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Median Sales Prices on the Rise
By Michael Fahey | September 8, 2009
Wow! August single family home sales in Bullhead City, Fort Mohave and Mohave Valley leaped in front and took the lead reporting a record of 99 sales. As I mentioned in my February update, I felt all real estate market indications were showing that we would finish strong in sales for 2009. This is definitely true as of the end of July 2009 we have enjoyed 656 single family homes sales. Contrast this number with the 645 sales we saw in all of 2008. With 268 single family homes pending/under contract and 4 month remaining in the year, I believe we could see more than 900 sales for 2009.
Foreclosures continue to lead the pack and making up of 61% the sales for the month. Short sales accounted for 7% of the sales. On a positive note of the “regular home sellers” Country Ranch Realty successfully sold 33% of that market. We definitely have the strategies to help our home sellers get their property sold.
Perhaps some of the best news is that for the first time in 2 months we saw the median sales price increase. August median sales price was $136,000 up from July of $130,000. The average sales price jumped to $151,557 in August over $137,712 in July.
The American Recovery and Reinvestment Act of 2009, which has provided an $8,000 tax credit for first time homebuyers who purchase their primary residence is coming to an end. Unless the government extends this Act, buyers must close escrow prior to November 30, 2009.
Considering purchasing real estate in the Bullhead City, Fort Mohave or Mohave Valley Arizona? Give us a call and let us help you achieve your real estate goals.
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