March 2008, Prescott / Tri-City Real Estate Market Update
March 25th, 2008 categories: Home Sellers, Market Update, Real Estate News
Absorption Rate.
These numbers determine how long it will take for the existing homes on the market to be absorbed by buyers at the current rate of purchase. Here’s how to calculate absorption rates: Add up the number of homes on the market, find out how many homes have sold in the past 30 days, divide the number of homes on the market by the number of sales. Below is the market update for Prescott and the Tri-City Area as of March 25, 2008. I will post these numbers weekly and include vacant land.City of Prescott Absorption Rate By Price Range
| Price Range | Residential Properties On The Market | Residential Sales Last Month | Absorption Rate - # Of Months It Will Take To Sell |
|---|---|---|---|
| $300,000 and below | 168 | 20 | 8.4 |
| $300,001 to $500,000 | 381 | 13 | 29.3 |
| $500,001 to $800,000 | 296 | 14 | 21.1 |
| $800,0001 to $1,000,000 | 76 | 0 | N/A |
| $1,000,001 & above | 85 | 0 | N/A |
| Totals | 1006 | 47 | 21.4 |
Prescott / Tri City Absorption Rates By Area
See below for area definations (110 - 150)
| Area | Residential Properties On The Market | Residential Sales Last Month | Absorption Rate # Of Months It Will Take To Sell |
|---|---|---|---|
| 110 | 128 | 9 | 14.2 |
| 120 | 365 | 12 | 30.4 |
| 130 | 126 | 6 | 21 |
| 140 | 138 | 8 | 17.25 |
| 150 | 91 | 3 | 30.33 |
| Williamson Valley | 182 | 9 | 20.22 |
| Prescott Valley | 675 | 36 | 18.75 |
| Chino Valley | 275 | 13 | 21.15 |
| Dewey | 86 | 0 | N/A |
| P.C.Club/ Quailwood | 93 | 2 | 46.5 |
| Totals | 2,159 | 98 | 22 |
Area 110: North of Gurley/Thumb Butte, West of Willow Ck Rd including Longview
Area 120:North of Gurley, East of Willow Creek Road, West of Hwy 89
Area 130:East on Hwy 69 from Hwy 89 & 69 Junction, East of Hwy 89
Area 140: South of Gurley, East of Park/White Spar, West of the Ranch
Area 150: South of Gurley, East of Park/White Spar
As always, please feel free to contact me with any questions.
Regards,
Sherry Huffman
Realtor-Associate
The Huffman Group, Realty Executives
928-533-1833
928-441-1201 e-fax
sherry@thehuffmangroup.com
www.theHuffmanGroup.com
www.PrescottRealEstateRoundUp.com
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