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2023 Re-Cap Market Watch Update

Greetings!!

I am tardy getting this 2023 real estate market re-cap out to you.  It seems like the year is flying by.   I’m pleased that 2023 finished well in the Bullhead City, Fort Mohave, and Mohave Valley area.  There were 1071 single-family home sales which was down 151 from 2022 which reported 1222.  I believe this number to be higher as many people own lots and are having custom homes built for them.  These types of sales go unreported in our MLS.  

If you have been in town I am sure you would agree that there are many many new homes under construction. Despite fewer home sales reported in our local MLS,  the average sales price increased to $361,139 up from $356,037 in 2022.  Although 2023 saw drastic increases in interest rates we did not see reduced pricing along the river.  Today I checked on interest rates and they are slightly less than 7%.  

I am hopeful that 2024 will see the rates get closer to 5%.  I have read a few reports that that is what the experts are expecting and I hope they are right. Thank you everyone for your continued support and referral business going into the New Year.  If you are looking to buy or sell or just want to catch up we hope to hear from you.

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