It’s that time of year again! The 2013 sales are in the books! Its been another solid year for the Kingman area in real estate. It is nice to say that the market has continued to get better.
Last year, we saw a average sales price of $122,491.00. In 2012, the average sales price was $112,840.00 which puts our increase in value at 7.8% for the past year.
Since early 2010, the average single family sales price has risen from $97K to $122,491.00 This is over a 20% incline in values over the past 3 years.
There were 775 homes sold in 2013 (64.58 homes per month) which is down from 805 sales in 2012. Don’t let that fool you, though. The amount of sales is not always the most important statistic. The average price per foot was $72, which is up from $64 per foot, and that’s over 11% increase. Homes averaged 124 days on the market which is down only 2 days from last year.
Everyone seems to inquire about the foreclosure market. We have good news in this department too! We have steadily declined in foreclosure sales for the past 3 years. Only 178 sales out of 775 (22.9%) were foreclosures, from 2012 to 2013. That’s a whopping 41% decrease! As I stated last year, the fewer foreclosures that are on the market the better it is for our market.
Short sales also saw a decline. There were 41 Short Sales in 2013 which is down from 64 in 2012, a 35.9% decrease.
New construction saw a more than healthy incline in sales too. There were 84 new homes sold in 2013. This is up over 50% from a total of 40 last year. That number will continue to climb this year, as well.
We ended the year with 285 Single Family Homes on the market. This is still a very low amount of inventory from when we were at a peak of nearly 1000 in 2005-06. Many people are going to enter the list market this year and next year, which will raise the inventory and prices in our area.
Some studies predict Kingman will see a steady increase in values this next year of 4-6%. I think this is an accurate prediction. As long as inventory stays fairly low and we don’t get saturated with listings on our market, sales should stay steady and values will slowly rise.
In my opinion, 2014 is a great year to put your home on the market and sell it. If you need a opinion of value, please feel free to call me or email me at 928-303-8430 or firstname.lastname@example.org.
*Note* Statistics were pulled from WARDEX local MLS system. Other studies may vary in statistics.