Bullhead City Real Estate | Homes in Bullhead City, AZ
| Follow My Blog |
Direct: 928-758-8811
Office: 928-758-8811
Real Living Country Ranch
1858 Highway 95
Bullhead City, AZ
928-758-8811
Please join Real Living Country Ranch during our open house at 9853 Dike Road from 4:00pm-6:00pm on August 18, 2001.
Courtwright to Right on Dike Road to 9853 Dike Road.
The fun has begun!
MARKET WATCH REPORT
Specific to Colorado River Front Home Market
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 30 years. As the recession lingers into 2011 many vacationers have decided to take advantage of the market and purchase the riverfront home of their dreams.
As we review the cost per sq ft approach to sales of luxury homes on the Colorado River, we can plainly see that for the first time since the high of the market in 2008 prices along the river have seen the first bump of recovery. In addition to a positive price per sq ft bump 2011 has brought 8 single family riverfront home sales. More positive signs are that there are 8 single family riverfront homes under contract. This is refreshing news as it is very likely 2011 will see more riverfront sales than 2010 which had only 12.
Riverfront HOME MARKET First and Second Quarters 2011
2011 rang in the New Year with the 1 million dollar sale for the home at 9853 Dike Road. This had been a short sale and after a long tedious wait with the bank, the deal was finally approved. The riverfront property was in poor repair due to neglect. After months of work and a revolving door of contractors, the new owners restored this Mohave Valley Estate to pristine condition. In fact, the home is currently for sale at $2,375,000.
Are we optimistic that the market is improving? You bet! Real Living Country Ranch, formerly Country Ranch GMAC (brand change) continues to stay in step with servicing the Buyers and Sellers on the Colorado River. Over the past 16 years we have been involved with over 55% of all riverfront transactions. Although we are faced with the toughest real estate market in decades and Real Living Country Ranch remains an ally for Sellers as we have been involved in over 50% of the sales during this year too. In fact of the 8 sales this year Real Living Country Ranch agents represented 7 clients in the 8 transactions.
Thank you for your continued support and referring customers to us.
Focused on Your Real Estate Success!
Michael and Petra Fahey
928-715-0925
team@teamfahey.com or visit us on the web www.TeamFahey.com www.PetraFahey.com
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.
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
Team Fahey just listed this executive home located in Sunridge Estates, Bullhead City, Arizona 86442. This custom home with dramatic two story entry complete with granite tile flooring is sure to give you safe refuge at the end of the day. With nearly 4000 square feet, four bedrooms plus den, four full baths family room and rec room ensures that every member of the family has a space to call their own. Casino views from the pool and both levels of the home. RV parking too! Credit woes may not be a problem when purchasing this home. Owner is looking to carry paper for 7 years at a reasonable interest rate amortized over 30 years. Looking to buy a luxury home in Bullhead City Arizona? 3478 Sunlamp Drive, Bullhead City Arizona 86429 may just the address for you! This luxury home priced to sell $425,000. Call us today to find out more about this home and other homes for sale in Bullhead City.
3478 Sunlamp Bullhead City Arizona 86442 Home for sale
August left with a bang as Bullhead City Arizona welcomed the biggest storm in 5 years. Residents in Bullhead City experienced buckets of rain, brilliant lightening and earth shaking thunder even hail was reported along with strong winds opened up Saturday the 28th. The storm opened up half way through the annual high school foot ball game. Although the two local schools play in different divisions River Valley High School, their yearly scrimmage is the most attended game of the season. The storm was so quick and intense that the game was called. With street lights out, and waters raging the excited youthful fans took shelter and enjoyed “Mother Nature’s” show. The fans return to the Mohave High School stands the following night to watch the rest of the game under a gentle sky. For those interested, the final score was Mohave High 17 River Valley 7.
Well the Bullhead City, Fort Mohave and Mohave Valley Arizona real estate market is also weathering its own storm rather well considering the monsoon of foreclosure that have been blowing into town. Foreclosure sales increased during August to 65% of the market. This is the second time this year the percentage has been this high. August was better than July for homeowners trying to avoid foreclosure as short sales claimed 16% of the sales. This is the highest amount of short sale closing we have seen this year. This is directly related to the fact that the banks are now geared up to successfully process the transactions .
Single family home sales were down slightly with the local MLS reporting 79 closing for August 2010. Traditionally the 3rd quarter has the most home sales. Following in line with the news reports, the tax credit is the main reason that the sales are showing short. With the number of sales winding down, the first quarter for 2010 will likely be the winner for most home sales.
Graph Bullhead City City Arizona third quarter Home sales
As always we are focused on your real estate success.
Michael and Petra Fahey, CLHMS, CDPE CNE, SFR
Country Ranch Realty
1858 Hwy 95
Bullhead City, AZ 86442
928-763-3363
928-758-8811 office
888-511-0218 fax
petra@teamfahey.com
www.teamfahey.com
www.countryranchrealty.com
By the way, do you know anyone worried about foreclosure? As a Certified Distressed Property Expert I may be able to help them avoid foreclosure. There is a huge difference between life after foreclosure and life without foreclosure. Please have your friends contact us.
Market Trend Chart for Bullhead City, Fort Mohave and Mohave Valley
Bullhead City Arizona Welcomes 2010!
Michael and I hope that you and your family were able to enjoy a relaxing and pleasant holiday season. Now that the decorations have been put away and extra pounds put on, our thoughts turn from the holiday season to reality.
What will 2010 bring? Will the market continue to stabilize?
To understand where our local real estate market is going we must understand where we have been: I decided to look a bit further in the looking glass to recall where Bullhead City and the surrounding communities were three years ago. The chart below shows signs of improvement in the real estate market. Can it be that the light at the end of the tunnel is within sight? With fewer homes for sale on the market, we have about 4.5 months of inventory. . Most exciting is the number of home sales that have sold in the Bullhead City, Fort Mohave and Mohave Valley. Another encouraging factor is that we are experiencing fewer homes expire. With fewer homes expiring, pending sales up and the number of sales nearly even with 3 years ago, the data certainly looks encouraging. Price is the big concern as the median sales price continues to decline. It is the unknown of the shadow inventory the experts continue to worry us about. For prices to stabilize and eventfully increase we need the inventory to continue to decrease. True, if there is an increase in the homes for sale, we could see a dip in our local real estate market which could include the median sales price.
Single family homes sales in Bullhead City, Fort Mohave and Mohave Valley Arizona were up 62% during Dec 2009 vs. Dec 2008. Our average home sales price has increased 6.3% to $149,920 with the median sales price dipping 2% from $135,000 to $132,726. The month of December closed the year with 84 single family home sales of which 74% were either foreclosures or short sales. Country Ranch GMAC Real Estate is proud to announce that our agents represented 32% of the non distressed home sales. We have the tools and insight to assure help regular home sellers get their homes SOLD. December 2009 finished the year with 33% fewer homes on the market giving us 4.5 months supply of inventory and a 70% increase in homes under contract.
After digesting the results, it is apparent that we are still in a “Pricing War” and “Beauty Contest”. If we are not the winner in our category, we will likely see many days on the market and fewer showings as the market continues to correct itself. .
As always, we need your home in its “Kodak” appearance to out-shine the competition. We only have one chance to make a good first impression with the buyers.
Thank you for your continued confidence in us.
We are committed to getting your property sold and helping you achieve your real estate goals.
Avg. Sales Price: 12500
Avg. Days on Market: 138
Free Market Alerts Get local reports delivered to you
- Copyright © 2010 Inside Real Estate, LLC
