June 2008 Real Estate Market Update
July 3rd, 2008 categories: Home Sellers, Market Update, Prescott Market Statistics
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
Prescott Sales Statistics for the month of June, 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 | 224 | 14 | 16.0 |
| $300,001 to $500,000 | 448 | 26 | 17.23 |
| $500,001 to $800,000 | 339 | 5 | 67.80 |
| $800,0001 to $1,000,000 | 83 | 1 | 83 |
| $1,000,001 & above | 95 | 2 | 47.50 |
| Totals | 1,186 | 48 | 24.71 |
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 | 162 | 7 | 23.14 |
| 120 | 359 | 19 | 18.89 |
| 130 | 161 | 8 | 20.13 |
| 140 | 189 | 6 | 31.50 |
| 150 | 125 | 4 | 31.25 |
| Williamson Valley | 203 | 4 | 50.75 |
| Prescott Valley | 713 | 44 | 9.26 |
| Chino Valley | 306 | 13 | 23.54 |
| Dewey | 102 | 2 | 51 |
| P.C.Club/ Quailwood | 110 | 7 | 15.71 |
| Totals | 2,430 | 121 | 20.08 |
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
[…] Lower home prices are positively effecting home sales. For the second month in a row, the number of homes on the market is down and sales are up. Home prices in Prescott are down approximately 24% from this time last year and buyers that were watching and waiting are beginning to take advantage of the great buying opportunities available. Is the worst of this market downturn behind us?To compare July to June, click here June 2008 Sales Statistics […]