With the arrival of 2011 our hopes for a Happy New Year resonate more strongly than ever. The Bullhead City, Fort Mohave and Mohave Valley real estate market fared better than most. As Arizona and the Las Vegas markets quivered under the weight of the impending foreclosures, our local market continued to swell with record numbers of buyers ready to jump off the fence. 2010 Reported 1033 single family home sales which is the highest number we have seen since 2006. Although the average sales price has taken a beating since the glory days of 2006, December saw the third highest average sales price for the year. Our local market experienced foreclosure sales claiming 61% of the market with and additional 8% accounting for short sales.

Fox News reported this morning that we should prepare for another 6 million foreclosure homes entering the market this year. Although I am sure our local market will see some of these foreclosures, it seems likely that our market will continue to have buyers ready to purchase. Clearing the inventory is the key for us to begin a price recovery. Once the inventory begins to clear, we hope to see sticks in the air as new construction begins which will help to greatly reduce our unemployment.

Riverfront home sales in Bullhead City and Mohave Valley were sporadic and values were down as the market saw foreclosures claiming half of the sales including a home that was far from completion. Like all statistics, once you begin to look at the home sales on the river it becomes clear that with 7 foreclosure sales out of 14 it is no wonder the values on the average were down. Of the remaining 7 “regular” sales Country Ranch was involved with either the seller or buyer or both for 6 of these properties. Keeping in step with tradition, our company was able to negotiate through the turbulent waters of appraisals and bank conditions to successfully get these properties sold.

Look for new signs and a new brand for Country Ranch GMAC Real Estate as we transition to Real Living Country Ranch. We are excited to embrace a fresh real estate brand with a strong online presence.
Thank you for your continued confidence in Country Ranch as we work together marching through history during these strange times. Please contact us with any and all of your real estate needs.

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