May 2011 Market Watch Report

May 2011 Market Watch Report

Prices heat up with the temperature.

Our Bullhead City, Fort Mohave and Mohave Valley real estate market continues to move in the right direction for recovery. May ended strong with the average and median sales price of single family homes topping the charts for the year at $133,109/$122,000. In last month’s newsletter I touched on the fact that demand for housing had been strong, why had we not seen an increase in sales price? Thankfully for the second consecutive month our local real estate market has seen an increase in sales price. With the temperature just starting to hit the 100 degree mark, our prices are heating up too!

In addition to the average sales price increase during May 2011, we saw an increase in sales for homes priced over $150,000. Foreclosure sales continue to bump along and claim the lion’s share of the market although May did see a decrease from 60% of the market in April down to 55%. Short sales Number of homes sold tied with April at a total of 85.

Active

Pending

Sold

Average

Median

Days on

% Foreclosed

% Short Sale

% Resale

under 150K

398

160

78

$144,350

$113,950

135

56%

12%

32%

70%

451

253

62

$127,354

$115,400

133

46%

11%

43%

74%

387

169

106

$119,436

$100,500

119

54%

9%

37%

75%

451

258

85

$124,687

$114,900

140

60%

10%

30%

78%

452

250

85

$133,109

$122,000

144

55%

10%

33%

65%

Our market continues to recover and we continue to remain proactive in our marketing efforts. We continue to market in the local Around the River Magazine, flyers, our eye catching new yard signs, direct mail, and website presence through extensive SEO (search engine optimization).

To discuss your real estate needs; call or email me today.
Steve Kuncho REALTOR, SFR
928-234-9560
stevekuncho@bhcrei.com
www.bhcrei.com
www.lhcrei.com