Kingman Homes
Here is an update on the Kingman real estate market. We currently have 518 Kingman single family homes on the market. This is way down from about 2 years ago when we were seeing 1100-1200 Kingman homes on the MLS. Sales have been very interesting to say the least over the last few months. For July we currently show 43 Kingman Homes closed, and over 140 listed as pending sales. It appears that July is going to another very strong month for Kingman real estate.
In the months past, June had 79 single family homes sold and May had 70 Kingman Homes close escrow. We are definitely seeing prices increasing on Kingman homes. Many of the closing over the recent months have been foreclosures. Comparing our sales to many cities around the state, the Kingman Foreclosures, have been coming in at alot smaller pace than most areas. We are also seeing the foreclosed homes going under contract very quickly with many of the foreclosed homes, getting multiple offers, and bringing well over asking price. With our inventory dropping, we currently have about a 7 month supply of homes, which is considered very healthy. In Kingman, much as many other parts of the country, we are starting to see some new homes being built. Driving around town, I have seen several new Kingman Homes in various stages of construction.
Kingman Commercial property is getting alot more interest and showings, however, sales are still lagging. Upto today , Kingman Commercial has listed only 1 sold property, however, there are 4 Commercial properties under contract. For the month of June we had 3 closing and May we had 4 Commercial Properties sell.
The Kingman area vacant land sales are slowly increasing. A slow pace, albeit, but we are seeing sales of vacant land increase. Thus far in July we have had 7 closings with 8 pending. In June there were 8 Vacant land parcels closed and for the Month of May we had 5 vacant land parcels close escrow.
Many of the economist are also stating that the real estate market has seen the worst of the recession. However, Most all agree, that the recovery is not going to be a quick recovery. I feel this is important that we dont see a quick recovery and huge appreciation in homes, afterall the huge appreciation in homes, lending practices and unethical lenders is what brought us to this situation.
Now is a great time to purchase your new home. If you are a First time home buyer in the Kingman Market or looking for investment properties, know your REALTOR, know your lender. Always deal with a reputatable company and person with in that company. Its your financial future that is depending on getting the truth from these people. Please feel free to give Team Patterson @ RE/MAX Prestige Properties a call at 928-727-7369 anytime for information on real estate thru out the Mohave County areas, consisting of Kingman, Golden Valley, Bullhead City, Ft Mohave and Lake Havasu City, AZ. With offices in both Kingman and LHC, we have agents to service our entire county.
Posted at 09:48AM Jul 23, 2009 by Dwayne Patterson in Real Estate | Comments[0]