Prescott Real Estate- Weekly Market Update, April 6th
April 6th, 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.
Absorption rates are a calculation of how long it will take for all the homes on the market to be sold, or absorbed at the current rate of sales. And finally, a single digit absorption rate! I haven’t seen single digit absorption rates in a long time.
Could it be that market conditions are improving? I’m thinking that they are. There are more and more positive signs out there, and investors are back taking advantage of bank owned bargains. Yes, we have a ways to go, and there will be more bank owned properties to deal with. But it’s now official; There is light at the end of the tunnel.
| Price Range | Residential Properties On The Market | Pending Sales Last Month | Absorption Rate # Of Months It Will Take To Sell |
|---|---|---|---|
| $300,000 and below | 227 | 78 | 2.9 Months |
| $300,001 to $500,000 | 326 | 31 | 10.5 Months |
| $500,001 to $800,000 | 198 | 11 | 18 Months |
| $800,001 to $100,000,000 | 69 | 4 | 24 Months |
| $100,000,001 and above | 68 | 1 | 68 Months |
| Totals | 888 | 125 | 7.10 Months |
Prescott Real Estate- Year to Date Sales Information
| Property Type | Listings For Sale |
Current Pending Sales |
Closed Sales Year To Date |
|---|---|---|---|
|
Single family Residential |
901 | 52 | 100 |
| Vacant Land |
1,432 | 11 | 26 |
| Condos & Town Homes & Patio Homes |
141 | 6 | 13 |
| Multi Family Properties |
22 | 0 | 2 |
| Commercial Properties |
200 | 5 | 3 |
| Business Opportunities |
10 | 0 | 0 |
In many markets around the country, bank owned properties make up the majority of closed escrow, some areas are as high as 50% t0 60%.
In the month of February, 50% of homes that closed escrow in Prescott were bank owned. In March, 21% of homes that closed escrow in Prescott were banked owned.
Year to date, 27% of the homes that have closed escrow have been banked owned.
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
