December 2015 Market Watch Report
Everyone visiting the Bullhead City Region on Thanksgiving enjoyed a beautiful day. Clear skies and warm weather reminded us all why we love living in this river city! Our home was full and everyone enjoyed relaxing by the fire pit as there was no wind! Our citrus trees are heavy with fruit and Michael’s sister, who was visiting from Wisconsin, had fun juicing grapefruit last weekend.
The local real estate market in Bullhead City, Fort Mohave and Mohave Valley continue to gingerly move along in a pace that we are becoming comfortable with. November sale numbers began to taper off as we approached the holiday season. Homes under contract rose remain consistent with the rest of year at 113. Homes on the market have dipped from 528 during January 2015 to 455 in November 2015. No need to worry as many homeowners prefer not to have their home on the market during the holiday season if possible. I expect to see a rise in inventory after the first of the year. Continued good news is the small number of foreclosure and short sales our market experienced. YTD our market has experienced 12% of the sales for single family homes attributed to foreclosures. This is a huge reduction from 2010 when 61% of the sales were attributed to foreclosures.
Average and median sales prices continue to bump up and down as we continue to see higher priced home sales on the river which skew our numbers. But the trend is clear that prices have been on the rise for a number of years. Team Fahey is looking forward to the New Year! We expect the real estate market to continue at its gingerly pace with new construction increasing and vacant land sales increasing.
With over 20 years of experience in the local real estate market, Team Fahey continues to remain optimistic about the real estate market and the Bullhead Region. Thank you for our constant string of referrals and continued support as we would not be experiencing the success that we have without you. In fact, after years of navigating through leagues of turbulent waters, we are stronger, wiser and more confident than ever about our local real estate market! Looking forward to seeing you all in 2016!
Merry Christmas and a Prosperous Happy New Year!