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September Real Estate Market Watch Update – August Numbers!

September is upon us. Crazy how this year is just flying by. Real estate market here remains very consistent with what we’ve seen the last couple of months. The sales are continuing to move along, which is really wonderful. August reported 118 single-family home sales for Bullhead City, Fort, Mohave, and Mohave Valley. As for many of you subscribers know, those are the three areas I track. We track single family homes only and have been doing for a couple of decades now. As far as homes going under contract, that’s a good indicator as well. We had 129 homes currently under contract right now, which is slightly down from last month. We do have the lowest active inventory of single family homes on the market that we’ve seen all year, coming in at 248 homes. We are seeing a lower inventory for the local Tri-State real estate market.

This low inventory has created less than 3 months of supply inventory, which is pretty crazy. Average sales prices did drop slightly off of last month. The average sales price was $362,117 for August, and in July we saw $369, 328. It’s a little surprising to see the prices dropdown just slightly because our inventory is so tight. With a small number of 118 home sales, it doesn’t take a whole lot for that the average sales price change a little bit. Interestingly enough there are a few things in the luxury market right now that I’m seeing.

I consider our luxury market to be homes that sell for over 1 million dollars. We’ve had 10 sales year to date. What was interesting this year is 5 of those sales were on the river and five of them being off the river. The highest sale this year was a home that was not on the river. That home sold for in at a $1,650,000. During 2022 we had a total of nine homes that sold for over a million dollars. Nine of the seven were on the river and the high sale for last year was a million $1.380,000. This year, the high price point for single family homes is that $1.6 number which is a big number for the Bullhead City market! We wanted to thank everyone for taking the time to write the great reviews for us. .It’s helped us on our Google rating quite a bit as I get the analytics and people are finding us. We truly appreciate you helping us with that. Your reviews encourage someone who doesn’t know us to give Team Fahey or Country Ranch Realty a call so that we can help them with their next real estate deal. Again It’s Petra Fahey with Country Ranch Realty.If you’re seeing this on YouTube, if you would subscribe, follow us on Facebook.We try to put this out in a number of platforms to reach as many people as we can.And some of you are lucky enough to be getting a private email from us.So if you’d like to be added to that list, drop us a line, and we’ll do that as well.So have a great fall, and I’ll be talking to you next month, hopefully sooner.

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