Archive for the 'Prescott Market Statistics' Category
Prescott Home Sales and Prices by Neighborhood
February 4th, 2010 categories: Home Buyers, Home Sellers, Prescott Market Statistics, Real Estate News
|
Prices and sales by Neighborhood |
Number of homes for sale | Number of homes pended | Average List Price |
Average Sales Price |
|---|---|---|---|---|
| Timberridge | 13 | 1 | $364,626 | $318,085 |
| Hidden Valley Ranch | 18 | 0 | $387,400 | $332,337 |
| Kingswood | 4 | 1 | $502,124 | $387,000 |
| Forest Trails | 15 | 0 | $590,133 | $456,900 |
| Eagle Ridge | 3 | 1 | $377,666 | $311,277 |
| Longview Estates & Fairfield Estates | 10 | 0 | $414,770 | $431,250 |
| Vista Del Cerro Estates | 3 | 0 | $507,633 | $644,500 |
| Hassayampa Village | 23 | 1 | $1,117,047 | $797,818 |
| Southview | 10 | 0 | $807,790 | $531,333 |
| Pinon Oaks | 16 | 0 | $372,946 | $324,823 |
| Mountain Club | 9 | 0 | $246,922 | $211,900 |
Real Estate numbers are local. It’s nice to know what’s going on nationwide, but most home owners want to know what’s going on in their neighborhood. These numbers are for the Month of January and as you can see, January was a slow month for sale pendings. The average sale prices were calculated over the past six months, average list price is calculated by the current number of active listings. If you would like to see the statistics for your neighborhood and it’s not on this list, please let me know and I will post the numbers.
Interest rates remain at historic lows making this a great time to buy or sell. If you have any questions about market conditions, please call us at 928.778.4492 or contact us by e-mail at info@thehuffmangroup.com
Thanks and have a great day.
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Prescott Real Estate Market Update
January 20th, 2010 categories: Market Update, Prescott Market Statistics, Real Estate News
The chart below is the absorption rate for site built, single family homes in the City of Prescott. Absorption rates are a calculation of how long it will take for all of the homes on market to be sold, or absorbed, at the current rate of sales.
The data used came from the Prescott MLS and is deemed reliable, but not guaranteed.
| Price Range | Residential Properties On The Market | Closed Sales Last Month | Absorption Rate # Of Months It Will Take To Sell |
|---|---|---|---|
| $300,000 and below | 253 | 34 | 7.4 Months |
| $300,001 to $500,000 | 251 | 16 | 15 Months |
| $500,001 to $800,000 | 135 | 10 | 13 Months |
| $800,001 to $100,000,000 | 96 | 1 | 96 Months |
| $100,000,001 and above | 46 | 0 | 46 Months |
| Totals | 781 | 61 | 12.8 Months |
The absorption rate has gone up slightly over the past few months, meaning it may take a little longer to sell a home. The listing inventory continues to shrink giving buyers fewer choices, yet homes that are over prices continue to be overlooked. There are smart buyers out there.
For those who still wish to take advantage of the home buyer tax credit, you must have an accepted, binding contract by April 30, 2010, and must close escrow by July 1, 2010.
Call us with any questions, we welcome your comments. Have a great day.
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Prescott Real Estate market update, June 12th, 2009
June 12th, 2009 categories: Prescott Market Statistics, Real Estate News
Below is the monthly update for the Prescott Real Estate Market.
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.
| Price Range | Residential Properties On The Market | Closed Sales Last Month | Absorption Rate # Of Months It Will Take To Sell |
|---|---|---|---|
| $300,000 and below | 231 | 31 | 7.45 Months |
| $300,001 to $500,000 | 334 | 14 | 23.8 Months |
| $500,001 to $800,000 | 213 | 4 | 34.8 Months |
| $800,001 to $100,000,000 | 69 | 2 | 53.25 Months |
| $100,000,001 and above | 68 | 0 | 68 Months |
| Totals | 915 | 51 | 17 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 |
931 | 131 | 218 |
| Vacant Land |
1,452 | 10 | 22 |
| Condos & Town Homes & Patio Homes |
141 | 13 | 18 |
| Multi Family Properties |
26 | 0 | 4 |
| Commercial Properties |
209 | 6 | 4 |
| Business Opportunities |
11 | 0 | 1 |
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
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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
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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
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Prescott Real Estate- Market Update, Wednesday January 28th
January 28th, 2009 categories: Home Buyers, Home Sellers, Market Update, Prescott Market Statistics
Hello, and welcome to the weekly Real Estate market update for the City of Prescott. The residential properties I’m including are single family homes, town-homes, condos and manufactured housing.
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.
| Price Range | Residential Properties On The Market | Home Sales Last Month | Absorption Rate # Of Months It Will Take To Sell |
|---|---|---|---|
| $300,000 and below | 315 | 19 | 16.5 Months |
| $300,001 to $500,000 | 363 | 15 | 24.2 Months |
| $500,001 to $800,000 | 211 | 2 | 105 Months |
| $800,001 to $100,000,000 | 65 | 1 | 65 Months |
| $100,000,001 and above | 71 | 0 | 71 Months |
| Totals | 1,025 | 37 | 27 Months |
Prescott Real Estate- Year to Date Sales Information
| Property Type | Listings For Sale |
Pending Sales | Closed Sales Year To Date |
|---|---|---|---|
|
Single family Residential |
891 | 93 | 22 |
| Vacant Land |
1,295 | 5 | 5 |
| Condos & Town Homes & Patio Homes |
130 | 17 | 4 |
| Multi Family Properties |
23 | 1 | 0 |
| Commercial Properties |
197 | 0 | 1 |
| Business Opportunities |
11 | 0 | 0 |
Single family homes priced under $300,000 continue to dominate what is selling in Prescott. Vacant land and commercial properties are still sitting in the back seat.
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
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Prescott Real Estate- Vacant Land Market Conditions
January 14th, 2009 categories: Market Update, Prescott Market Statistics, Real Estate News
A
bsorption rates are a calculation of how long it will take for properties on the market to sell, if they continue selling at the current rate. The vacant land listing absorption has gone up significantly in the past few months; this is partly due to the time of year, and very few people are building new homes. If you are a seller of vacant land and absolutely do not need to sell right now, wait for a few years. If you need to sell your land sooner rather than later, read on.
Prescott Area Vacant Land Listings and Sales
| Price Range | Vacant Land Properties On The Market | Land Sales Last Month | Absorption Rate # Of Years It Will Take To Sell |
|---|---|---|---|
| $10,000 to $50,000 | 38 | 0 | 3. Years |
| $50,001 to $100,000 | 135 | 0 | 9.5 Years |
| $100,001 to $300,000 | 845 | 4 | 17.6 Years |
| $300,001 to $500,000 | 178 | 0 | 14 Years |
| $500,001 and above | 38 | 0 | 3.1 Years |
| Totals | 1,234 | 4 | 25.7 Years |
Do you need to sell vacant land now or in the near future?
It is possible, but be prepared to take less than what you had hoped for and be patient!
Below are some tips on getting your vacant land sold in less than 10 years.
Be realistic about price. If you’re trying to sell something that not many people are buying, it needs to be a great deal. Buyers need to feel like they can’t afford not to buy it.
A competitive price will be your greatest tool if you need to sell. Don’t be afraid to lower the price if the current price is not generating any activity.
Offer Seller Financing. A seller financed real estate sale is simply a real estate transaction where the owner of the property acts as the bank or lending institution. Price, terms, down-payment are all negotiated between seller and buyer just like a standard purchase agreement. The difference is that the seller receives payments instead of a bank.
Owner Financing Benefits To Sellers:
The Chance Of Finding A Buyer Increases. Offering owner financing attracts an additional set of buyers. If your property isn’t selling under conventional methods, offering owner financing is one way to stand out in a sea of listings.
Higher Sales Price. Buyers sometimes have trouble coming up with the cash needed to purchase and close the property. They may be perfectly happy to pay a little more for the land if it requires a lower down payment and lower closing costs.
Creating an income. Being the bank is a great way to boost your monthly income. Can you think of any savings account that is earning 6, 7 or 8% interest? Sellers receive monthly principal and interest payments, and if the buyer defaults, the seller gets the property back.
Tax breaks. The seller might pay less in taxes on an installment sale, reporting only the income received in each calendar year. Consult with your tax professional.
Should you have questions regarding owner financing, please contact us at 928.778.4492. Or log onto notequeen.com for more information on owner financing.
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Prescott Real Estate- Market Update, January 7th, 2009
January 7th, 2009 categories: Home Buyers, Home Sellers, Market Update, Prescott Market Statistics
Happy New Year!
Here are the numbers for the first seven days of the year. I’m happy to see that there are 48 pending sales this early in the year. Many of them are carry-overs from last year, but that’s OK. We’ll take what we can get.
This chart will be posted every Wednesday. If you would like additional information, please contact us at 928.778.4492 or e-mail at info@thehuffmangroup.com
| Property Type | Listings For Sale |
Pending Sales | Sales Year To Date |
|---|---|---|---|
|
Single family Residential |
896 | 48 | 6 |
| Vacant Land |
1,309 | 5 | 0 |
| Condos & Town Homes & Patio Homes |
112 | 9 | 0 |
| Multi Family Properties |
24 | 2 | 0 |
| Commercial Properties |
197 | 3 | 3 |
| Business Opportunities |
13 | 0 | 0 |
The information provided is courtesy of the Prescott Area Association of Realtor MLS. This information is deemed reliable but not guaranteed.
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Prescott Real Estate- Foreclosure activity drops nationwide
December 12th, 2008 categories: Market Update, Prescott Market Statistics, Prescott Real Estate Trends
The number of American homeowners dragged into the foreclosure crisis fell this past month to the lowest level since June as new laws lengthened the process.
Nationwide, more than 259,000 homes received at least one foreclosure notice in November, down 7% from October, but 28% higher from one year ago.
In October, 5.03% of homes listed for sale in Prescott were banked owned. As of today that number has gone up to 8.26%
A report was issued by RealtyTrac naming Nevada, Florida and Arizona as the nations top foreclosure rates. In Arizona one in every 198 homes is in foreclosure.
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Prescott Real Estate- September 2008 Market Update
October 9th, 2008 categories: Prescott Market Statistics, Real Estate News
The numbers for September varied slightly from August. The number of active listings throughout the Tri-City area has increased by 70 homes, sales were down slightly. The absorption rate for Prescott went from 18.97 months of inventory to 19.54.
The data I used is from the Prescott Area Association of Realtor and is deemed reliable but not guaranteed. To compare statistics from August, click August Market Statistics
City of Prescott Statistics for the month of September, 2008
| Price Range | Residential Properties On The Market | Residential Sales Last Month | Absorption Rate # Of Months It Will Take To Sell |
|---|---|---|---|
| $300,000 and below | 232 | 21 | 11.05 |
| $300,001 to $500,000 | 422 | 24 | 17.58 |
| $500,001 to $800,000 | 273 | 9 | 30.33 |
| $800,0001 to $1,000,000 | 74 | 1 | 74 |
| $1,000,001 & above | 93 | 1 | 93 |
| Totals | 1,094 | 56 | 19.54 |
Prescott / Tri City Absorption Rates By Area
See below for area definitions (110 - 150)
| Area | Residential Properties On The Market | Residential Sales Last Month | Absorption Rate # Of Months It Will Take To Sell |
|---|---|---|---|
| 110 | 163 | 7 | 53 |
| 120 | 345 | 27 | 11.21 |
| 130 | 166 | 4 | 40 |
| 140 | 167 | 7 | 13.38 |
| 150 | 116 | 5 | 19.33 |
| Williamson Valley | 205 | 6 | 39.80 |
| Prescott Valley | 640 | 38 | 11.20 |
| Chino Valley | 312 | 16 | 15.58 |
| Dewey | 100 | 7 | 48.50 |
| P.C.Club/ Quailwood | 112 | 6 | 25.75 |
| Totals | 2,326 | 123 | 18.91 |
Area 110: North of Gurley/Thumb Butte, West of Willow Ck Rd including Longview
Area 120:North of Gurley, East of Willow Creek Road, West of Hwy 89
Area 130:East on Hwy 69 from Hwy 89 & 69 Junction, East of Hwy 89
Area 140: South of Gurley, East of Park/White Spar, West of the Ranch
Area 150: South of Gurley, East of Park/White Spar
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
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