Prescott Real Estate- November Market Update 2008
December 4th, 2008 categories: Market Update, Real Estate News
It’s hard to believe that 2008 is quickly coming to a close!
Below is the November market update for the Prescott area. Some of the numbers held steady from last month, the number of residential listings dropped from 1,094 to 979, sales decreased by 2, not too bad.
It is somewhat typical to see less homes on the market this time of year… Some Sellers don’t want to deal with buyers in their homes during the holidays, others feel their chances are better in the spring.
Year to date, sales are down 25% from last year. The number of closed sales for 2008 stands at 718, that’s including condos, mfg. homes and town homes. 2007 year to date was 967 sales.
There are currently 1,464 vacant lots for sale in Prescott. Year to date, 110 lots have sold and closed escrow. Last year at this time 215 lots had sold and closed escrow. Currently the number of vacant lots that are sale pending is 8.
Unless you are willing to take a huge hit on the price, vacant land is very difficult to sell in this market. With home prices falling and building costs increasing, you can buy a home for half of what it would cost to build. My suggestion to vacant land owners is unless you absolutely need to sell and are willing to price it accordingly, wait. At the current rate of sale, we have a 13 year surplus of vacant land listings.
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 | 228 | 34 | 6.71 |
| $300,001 to $500,000 | 375 | 16 | 23.44 |
| $500,001 to $800,000 | 236 | 1 | 236 |
| $800,0001 to $1,000,000 | 66 | 1 | 66 |
| $1,000,001 & above | 74 | 0 | 74 |
| Totals | 979 | 52 | 18.83 |
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
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