Bullhead Farmer’s Market kicks off

The Bullhead Farmer’s Market returned this past Saturday, bigger and badder than ever.

A modest number of vendors sold a range of goods – from farm fresh produce and eggs, to homemade bread and salsa. Even handmade soaps.

As I’ve said before, I like the social/community aspect of a farmer’s market. I bumped into a bunch of locals and met a few more standing in line to buy gigantic strawberries. And waiting in line was no problem thanks to the lineup of live music booked by market manager Gabi Tolman.

The Farmer’s Market is held at Ken Fovargue Park on the 3rd Saturday of each month from 7am – 12 noon.

Hope to see you next time. In the meanwhile, here are a few pics from the first run:

Bullhead City and Fort Mohave real estate update. Homes for sale and statistics from Western Arizona REALTOR Data Exchange.

The median sale price of Bullhead City single family homes was $139,900 in February, up 45 percent from the same period last year and 8 percent from a month ago.

Year-over-year prices have now gone up twelve months in a row.

Sellers look to cash in on rising prices

Higher prices have drawn more sellers into the market. Makes sense. When the price of widgets goes up, more widget owners are bound to think about selling. But there’s more going on here than those free market basics. It’s a matter of equity.

138 new residential listings came on the market in February and 116 of them are not distress sales. That’s the highest number of traditional listings to hit the market in a single month in more than four years. Why? Because prices are higher and more people are in a position to sell without being upside down.

Supply drives price

While it’s great to see prices going up again, and it’s wonderful to see distress sales dropping, a record-setting number of new listings is not something we want to see on a regular basis. Supply drives price. The last thing a healthy (recovering) market needs is an over-supply of homes, which is what caused prices to drop to begin with.

The Stats:

Fort Mohave

Source: Western Arizona REALTOR® Data Exchange

Okay, folks. Let’s try this again.

I’m a big fan of Farmers Markets, so I was pretty jazzed to learn about the Farmers Market coming to Bullhead City nearly four years ago.

Unfortunately, it didn’t last very long.

If you’ve ever been to a thriving Farmers Market you know they are about even more than fresh produce and supporting local growers. My thoughts from 2009:

More than fresh fruit and veggies at good prices though, there’s a social benefit to the community that interests me. Farmers Markets are a place where people can get out of the house and mix with other locals. That’s the sort of intangible that gives some soul to a community.

New Farmers Market kicks off in Bullhead City in March.

I am pleased to share the news we are getting another chance at a Farmers Market. Beginning March 16th, the Bullhead Farmers Market will be held on the third Saturday of each month at Ken Fovargue Park from 7:00 am – 12 noon.

The market is managed by my friend Gabi, who, along with the help of other volunteers and support from the city, has dedicated her time to setting it up with mostly local farmers and local crafters. And they are still looking for more vendors and volunteers to help with the event, so if you know anyone who might be interested please send them her way by calling 928-301-0176.

Please help spread the word and make the new Farmers Market a success. Download the flyer and tell a friend!

Bullhead City and Fort Mohave real estate market update. Home sales statistics from local MLS – Western Arizona REALTOR Data Exchange.

New year picks up where last year left off

With the first month in the books, 2013 is looking pretty similar to last year.

In January, the median price of single family homes sold in Bullhead City went up by 35 percent over the prior year, again on fewer sales.

Asking prices have been going up

Sale prices have been going up, and asking prices have been following suit. The median price of homes for sale in Bullhead City has gone from $195,000 to $209,000 over the last year. That means more than half the homes for sale in Bullhead City are priced over $200,000.

It’s also important to note the number of homes selling has been trending down. Not a lot, but down rather than up.

So what does it mean for buyers and sellers?

Sellers: be aware of the competition in your price bracket

Price brackets are like micro-markets, and every market is different.

For example, based on the number of homes for sale and the current rate of sales, the supply of $200,000-$250,000 homes for sale in Bullhead City is nearly triple that of homes priced $150,000-$200,000.

Homes over $200,000 will be competing  with more sellers for fewer buyers than those under $200,000.

Buyers: be aware of new listings as they hit the market

There are lots of great deals out there, but the price floor is rising. As  new listings hit the market, there are fewer homes for sale in Bullhead City under $200,000 than there were a year ago. Some buyers have been priced out of the market, which helps explain why sales have slowed a bit compared to last year at this time.

Consider signing up for to be automatically notified of new listings in your price range.

The Stats:

Fort Mohave

Single family homes sales in Fort Mohave rated similarly to Bullhead City in that units and price moved up from November, with a 17 percent year-over-year increase in median sale price.

Source: Western Arizona REALTOR® Data Exchange

This Bullhead City real estate update in video recaps December sales activity as well as a look back at the year 2012.

Also, please feel free to download a copy of the 2012 Annual Report.

Click below for a Bullhead City real estate market video update

I hope the video and/or written report help catch you up on where the market it going!

Bullhead City and Fort Mohave real estate market update. Home sales statistics from local MLS – Western Arizona REALTOR Data Exchange.

A fitting close for Bullhead City real estate in 2012

Single family home sales in Bullhead City increased by 22 percent in December, closing the year on a brighter note after November seemed to be hindered by the wait and see effect of the presidential election.

While the 39 homes sold for the month represents a year-over-year drop from the 43 homes sold last December, the median sale price grew by 16 percent from $120,000 to $139,000.

In fact, December fairly well represents the entire year of 2012 in that single family homes demanded a higher price than the year before, but at the expense of fewer sales. I’m breaking down the stats for the year right now so the jury is still out, but a measurable number of buyers got priced out of the market as inventory continued to drop in the first part of last year. More on that soon.

The Stats:

Fort Mohave

Single family homes sales in Fort Mohave rated similarly to Bullhead City in that units and price moved up from November, with a 17 percent year-over-year increase in median sale price.

Source: Western Arizona REALTOR® Data Exchange

This article was originally published in my Beyond the Headlines column in the Bullhead Area Chamber of Commerce newsletter.

I touched briefly last time on the game we play every four years called “Wait and See”, in which we temporarily suspend our decision-making ability while we “wait and see” what happens with the presidential election.

Given that economic activity generally depends on action of some sort, the results of this sort of inaction tend to be less than ideal. Real estate is no different.

You may recall we played the Wait and See game during the still-recent real estate collapse as well. Even when inventory of homes for sale soared and prices plummeted – textbook elements of a buyers market – most people waited to see if we’d hit bottom. That collective inaction further stalled recovery and ultimately contributed to many homeowners losing their homes.

The irony of the Wait and See game as it relates to the presidential election is that it’s never clear what exactly people are waiting to see. There’s lots of pre-election banter as we get caught up in the show, but I have yet to have a single person articulate what they are waiting to see beyond “what happens with the election.”

So what happened?

Well, your guy either won or lost. Meanwhile, the local real estate market felt it as we waited on that result.

Residential inventory in Bullhead City increased 15 percent from the seven-year low of 399 homes for sale at the end of July to 459 homes at the end of November, compared to 3 percent during the same period last year, which was more typical for the slower fall season.

Of course the danger of a rise in supply over the long term is downward pressure on prices. While an early look at November numbers shows a year-over-year decline in single family home sales, the median sale price jumped and eye-catching 25 percent.

I suspect this is a temporary bump caused by a combination of the seasonality of our market, higher prices, and the presidential election.

I guess we’ll have to wait and see.

Bullhead City and Fort Mohave real estate market update. Home sales statistics from local MLS – Western Arizona REALTOR Data Exchange.

Bullhead City home prices hit 32 month high

The median sale price of single family homes in Bullhead City rose 28% from a year ago, reaching the highest mark since December, 2009 at $143,344.

A contributing factor worth noting is 14 of the 50 homes sold in August were sales over $200,000. In comparison, March was the biggest selling month of this year with 63 single family homes sold, but only 10 of them were north of $200,000.

Another bright spot is that only 28% of the sales were REO properties.

These piece fit together pretty well when you consider that what brought prices crashing down a few years ago was an over supply of homes that led to foreclosures, which sold at rock bottom prices. Now inventory has cleared and foreclosure sales are fewer.

The median price so far this year is $134,900 compared to $119,900 last year.

One thing to keep an eye on is the number of homes on the market, which tends to grow toward the end of the year. Supply drives price, so a jump in inventory could impact prices in the short term.

 The Stats:

Fort Mohave

Source: Western Arizona REALTOR® Data Exchange

http://www.bullheadcityblog.com/bullhead-city-real-estate-report-july-2011/

Bullhead City and Fort Mohave real estate market update. Home sales statistics from local MLS – Western Arizona REALTOR Data Exchange.

Bullhead City market finding level ground

Home sales in Bullhead City tend to slow this time of year. In fact, July sales have been lower than June 12 of the last 17 years. Not a huge surprise considering most July closings go under contract sometime after May 1st, which is about the time temps start approaching triple digits.

There were 73 Bullhead City homes sold this July (including single family, manufactured homes, and condos), which marks a modest 8 percent dip from June. As I pointed out above, that’s par for the course. But it’s worth noting that sales also dropped 11 percent from the 82 homes sold a year ago. So far year-over-year sales have decreased all but one month in 2012.

The decrease in home sales this year has been slight - residential sales are down 6.5% for the year while the median single family home price is up 12% – and it’s likely a balancing of the market in reaction to reduced inventory, particularly in the lower price ranges.

Although the the combination of affordable prices and historically low interest rates still exists, people who are looking for yesterday’s prices are not finding them now that most of the excess inventory is gone.

With the slower time of the year creeping up, savvy buyers will take advantage of seasonally lower demand and get a better shot at the pick of the litter.

 The Stats:

Fort Mohave

Source: Western Arizona REALTOR® Data Exchange

http://www.bullheadcityblog.com/bullhead-city-real-estate-report-july-2011/

This weekend was the 6th annual Bullhead City River Regatta, in which thousands and thousands of floaters converge on the Colorado River for a little fun in the sun.

Since I have roughly 364 days a year to enjoy the river without 25,000 of my closest friends, I take this day each year to enjoy the Regatta from this front row seat:

Some initial thoughts on the Regatta:

• There were tons of floaters (24,233 according to Bullhead City PIO, the Daily News reports )…
• But not the expected 30,000-40,000, depending on the report.
• The floats were much more spaced out than last year, which made for a more mellow vibe than last year’r rowdy and crowded float…
• Some will love that. Some will hate that. Love it or hate it…
• I didn’t see or hear about any major incidents this year – thank goodness.
• Those who oppose the Regatta have been vocal about issues such as trash, traffic, alcohol consumption, and safety. Let’s see what they say this year with the changes to the event.
• The City of Bullhead City had a big budget this year with beefed up security, safety, and transportation, among other costs. So it will be interesting to see the financial impact it’s reported over the coming weeks.

I’ve uploaded some photos, but I’ve tons more coming. Check out Regatta photos and videos at www.BullheadCityBlog.com/Regatta