The past year was definitely a record breaker for buyers, sellers and realtors alike. Despite a slight increase in interest rates and the news reporting a possibility of a real estate market slow down, our local market continues to grow.
Not only did 2018 out perform the 2017 market in both number of home sales and higher selling prices, 2018 out performed all proceeding years going back to 2006. One could be concerned for the 2019 outcome but if you take a look at the graph you can plainly see a very soft slope increasing over the 9 years since the bottom of our market in 2010. Contrasted to the past bubble where the slope is very steep and rapidly increased. Other factors to keep you panic away is that this markets buyers are very different than the the pre boom.
Team Fahey and US Southwest have our boots on the ground in this local market! The majority of the buyers are looking to purchase a second home which will likely turn into their soon to be retirement destination. We also have many local residents putting down roots and purchasing as their primary home. Kelsey has seen no shortage of her contemporaries as the millennials are taking full advantage of online sharing of dreams and ideas of how they purchased their homes! These buyers are very different compared to the buyers our market experienced in the pre boom years. Pre boom buyers largely consisted of investors looking to flip homes as the market was quickly increasing in price. The 2018 and 2017 buyers set the stage for a healthy real estate market in our opinion.
2018 single family home sales in the Bullhead City, Fort Mohave and Mohave Valley area saw a 14% increase in average sales prices over 2017. With a recent record number of sales coming in at 1112 ( a 3.5% increase over last year) and 128 of those being new construction homes it is not too surprising prices have dramatically increased. Note that new construction homes bring a premium as they showcase the newest finishes and amenities and are purchased at a premium hence helping to drive the market. Home buyers out there\’85we have plenty of existing homes which offer great value for your money.
When selling and looking to purchase in the sweet spot of the market which is defined as the range where the majority of the number of homes sell can be a challenge for buyers and a blessing for seller.
Our projections into the New Year are positive as we expect to help buyers looking to make their future home along the banks of the Colorado River in our desert community. Our local climate and landscape allows for the adventure seeking people who love Arizona. Off road adventurists, boating enthusiasts, live action casino seekers and those looking to slow the pace and enjoy the sunsets are sure to thrive in our growing community.
Again thank you for your continued support and referrals! Without you we would not enjoy the success and joy that helping people with their real estate needs brings us. Welcome to the new year and we wish you good health and prosperity.