the sales over $200,000 which 5 of the sales were riverfront homes. Keeping in sync with tradition, Real Living Country Ranch agents represented either the buyer or seller in 4 of these riverfront sales.

Single Familiy Home Activity: Bullhead City, Fort Mohave, Mohave Valley

Active Pending Sold Average Median Days on Foreclosed Short Resale Under
Sold $ Sold $ Market Sales % Sale % Percent 150k
J-11 398 160 78 $144,350 $113,950 135 56% 12% 32% 70%
F-11 451 253 62 $127,354 $115,400 133 46% 11% 43% 74%
M-11 387 169 106 $119,436 $100,500 119 54% 9% 37% 75%
A-11 451 258 85 $124,687 $114,900 140 60% 10% 30% 78%
M-11 452 250 85 $133,109 $122,000 144 55% 10% 33% 65%
J-11 449 260 101 $127,673 $115,800 84 57% 4% 38% 73%
J-11 341 145 87 $143,559 $122,000 128 46% 13% 41% 69%

As always we are focused on your real estate success. Please call us with your real estate needs. We appreciate all of your referrals and support!

Michael and Petra Fahey

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Market Watch Housing July 2011 Bullhead City Fort Mohave and Mohave Valley

Saturday, July 9th, 2011

Bullhead City, Fort Mohave and Mohave Valley, Arizona real estate markets closed 101 single family homes for the month of June. Median sales price slid back to $115000. Since 73% of the homes sold in the month of June were under $150,000 this is not too surprising. The market enjoyed two riverfront home closings in June, which Real Living Country Ranch agents brought the buyers, and an additional 7 homes selling for over $200,000.

The month’s supply of single family housing inventory continues to drop. During June 2010, the Bullhead City, Fort Mohave and Mohave Valley Arizona experienced 5.0 months of inventory, while this year our local market is at 3.2 months of inventory, the lowest in years. The number of days on the market dropped from 144 in May to 84 during June.

I believe this is due to the small number of short sale closing that occurred during the month. Unlike the last two months where short sales claimed 10% of the sales, May short sale numbers dropped to 4% of the market. (Short sales take longer to close than the standard sale)

With the inventory dropping and the sales remaining strong it is clear for many, Bullhead City, Fort Mohave and Mohave Valley is the place to buy real estate.

The 4th of July holiday weekend has started the month out strong. Our phones are ringing at Real Living Country Ranch. Multiple offers continue to reign supreme for properties that are priced right. Our updated www.RealLivingCountryRanch.com website is seeing an increase in traffic and we have had many raving reviews from those that have been using it! Thank you again for your continued support and referral customer you are sending our way.

As always we are focused on your real estate success. Give us a call. 928-758-8811

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BULLHEAD CITY — The local residential home sales market showed signs of improvement in May

Wednesday, June 22nd, 2011

James Chilton reporter for the Mohave Valley Daily News wrote another informative article highlighting the our local real estate market trends. I am proud to be a contributer.

Local home sales market showing more signs of life

By JAMES CHILTON/The Daily News
Published: Tuesday, June 21, 2011 2:11 AM MDT
BULLHEAD CITY — The local residential home sales market showed signs of improvement in May, according to new numbers collected by local Realtor Petra Fahey of Country Ranch Realty.

The numbers, which are compiled from home sales in the Bullhead City, Fort Mohave and Mohave Valley markets, show an increase in both the average and median sales prices for single-family homes. Area Realtors sold 85 homes in May, the same as the previous month, but those homes sold for approximately $10,000 more in May, averaging out at about $133,000 per sale, up from $124,687 in April and well above the $119,436 homes were selling for in March.

The median sales price also rose in May to $122,000, up from $114,900 in April and $100,900 in March. The median often offers a more accurate picture of the state of the market since it is not influenced by outliers at the high or low ends of the sample set, which can occur frequently in home sales, especially in places like Bullhead City, where the sale of a single pricy riverfront property can buoy the average by tens of thousands of dollars. While May’s average sales price was about $11,000 below January’s number, the median price was the highest so far this year, indicating that typical houses are beginning to see a boost after prices faltered earlier in the spring.

Fahey said the numbers come as welcome news, given her earlier concerns that prices were lagging behind even as home sales were surging compared to recent years.

“In last month’s newsletter, I touched on the fact that demand for housing had been strong, but why had we not seen an increase in sales price?” she said. “Thankfully, for the second consecutive month, our local real estate market has seen an increase in sales price.”

Foreclosed properties remain the dominant factor in the local housing market, though their share of market sales did decline slightly in May, dropping to 55 percent from 60 percent the prior month. Standard non-distressed homes accounted for 33 percent of all sales, while short sales accounted for 10 percent.

Fahey also keeps track of the percentage of homes that sell for under $150,000. That metric saw its lowest number of the year so far in May, falling to 65 percent, a sharp drop from April’s figure of 78 percent and the first time all year the number has dropped below 70 percent. While foreclosures still make up the lion’s share of the housing market, Fahey said such signs indicate that prices are beginning to get more competitive, though how far that trend may go — or how long it may last — remain to be seen.

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Bullhead City Real Estate Market Update for May 2011

Thursday, June 9th, 2011

May 2011 Market Watch Report

Prices heat up with the temperature.

Our Bullhead City, Fort Mohave and Mohave Valley real estate market continues to move in the right direction for recovery. May ended strong with the average and median sales price of single family homes topping the charts for the year at $133,109/$122,000. In last month’s newsletter I touched on the fact that demand for housing had been strong, why had we not seen an increase in sales price? Thankfully for the second consecutive month our local real estate market has seen an increase in sales price. With the temperature just starting to hit the 100 degree mark, our prices are heating up too!
Active Pending Sold Average Median Days on % Foreclosed % Short Sale % Resale under 150K
Sold $ Sold $ Market Sales
J-11 398 160 78 $144,350 $113,950 135 56% 12% 32% 70%
F-11 451 253 62 $127,354 $115,400 133 46% 11% 43% 74%
M-11 387 169 106 $119,436 $100,500 119 54% 9% 37% 75%
A-11 451 258 85 $124,687 $114,900 140 60% 10% 30% 78%
M-11 452 250 85 $133,109 $122,000 144 55% 10% 33% 65%
In addition to the average sales price increase during May 2011, Bullhead City, Fort Mohave and Mohave Valley Arizona saw an increase in sales for homes priced over $150,000. Foreclosure sales continue to bump along and claim the lion’s share of the market although May did see a decrease from 60% of the market in April down to 55%. Short sales Number of homes sold tied with April at a total of 85.

Our market continues to recover and we continue to remain proactive in our marketing efforts. We, at Real Living Country Ranch, continue to market in the local Around the River Magazine, flyers, our eye catching new yard signs, direct mail, and website presence through extensive SEO (search engine optimization). The videos on our YouTube.com channel are just another layer we add to our marketing tool bag. Michael and I are focused on your real estate success. We thank you again for all your support and referral business.

Thank you for our continued support

Michael and Petra Fahey

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