May 27, 2008 Real Estate Market Update
May 27th, 2008 categories: Market Update, Prescott Market Statistics
Current sales statistics are holding steady in some areas, and declining in others. Although sales seem to be picking up a little, the absorption rates for most of Prescott and the Tri-City area is over two years. The absorption rate determines how long it will take for existing homes on the market to be absorbed by buyers at the current rate of sale. Below is the market update for the month of May, 2008. To compare sales statistics for March or April, click on the links: March, April.
Prescott Sales Statistics as of May 27, 2008
| Price Range | Residential Properties On The Market | Residential Sales Last Month | Absorption Rate # Of Months It Will Take To Sell |
|---|---|---|---|
| $300,000 and below | 188 | 12 | 15.67 |
| $300,001 to $500,000 | 449 | 16 | 28.06 |
| $500,001 to $800,000 | 324 | 9 | 36 |
| $800,0001 to $1,000,000 | 72 | 2 | 36 |
| $1,000,001 & above | 87 | 4 | 21.75 |
| Totals | 1,120 | 40 | 28 |
Prescott / Tri City Absorption Rates By Area
See below for area definitions (110 - 150)
| Area | Residential Properties On The Market | Residential Sales Last Month | Absorption Rate # Of Months It Will Take To Sell |
|---|---|---|---|
| 110 | 151 | 9 | 16.78 |
| 120 | 377 | 15 | 25.13 |
| 130 | 156 | 2 | 78 |
| 140 | 178 | 7 | 25.43 |
| 150 | 104 | 4 | 26 |
| Williamson Valley | 193 | 4 | 48.25 |
| Prescott Valley | 695 | 23 | 30.22 |
| Chino Valley | 287 | 12 | 23.92 |
| Dewey | 165 | 3 | 55 |
| P.C.Club/ Quailwood | 101 | 7 | 14.43 |
| Totals | 2,407 | 86 | 27.99 |
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
[…] Prescott Sales Statistics have improved some. From May to June, the absorption rate for Prescott fell from 28 months of inventory to 24.71. Every little bit helps! Total number of sales for Prescott were up by 8. Again, good news for the month of June. The news was better for the Tri-City area as well. The absorption rate dropped from 27.99 months of inventory to 20.08. Hopefully the number will continue moving in this direction. To compare these charts to May, click here May 08 […]