Looking Back… How did 2008 compare to 2007
January 6th, 2009 categories: Home Buyers, Home Sellers, Market Update
It’s interesting to look at numbers pertaining to Real Estate sales.. at least it is for me.
The Prescott Real Estate market peaked in 2004 / 2005 as did most other cities in the country, and like Wal-Mart the numbers have been rolling back ever since.
So how did 2008 compare to 2007? Here are some numbers…
In 2007, a total of 1,023 residential properties sold in Prescott. In 2008, 758 properties sold. That’s a difference of 265 sales. The average sales price in 07 was $376,700 and in 08 it was $347,400. Average number of days it took to sell a home in 07 was 158, in 08 it was 187 days. To sum things up, sales volume was down by 26% in 2008 and the average sales price fell by 7.75%. Not great, but certainly not as bad as our neighbors in California and Nevada.
From the heydays of 04 and 05, sales volumn in Prescott has declined by over 50%, however, the average sales price is still up by 25% from 2004. Prescott reached it’s peak average sales price in 2006 at $387,167.
Below are the residential home sales statistics for the City of Prescott from 2004 to 2008.
2004
Number of homes sold = 1,611
Average sales price = $277,900
Average days on market = 119
2005
Number of homes sold = 1,442
Average sales price = $352,900
Average days on market = 102
2006
Number of homes sold = 1,086
Average sales price = $387,100
Average days on market = 126
2007
Number of homes sold= 1,023
Average sales price = $378,900
Average days on market = 158
2008
Number of homes sold = 758
Average sales price = $347,400
Average days on market = 177
If you would like additional sales information, please contact us at 928.778.4492 or e-mail us at info@thehuffmangroup.com.
