As the temperature increased during July, the cities along the banks of the Colorado River, the real estate market saw the numbers of single family homes increase over June 2010. Bullhead City, Fort Mohave and Mohave Valley local MLS reported 90 single family homes sales for the month of July 2010. We have not seen that many sales since April, reported 91 sales with many of those buyers eyeing for the original tax credit deadline. Encouraging, the median and average sales prices were higher in July when compared to April. Median sales price during July increased to $118,250. Foreclosures home sales continue to remain center stage claiming 63% of the market in Bullhead City, Fort Mohave and Mohave Valley Arizona. July was a good month for homeowners trying to avoid foreclosure as short sales claimed 10% of the sales. This was the highest amount of short sale closing so far this year. July 2010 saw the highest sales price for a single family home this year. A beautiful custom pool 4600+ sq ft home, with monster garage and spectacular views took the award for 2010 highest sale at $765,250. I’m sure the neighbors in Arroyo Vista Estates are celebrating the price of this home! This luxury home sale price helped increase the average sales price in Bullhead City, Fort Mohave and Mohave Valley up to $125,491. Keeping in step with last month our market saw 71% of the homes selling for under $150,000 with six of the sales over $200,000. Homes on the market came down to 445 along with only 168 homes under contract. Year over year comparisons, the Bullhead City, Fort Mohave and Mohave Valley real estate market continues to bump along in the right direction. Sales are up 4%; homes under contract are up 9% and the inventory of existing homes is down 18%. Although the national media predicts a slow during the 4th quarter in real estate sales, Bullhead City’ real estate market could likely continue in an upward tick. We remain hopeful that with all of this is good news for our local real estate market; we may have a brighter future than our neighbors in Las Vegas and Phoenix. As always we are focused on your real estate success.
June 2010 Real Estate Market Update Bullhead City, Fort Mohave and Mohave Valley, Arizona real estate markets closed 85 single family home sales for the month of June. Median sales price slid back to $110,000. With 72% of the homes selling for the month of June were under $150,000 this is not too surprising. The market enjoyed one riverfront home closing in June and an additional 6 homes selling for over $200,000. Consistent with last month, 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 4.8 months of inventory, the lowest in years. With the inventory dropping and the sales remaining strong it seems that our market median price range should begin to stabilize. Buyers that are in escrow can be relieved that the tax credit close date has been extended to the end of September. This is good news as there are 95 single family homes in escrow in the Tri State area. The 4th of July holiday weekend has started the month out strong. Our phones are ringing at Country Ranch Realty with buyers asking questions about home on the market in Bullhead City, Fort Mohave and Mohave Valley, Arizona. The updated www.CountryRanchRealty.com website is seeing an increase in traffic. With over 40% of the website users being a return user we are confident the site is working. As always we are focused on your real estate success. ay 2010 Housing Market Report Michael and I hope this update finds you and your families embracing the sunshine as the warm weather of summer approaches. Here in Bullhead City we have already seen highs of 110 degrees. Michael and I spent the last three days attending Real Estate Negotiation Institute classes. The first two days focused on providing tools, approaches, and techniques for negotiating successful outcomes for clients, agents and broker/owners. After passing the final test, we earned our CNE (Certified Negotiation Expert) designation. Day three we attended Mastering Email Negotiations in Real Estate which was taught by the same instructor, John Wenner. We expected that the class was going to instruct us to communicate like our daughters with OMG, LOL and many other crazy millennium short- cut idioms. Thankfully it was quite the opposite. Long and the short of it, writing in detail conveying clear messages in an organized fashion was the tone of the class. In addition to learning techniques, we spent a fair amount of time discussing our local and national real estate markets. It came to no surprise that the top three negatively affected markets are Detroit, Las Vegas and Phoenix. Bullhead City, Fort Mohave and Mohave Valley, Arizona real estate markets closed 81 single family home sales for the month of May. This number was slightly lower than the previous month of 85. Median sales price jumped up to $126,000, the highest in six months. We can attribute this jump to the fact that homes selling under $150,000 attributed to only 63% of the market. We had one riverfront closing and an additional 14 homes selling for over $200,000. Compared to a year ago the inventory of homes for sale or month’s supply of inventory is down to 5 months from 9 months a year ago. The rule of thumb is that a “normal” real estate market has 4-5 months of inventory. In fact, the closer we get to the 4 months mark our market will be considered a seller’s market. Many of the price ranges are already there. Homes under $150,000 only have 3 months of inventory and many buyers that are shopping in this price range will tell you that is definitely a seller’s market. This is great news for everyone. The National Association of Realtors 2009 Profile of Home Buyers and Sellers has some interesting information about where buyers find information about homes for sale. The report states that 90% of all buyers use the internet as a source during their home search, while only 26% use a real estate magazine. 87% of the buyers used a Real Estate Agent as a source and 59% a yard sign. After careful review we have taken steps over the past few months to maximize the internet marketing for our sellers. All our seller’s listings are now syndicated to over 100 sites; our company website www.countryranchrealty.com has a whole new look. Although our www.TeamFahey.com site looks and feels like a website it is actually a blog that is getting incredible traffic and we are receiving great leads from it. We have purchased an advertising package on www.Zillow.com which pushes our seller’s listings to the top of many consumer searches. We invite you check our work and send us your feedback. As always we are focused on
your real estate success. Michael and Petra Fahey Country Ranch GMAC Real Estate Did the Home Buying Tax Credits for Bullhead City, Fort Mohave and Mohave Valley Help the Real Estate Market? Absolutely YES, the tax credit has helped our local real estate market. Since the first of the year Country Ranch’s Agents have been coaching their clients on how to write the winning offers when they are in the situation of having to compete against other buyers for the same home. With the inventory shrinking in the Bullhead City real estate market buyers have had to strike while the iron was hot. During the first quarter of 2010 we saw record numbers of homes going under contract. The first quarter saw 341 homes go under contract which is up over 106% from 3 years ago. Record sales were achieved during this same time with 287 single family homes closing escrow during the first quarter, an 87% improvement over 3 years ago. With the inventory shrinking and sales up, we had hoped that we would be enjoying a higher average and median sales price. With the median sales price down 56% from 3 years ago, one has to wonder how long it will take for the prices to begin to come back. April 2010 saw 67% of the single family homes sales were foreclosures with an additional 7% being short sales. “Regular” or what is now termed “Real People” selling accounted for 26% of the sales. The Bullhead City, Fort Mohave and Mohave Valley Arizona real estate market continues to be a challenge for homeowners selling their homes. Remember, when competing against a foreclosure or distressed property, pricing and condition is the key component in getting a contract. We expect closings to remain strong as the buyers using the tax credit need to close mid June. Everyone is waiting to see how many homes go under contract during May 2010. We know that there is a chance that sales may slow as the tax credit is over, but we remain confident that 2010 will outperform the past few years. Interest rates are low, and people love our river city. As always, contact Michael and me with your questions or concerns. Bullhead City Real Estate Market Loves February Sales NumbersWednesday, March 3rd, 2010 Got to love February 2010 as the Bullhead City Arizona real estate market continues to move in the right direction for recovery. Very exciting news is that the median sales price jumped up to $125,100 from a low of $102,000 in January 2010 for single family homes in Bullhead City, Fort Mohave and Mohave Valley. We saw an increase in home sales as there were 89 homes sold in February 2010 compared to the 80 the month before. More good news, the number of homes going under contract during February was also up (130) compared to a year before (57). Last month (86%) of the homes sold under the $150,000 price tag where February saw only 64% of the homes selling under the $150,000 price. Although the foreclosure sales were up, the sale prices have also increased. This is good news for sellers and home owners in the Bullhead City, Fort Mohave and Mohave Valley Arizona areas as all indicators show prices are improving. Tough news for local buyers as they are experiencing multiple offers on the Hot Properties in the under $150,000 price range. As mentioned last month, we expect the real estate market to continue to heat up as the Tax Credit date approaches. (April 2010 deadline to be under contract and June deadline to have closed escrow)  Bullhead City Fort Mohave Mohave Valley Arizona Real Estate Market Chart Our phones are ringing at Country Ranch Realty with buyers asking questions about homes on the market in Bullhead City, Fort Mohave and Mohave Valley Arizona. With buyers searching for homes to take advantage of the tax credit, and the deadline fast approaching, this should raise seller’s hopes that the offer they are looking for may be on the way. A special thank you to all our past customers and clients, for taking the time to fill out the Service Survey. Thanks to your positive responses, I was granted the Quality Service Certified® Gold status in recognition of exceptional service satisfaction measured and compiled for 2009 by Leading Research Corporation (LRC). Client feedback from the surveys becomes part of my credentials. An overall satisfaction rating is displayed on a consumer website (www.QualityService.org) where sellers and buyers have the ability to select a real estate professional based upon each agent’s validated record of service satisfaction. Thank you again for your continued support. As always, Michael and I are focused on your success. Please contact us with any questions or concerns 928-758-8811 or petra@teamfahey.com. 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. November saw home sales decrease with the median sales price dropping to a record low of $120,800 down from $133,000 in October 2009. Non distressed homes sales were up claiming 35% of the market. With the extension of the first time home buyer and the return buyer tax credit in place with the new expiration date of April 30, 2010 we have seen more buyers entering the market. With this good news, you can expect that over the November saw home sales decrease with the median sales price dropping to a record low of $120,800 down from $133,000 in October 2009. Non distressed homes sales were up claiming 35% of the market. With the extension of the first time home buyer and the return buyer tax credit in place with the new expiration date of April 30, 2010 we have seen more buyers entering the market than we usually see during the holiday season. I have included a link under my name the details the tax credit. Although this is a tough market for sellers, it is definitely the Time to Buy. 
Single Family Home Sales- Bullhead City, Fort Mohave and Mohave Valley Arizona | | | | | | | | | | | | Active | Pending | Sold | Average | Median | Days on | % Foreclosed | % Short Sale | % Resale | | | | | | Sold $ | Sold $ | Market | Sales | | | | J-09 | 844 | 197 | 55 | $154,882 | $124,000 | 121 | 78% | 2% | 20% | | F-09 | 777 | 178 | 63 | $173,147 | $155,000 | 138 | 60% | 8% | 32% | | M-09 | 776 | 172 | 80 | $214,404 | $155,050 | 157 | 59% | 2.00% | 39.00% | | A-09 | 705 | 278 | 73 | $157,921 | $137,600 | 127 | 73% | 2% | 25% | | M-09 | 704 | 271 | 89 | $162,176 | $142,000 | 150 | 59% | 4% | 37% | | J-09 | 591 | 181 | 88 | $153,902 | $135,500 | 152 | 58% | 8% | 34% | | J-09 | 588 | 271 | 87 | $137,712 | $130,000 | 157 | 59% | 10% | 31% | | A-09 | 679 | 268 | 99 | $151,557 | $136,000 | 150 | 61% | 7% | 31% | | S-09 | 625 | 255 | 71 | $165,744 | $137,000 | 126 | 68% | 6% | 26% | | O-09 | 558 | 180 | 80 | $142,138 | 133,000 | 128 | 58% | 13% | 29% | | N-09 | | | | | | | | | | | D-09 | | | | | | | | | |
MARKET WATCH REPORT
Specific to Luxury 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 the last 30 years. Waterfront living at its best with sun-filled days on the water mixed with fun filled nights on the town. Living in our countries recession and depressed housing market, what should a person do? Deciding to purchase can be a stressful decision and without the luxury of a crystal ball it can be worrisome. As we review the cost per sq ft approach to sales of luxury homes on the Colorado River, we can plainly see that prices have not been this low since 2004. The quality of home that is on the market today, is generally more upgraded with luxury amenities far surpassing the amenities in the homes selling in 2004. Will the prices slide down a bit more? We do not know. We do know that we never know when the market is bottomed out until the prices begin to increase. And then, you have missed the bottom. One thing is for certain, memories made with friends and families sharing days on the river are some of the most precious. Can a value be put on memories spent with loved ones? According to the ILHM National Report this week the current median price per sq ft in the luxury home market is $318.00. ILHM’s data is calculated from properties on the market in the most expensive zip codes in each region. Our price per sq foot is well below this average. Perhaps today is the time to buy. Manufactored Home Sales- Bullhead City, Fort Mohave and Mohave Valley Arizona | | Active | Pending | Sold | Average | Median | Days on | % Foreclosed | % Short | % Resale | | | | | | Sold $ | Sold $ | Market | | Sale | | | J-09 | 530 | 22 | 13 | $75,508 | $63,000 | 274 | | | | | F-09 | 515 | 33 | 12 | $71,202 | $62,000 | 166 | | | | | M-09 | 504 | 36 | 23 | $91,716 | $75,000 | 179 | | | | | A-09 | 477 | 38 | 30 | $71,297 | $68,250 | 184 | | | | | M-09 | 490 | 72 | 32 | $66,737 | $54,500 | 143 | | | | | J-09 | 451 | 47 | 24 | $75,317 | $60,500 | 185 | 29% | 0 | | | J-09 | 463 | 30 | 34 | $79,062 | $61,000 | 150 | 36% | 2% | 62% | | A-09 | 454 | 37 | 24 | $66,988 | $67,000 | 183 | 18% | 9% | 64% |
Vacant Land Sales- Bullhead City, Fort Mohave and Mohave Valley Arizona | | On the Market | Pending | Sold | Avg Sold $ | Median Sold $ | Days on Market | % Foreclosure | | J-09 | 1124 | 31 | 6 | $77,139 | $86,714 | 151 | | | F-09 | 1155 | 21 | 9 | $44,912 | 42500 | 130 | | | M-09 | 1045 | 6 | 12 | $61,003 | $52,181 | 171 | | | A-09 | 1022 | 8 | 11 | $74,492 | $39,000 | 212 | | | M-09 | 1113 | 18 | 8 | $53,673 | $35,450 | 213 | | | J-09 | 1128 | 15 | 22 | $138,511 | $62,805 | 161 | | | J-09 | 1092 | 14 | 13 | $48,431 | $20,900 | 76 | | | A-09 | 1056 | 31 | 9 | $34,997 | $33,015 | 172 | 56% |
Vacant Land Sales- Golden Valley Arizona | | On the Market | Pending | Sold | Avg Sold $ | Median Sold $ | Days on Market | | J-09 | 844 | 10 | 8 | $48,613 | $8,200 | 178 | | F-09 | 844 | 11 | 4 | $22,225 | $17,000 | 168 | | M-09 | 836 | 26 | 8 | $19,313 | $18,000 | 298 | | A-09 | 814 | 5 | 3 | $23,000 | $25,000 | 244 | | M-09 | 790 | 7 | 1 | $4,000 | $4,000 | 98 | | J-09 | 722 | 4 | 8 | $33,000 | $28,750 | 142 | | J-09 | 689 | 11 | 4 | $28,063 | $23,750 | 70 | | A-09 | 682 | 13 | 7 | $12,857 | $10,000 | 253 |
We are working hard to ensure that when you are listed with Team Fahey your property receives maximum exposure. The following are many of the websites your property is marketed for sale: Team Fahey.com, CountryRanchRealty.com, Google, Yahoo Real Estate, Aol Real Estate, Trulia.com, Zillow.com, Frontdoor.com, CyberHomes.com, Hotpads.com, HomeFinder.com,Backpage.com, CLRSearch.com, Oodle.com, Local.com, Propbot.com Vast.com, Lycos.com, LaekHomesUSA.com, LandWatch.com, ResportScape.com, Enormo.com, ERealInvestor.com, LandWatch.com,Military.com, MyRealty.com, Overstock.com, OpenHouse.com, InvestorLoft.com,Walmart.com, Homes.com, MyNewPlace.com, SecondSpace.com, DotHomes.com, Point2Homes.com, TheNewYorkTimes.com, TheRealEstatebook.com, LoveMyZip.com, HomeHippo.com, HouseLocator.com, TheHousingPages.com, phonetour.com, HomesZ.com, Kazorks.com, PropertyShark.com, VivaReal.us, NTXHouseHunters.com, HomeAwayRealEstate.com, craigslist.com, Backpage.com, eBay.com, kneedl.com, Areaguides.net, Guidespot.com |
|