It’s that time of year again! The 2014 single family sales are in the books! It has been another solid year for the Kingman area in real estate. It is nice to say that our local real estate market has continued to improve.
In 2014 the average sales price for the entire year was $139,191.00, which puts us at an 11.9% increase, up from $122,491.00 in 2013. Since early 2010, the average single family sales price has risen from $97K to $139,191.00 (over 43%).
There were 821 homes sold in 2014 (68.4 homes per month) which is up from 775 sales in 2013. The average price per foot was $80, which is up from $72 per foot. Homes averaged 120 days on the market which is 4 days less than 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 4 years. Only 132 sales out of 821 were foreclosures. That’s a whopping 25.8% decrease from 2013 when we had 178! The fewer foreclosures that are on the market the better it is for our market.
Short sales also saw a decline. There were 15 Short Sales in 2014 which is down from 41 in 2013. Another positive decrease.
New construction remained steady with 81 new homes sold in 2014. That number will continue to climb this year again with many new homes currently being constructed. Permits with Mohave County and City of Kingman are up.
We ended the year with 280 Single Family Homes on the market. This inventory level remains very low and will drive prices higher from lack of supply. As a reminder, we were at a peak of nearly 1000 homes on the market in 2005-06.
Respectably, there were 184 manufactured home sales in the Kingman area in 2014 and 147 land sales. Commercial and land sales continue to stay very slow in our area.
Some studies predict Kingman will see a steady increase in values this next year of 3-5% for residential sales. I think this is an accurate prediction. As long as inventory stays fairly low and we don’t get over-saturated with listings in our market sales should stay steady and values will slowly climb. Interest rates continue to remain low. Any buyers can buy and keep payments lower than they would by paying rent. The federal government just added a 3% down conventional loan to go with 3.5% down FHA option. USDA 100% loan is also available for our area. These loans allow many first time buyers to enter the market and also allow people who foreclosed or performed a short sale in the past 5-8 years to buy again at an affordable price.
Contributed by real estate agent Scott Lander