Bullhead City - April 2023 - Market Update

Bullhead City - April 2023 - Market Update

Bullhead City's real estate market is experiencing fluctuations from hot to warm and back again, which may be due to the normal seasonal shift from Snowbirds to Full-Timers. From October to March, we typically see an influx of Snowbird traffic, while the summer crowd and full-timers arrive in June. In April 2023, the median sales price decreased by 5.6% from $310,000 to $292,500. This could indicate that sellers who were previously sitting on the sidelines have decided to list their homes, possibly due to financial need, and are willing to offer discounts on the already inflated prices resulting from the pandemic.

Despite the decline in median sales prices, one home was sold for $1,295,000, and around 23 homes were sold for over $300,000. More than half of these homes, including the top 5 by sales price, were purchased by cash buyers. Closed sales were down 9.1% to 50, and it's possible that financed buyers are struggling to afford the high prices in the current interest rate environment. This decline in closed sales could also be due to the seasonal lull in the market.

Active listings have remained stable at around 192, compared to 193 last month, but there has been a significant increase of 77% compared to last year. This is good news for buyers as the selection of homes has increased significantly. Many buyers stepped out of the market last year due to the lack of homes that fit their criteria. However, median days on the market doubled from 24 to 44 days over the last month, indicating that sellers are still holding onto high prices and hoping that the market will rebound. Many of the homes on the market for an extended period seem to be either priced over $400,000 or grossly overpriced.

It's uncertain which way the Bullhead City real estate market will go in May. However, some things to watch out for include cooling interest rates and significantly more homes being sold than are listed. Despite the fluctuations, the market is still strong compared to what it was in 2017 and 2018. Cash buyers and investors see the current market as an opportunity to purchase homes at a discount. Given the number of homes sold for cash, it's a logical strategy.

Brandon Stidham

The Stidham Team - Colorado River Top Producers Realty

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*Information deemed reliable but not guaranteed. Information provided by WARDEX on 5/6/2023.