July 2008 Real Estate Market Update
August 7th, 2008 categories: Market Update, Prescott Market Statistics, Real Estate News
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
Prescott Sales Statistics for the month of July, 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 | 208 | 18 | 11.5 |
| $300,001 to $500,000 | 425 | 30 | 14.7 |
| $500,001 to $800,000 | 313 | 13 | 24.08 |
| $800,0001 to $1,000,000 | 78 | 4 | 19.5 |
| $1,000,001 & above | 96 | 1 | 96 |
| Totals | 1,120 | 66 | 16.97 |
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 | 161 | 4 | 40.25 |
| 120 | 337 | 21 | 16.05 |
| 130 | 167 | 14 | 11.93 |
| 140 | 193 | 10 | 19.30 |
| 150 | 123 | 9 | 13.67 |
| Williamson Valley | 214 | 9 | 23.78 |
| Prescott Valley | 737 | 83 | 8.88 |
| Chino Valley | 312 | 17 | 18.35 |
| Dewey | 101 | 5 | 20.20 |
| P.C.Club/ Quailwood | 107 | 5 | 21.40 |
| Totals | 2,452 | 177 | 13.85 |
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
[…] Sales statistics and absorption rate for August. When I look at the numbers for August it seems like we are in a holding pattern. Sales improve in one area, but dip slightly in another. The total number of homes for sale in Prescott has been running between 1,119 to 1,130 and the absorption rate fluxuates from 16 months of inventory to 18 months. Absorption rates are a calculation of how long it will take for all of the homes on the market to be sold, or absorbed at the current rate of sale. The absorption rate for Prescott as well as the Tri City area has gone up slightly from July. The data I use is from PAAR (Prescott Area Association of Realtors) MLS and is deemed reliable but not guaranteed. To compare statistics from July, click July Market Statistics […]