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Sun, Aug. 25

Housing market currently good for buyers, sellers

Two homes were for sale near Sixth and Oak Street in downtown Kingman Friday. (JC AMBERLYN/Miner)

Two homes were for sale near Sixth and Oak Street in downtown Kingman Friday. (JC AMBERLYN/Miner)

KINGMAN - The inventory of single-family homes for sale in Kingman and Golden Valley is around 320, which favors neither buyers nor sellers, said Scott Lander, owner of Keller Williams Arizona Living Realty.

During the peak, there were 700 to 800 homes on the market, and the lowest inventory was around 250 homes, Lander said.

"Currently, we're at a very stable, level playing field between buyers and sellers right now," he said.

Sellers are pushing prices up a bit, and inventory is rising, so that's a good sign for a healthy market, Lander noted.

The Kingman Golden Valley Association of Realtors reported an average price of $130,330 for homes sold in October, a 24.4 percent increase from $104,737 in the same month a year ago.

There were 152 new listings in October, 107 sold listings and 106 pending listings, or contract sales in escrow.

A 2014-15 home sales report from Mohave County Economic Development showed 177 sales of properties with two or fewer bedrooms in the price range of under $20,000, the highest number of closings by selling range and number of bedrooms.

There were 126 two-or-fewer bedroom properties sold between $20,000 and $39,999, and 114 three-bedroom homes sold between $80,000 and $99,999.

Mortgage interest rates are in the 4 percent range, near historical lows, Lander said.

"This is very good because a lot of times in our area, you can actually get a house and buy a home cheaper with the mortgage payment than you can actually rent it for," he said. "A lot of people don't know that."

The Mohave County Economic Development report showed 712 homes purchased with cash; 319 conventional loans; 108 VA loans; 103 owner-carry financing; 100 USDA loans; and 90 FHA loans.

The market favors buyers when there's a lot of inventory, and it favors sellers when homes are scarce. As a whole, Mohave County is in excellent shape, Lander said.

"Currently, I feel that we're at a stable point," he said. "We've risen in value for four years. It's a great time to sell a home, and also a great time to buy a home. I can't really say anything negative about either."

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