How’s your summer going? Michael, Kelsey and I are doing well here. I’m arriving hot hot this afternoon I’ve been out on appointments this morning. The good news is, the severe weather heat warnings are past us. Although we still have a couple of really nice warm months ahead of we are heading into fall. My plants are definitely looking forward to having the temperatures be in the low 100s instead of over 110.
So how are things in the real estate market here in Bullhead City? We’re moving right along. I would to talk to you a little bit about the difference between a “deceleration of appreciation versus home prices dropping.” So those are two very different explanation’s as to what I believe we are experiencing here in the Tri State Area real estate market. I’ve been getting questioned from people I am running into. Everyone wants to know if I think the prices are dropping. What’s going on with that?
When we were in the COVID breakout, everything went quiet. And then, as you remember, the prices jumped as people decided to move from their homes. And interest rates were so attractive as well. So we had a really accelerated appreciation during those 18 months, especially about a six month window, it seemed like, to me anyway. Now it does feel like maybe prices are dropping. When Realtors complete a comparable market analysis, CMA, the agent reviews market activity over the past six months . When the real estate market has experienced a high rapid appreciation, and that was a little bit overinflated, the values are off. If the agent and seller don’t take that into consideration when pricing, you end up pricing at the top of a spike instead of where the market currently is. I really don’t believe that the home prices are dropping. I think prices are aliening the deceleration of appreciation which is where or market is. It’s just hard to price when a market is rapidly going up or rapidly coming down.
Where do I think the local market is going to finish the year. I am expecting a smooth gentle ride into the end of the year. In July, 2023, we had 101 single family homes sell in the cities of Bullhead City, Fort Mojave, and Mohave Valley. That number was down just slightly from June of 2023 with 127 single family home sales. Average sales price stayed consistent with July reporting $369 328, and June $370,455.
I have included the chart inserted which clearly shows the hop in price last year but that our market it clearly up.
Thank you, to everyone that responded to our request to review us on Google and or Zillow. It just made my heart pound! We are so appreciative of all the time you took to review us and help spread the word about how we can help other people buy and sell homes in the Tri-state area.
August is here and it is time to get the children back to school! We know our grandchildren are getting ready for school to start and we’re excited for that. We’ve got one going into kindergarten and the other one to 6th grade.
We are wishing you all to a great August and we hope to see you soon.