A Kingman real estate overview will show that like many other places across the country the housing market here is exhibiting definite signs of recovery. Both the average listing price and the median sales price have been inching up in recent months and inventory is decreasing. While it cannot be said unequivocally that the market here has truly bounced back, the consistently positive numbers of the past two quarters bodes well for the rest of the year. Those who still think that we will again see the pre-recession peak prices of 2006 and 2007, however, had better revise their expectations.
Foreclosures
Foreclosure filings in the Kingman, AZ real estate market as well as Mohave County as a whole have also been going down. The number of filings in the county decreased by 42% in July as compared to the same period last year, which also indicates that the local housing market and the economy as a whole is regaining its health.
Homes Sold
According to the latest statistics, which track properties sold late last year to early this year, the majority of the homes that were successfully sold in the Kingman/Golden Valley area were single-family homes with 3 bedrooms or less that were in the $40,000-$99,000 range. They also tended to sell faster on average than more expensive properties.
Other Economic Indicators
The Bureau of Labor Statistics reports that the unemployment in the Lake Havasu City-Kingman area rose to double digits (10%) in June of this year, which is unfortunate. On the other hand, the job growth in Mohave County as a whole is projected to be positive in the long-term and the region continues to attract new businesses.
Major industries in Kingman and the rest of the county include energy, health care services, manufacturing, distribution and logistics, and the arts. One of the companies that have recently moved in are Scot Industries and among those already established here are the and the American Woodmark Corporation, Guardian Fiberglass, Inc., Laron Engineering, Nucor Steel, McKee Foods Corporation, IWX Motor Freight, TruServ Corporation, CTI, and the Kingman Regional Medical Center.
As for housing starts, the U.S. Census Bureau and the Department of Housing and Urban Development report that privately owned housing starts in the country in July 2013 came in at a seasonally adjusted rate of 896,000. This is 20.9% higher than July 2012’s 741,000 and is indicative of a greater confidence in the economy as a whole throughout the country.
Do you need to access more information beyond what’s available on this Kingman real estate overview? If you’re planning on buying or selling property here or in other communities throughout Mohave County, get in touch with me anytime. New to the area? If you have any questions at all about what life is like here in our corner of Arizona, just give me a call or shoot me an email. I’m not just a Kingman, Arizona Realtor, I’m also a 4th generation Kingmanite and there’s nothing I enjoy more than helping newcomers discover our region’s various possibilities.
