Prescott Real Estate- October 2008 Market Update
November 17th, 2008 categories: Market Update, Real Estate News
The data used to make the chart is gathered from the Prescott Area MLS. The data in the MLS is deemed reliable but not guaranteed. This data is for October 2008, for single family homes, not including condos or mfg. homes. Residential sales are homes that have closed escrow.
Below is an update for the Prescott Real Estate market as of 11/17/2008.
The number of residential homes currently listed for sale in the City of Prescott is 1,094.
That number is down from 1,186 in June. I hear people talking about how many homes are listed for sale in Prescott, but the number of homes on the market is actually dropping, which is a good thing! Homes are also taking much longer to sell which makes it feel like everything is for sale.
Year to date, 576 homes have sold in Prescott.
Our sales are down approximately 30% from this time last year. 37% from 2006.
On average, the number of days it takes to sell a home in Prescott is 194.
In October 2007, the average days on market was 158. October 2006 was 122 days.
I recently showed property to some buyers that I originally met with in July of 2007.
We met again in October of this year; several of the homes we looked at in July 2007 were still on the market over a year later. Interestingly enough, the prices of those homes had barely been reduced from where they were listed in July 07.
Vacant Land; The Real Victim.
13% of the vacant land currently listed has sold this year. Year to date sales for vacant land stands at 102, down 49.25% from last year. If land continues selling at the current rate of sale, it will take 12.8 years to sell what’s currently on the market. Unless you are willing to take a huge hit on the price of your land, I strongly recommend holding on to it until market conditions improve.
The chart below is for the City of Prescott and Williamson Valley.
| Price Range | Residential Properties Currently On The Market | Residential Sales Last Month | Absorption Rate # Of Months It Will Take To Sell |
|---|---|---|---|
| $300,000 and below | 226 | 22 | 10.07 |
| $300,001 to $500,000 | 383 | 18 | 21.28 |
| $500,001 to $800,000 | 245 | 11 | 22.27 |
| $800,0001 to $1,000,000 | 63 | 2 | 31.50 |
| $1,000,001 & above | 90 | 2 | 45 |
| Totals | 1,094 | 56 | 19.54 |
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
