With spring in the air, the Bullhead City, Fort Mohave and Mohave Valley real estate market is coming into bloom. Sales activity continues to flourish in spite of dwindling housing choices. Active homes on the market are down 30% over last year’s average. March sales numbers were strong with 93 single family homes closing escrow. Average and median sales prices saw a boost during March over February and January sales prices as well.
Buyers are becoming increasingly frustrated with only 276 homes to choose from, another 187 that are under contact and 93 closing escrow during March. Add the pending homes and the closed homes bring us to 50% of the homes on the market are experiencing some sort of sales activity. Regular home owners with their homes on the market gain traction as they are optimistic that the gap between their asking price and sales price gap will narrow in the coming months
Foreclosure shadow inventory continues to be elusive as to whether it will emerge in our Bullhead City, Fort Mohave and Mohave Valley markets. Foreclosure home sales claimed 42% of the market which was down over from 2011 average of 51%. As discussed in last months newsletter we await the increase in average and median sales prices to emerge during 2012.
Many of you have emailed requesting an update on the ENN Solar Project in Laughlin. News regarding the project has been little to none. I am not too surprised as ENN under strict guidelines and time line to satisfy their end of the contract. The Laughlin Times did have a small repetitive article yesterday.
http://www.laughlintimes.com/articles/2012/04/11/news/local/news998.txt
www.bhcrei.com
http://www.realliving.com/Steve-Kuncho-Real-Estate-Agent
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