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.