Prescott Real Estate- Market Update March 27th, 2009
March 27th, 2009 categories: Market Update, Prescott Market Statistics, Real Estate News
Hello, and welcome to the weekly Real Estate market update for the City of Prescott.
The chart below covers properties that are site-built, single family residences in the City of Prescott. This update is a little different than what I normally do, I though it would be interesting to look back and compare some sales figures from 2005 to 2009.
|
Year |
Average Sales Price | Average # of sales per Month | Total # of sales for the year |
|---|---|---|---|
| 2005 | $314,107 | 236 | 2,829 |
| 2006 | $346,065 | 172 | 2,067 |
| 2007 | $338,506 | 154 | 1,845 |
| 2008 | $285,430 | 131 | 1,577 |
| 2009 Jan & Feb |
$220,786 | 91 | 182 |
| Year | Days on Market |
List price |
Average Price per Sq. Ft. |
|
2005 |
102 | 98.1% | $165.00 |
| 2006 | 124 | 96.9% | $183.00 |
| 2007 | 159 | 95.5% | $175.00 |
| 2008 | 165 | 94.5% | $148.00 |
| 2009 Jan & Feb |
162 | 92.1% | $113.00 |
In the month of February, 09, 50% of the homes that closed escrow were bank owned, and that is directly tied to the dramatic drop in price per sq. ft. Banks are extremely motivated sellers and slashing prices is the best way to move homes through the system. When price per sq. ft. begins to increase, it will be another indicator that more privately owned homes are closing escrow.
The information provided is courtesy of the Prescott Area Association of Realtor MLS. This information is deemed reliable but not guaranteed.
If you would like more information on the Prescott Real Estate market, please contact us at 928.778.4492 or e-mail us at info@thehuffmangroup.com
Thanks for taking the time to dredge these numbers out of the system. Do you have $/sqft data that is older? It would be interesting to see when Prescott was last at $113 per square foot.
Thanks again!
Hi Patrick,
Thanks for your comment.
I will look at older numbers and check price per square foot. It will be interesting!
Thank you and have a great day.
Sue Brown