2012 was a turn around year for real estate in Kingman, Arizona. After several years of decline, the average price of single family homes climbed nearly 10% from last year, to $112,840.00. Local WARDEX MLS statistics show that a total of 803 homes were sold in 2012. Foreclosure sales made up 317 of those homes, which was DOWN from year 2011 by almost 15%. Short sales rose by almost 2% . Regular sales saw a large 12.5% gain from 2011.
I think the statistic showing that regular sales were up 12.5% could be one of Kingman’s most important real estate statistics. As the foreclosures and short sales shrink, this will allow the local sellers to dictate the price of what homes sell for. In the past few years, the banks with foreclosure properties have set low prices for their homes. This has hurt the every day seller because they cannot compete with their prices. The increase in home prices in Kingman for 2012 goes hand in hand with the positive statistic of regular sales increasing.
Another positive sign that shows our Kingman real estate market is recovering is the New Construction statistics. In 2012, there were over 40 new construction sales and there are 6 new construction homes currently pending. This is more than double the previous year of 2011. Some buyers were unable to find re-sale homes available that they liked since the inventory was low. When there is a lack of re-sale homes, buyers turn to new construction which then fuels the local, state and national economy in many ways.
As of 1/11/13, there are only 260 single family homes on the market. This is considered a shortage of inventory. In 2004-2007, there were times when we were above 800 and at the highest point we had over 1000 homes on the market.
Other statistics show the average days a home was on the market was at 126 days, which was down from 132 last year. Also, the list to sell ratio, which is the price at which a home was listed for originally compared to what it actually sold for, was nearly 95%. This statistic shows the days of low balling offers to sellers is mostly over. In many cases, this year homes had multiple offers and several homes sold for well over asking price.
My research and information was determined by using single family home sales in Kingman on our local MLS. I did NOT use manufactured housing in my sales stats. I would be glad to provide anyone with a free market analysis for any type of property including Single Family Homes, Manufactured Homes, or Vacant Land and also give statistics on sales in those categories.
