Archive for the 'Market Update' Category
July 2008 Real Estate Market Update
August 7th, 2008 categories: Market Update, Prescott Market Statistics, Real Estate News
Lower home prices are positively effecting home sales.
For the second month in a row, the number of homes on the market is down and sales are up. Home prices in Prescott are down approximately 24% from this time last year and buyers that were watching and waiting are beginning to take advantage of the great buying opportunities available.
Is the worst of this market downturn behind us?
To compare July to June, click here June 2008 Sales Statistics
Prescott Sales Statistics for the month of July, 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 | 208 | 18 | 11.5 |
| $300,001 to $500,000 | 425 | 30 | 14.7 |
| $500,001 to $800,000 | 313 | 13 | 24.08 |
| $800,0001 to $1,000,000 | 78 | 4 | 19.5 |
| $1,000,001 & above | 96 | 1 | 96 |
| Totals | 1,120 | 66 | 16.97 |
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 | 161 | 4 | 40.25 |
| 120 | 337 | 21 | 16.05 |
| 130 | 167 | 14 | 11.93 |
| 140 | 193 | 10 | 19.30 |
| 150 | 123 | 9 | 13.67 |
| Williamson Valley | 214 | 9 | 23.78 |
| Prescott Valley | 737 | 83 | 8.88 |
| Chino Valley | 312 | 17 | 18.35 |
| Dewey | 101 | 5 | 20.20 |
| P.C.Club/ Quailwood | 107 | 5 | 21.40 |
| Totals | 2,452 | 177 | 13.85 |
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.com
| Discussion: No Comments »
June 2008 Real Estate Market Update
July 3rd, 2008 categories: Home Sellers, Market Update, Prescott Market Statistics
Prescott Sales Statistics have improved some.
From May to June, the absorption rate for Prescott fell from 28 months of inventory to 24.71. Every little bit helps! Total number of sales for Prescott were up by 8. Again, good news for the month of June. The news was better for the Tri-City area as well. The absorption rate dropped from 27.99 months of inventory to 20.08. Hopefully the number will continue moving in this direction. To compare these charts to May, click here May 08
Prescott Sales Statistics for the month of June, 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 | 224 | 14 | 16.0 |
| $300,001 to $500,000 | 448 | 26 | 17.23 |
| $500,001 to $800,000 | 339 | 5 | 67.80 |
| $800,0001 to $1,000,000 | 83 | 1 | 83 |
| $1,000,001 & above | 95 | 2 | 47.50 |
| Totals | 1,186 | 48 | 24.71 |
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 | 162 | 7 | 23.14 |
| 120 | 359 | 19 | 18.89 |
| 130 | 161 | 8 | 20.13 |
| 140 | 189 | 6 | 31.50 |
| 150 | 125 | 4 | 31.25 |
| Williamson Valley | 203 | 4 | 50.75 |
| Prescott Valley | 713 | 44 | 9.26 |
| Chino Valley | 306 | 13 | 23.54 |
| Dewey | 102 | 2 | 51 |
| P.C.Club/ Quailwood | 110 | 7 | 15.71 |
| Totals | 2,430 | 121 | 20.08 |
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.com
| Discussion: 1 Comment »
Prescott Arizona is a Buyer’s Market
June 17th, 2008 categories: Home Buyers, Home Sellers, Market Update
The Prescott, Arizona Real Estate market is a buyers market.
Some sellers are still having a difficult time accepting this, but it’s true. The days of asking more than the house is worth and getting offers, are over. Some sellers still like to tack 20% on to the list price to “see what happens“. I don’t know how else to say it, but that strategy is nothing more than a waste of time.
In order to sell your home in this market, sellers need to be realistic and prepared to accept 20% to 25% less than what it was worth a year to two ago.
Here are some pricing and survival tips for today’s market
1. Establish a list price and then take 10% to 15% off of that.
2. If you don’t believe your Realtor’s opinion of value, call an appraiser.
3. Do not be offended by low offers. It’s part of working in a buyers market, and it’s nothing personal. In a buyers market, buyers know that this is the chance to get a great deal. It’s human nature.
4. If you get an offer on your home, even a low offer, consider yourself lucky. Do not reject any offers on your home. Come back with a reasonable counter offer. The offer you get today may be better than the offer you get 2 months from now. Take them all seriously.
5. If your home is not getting any showings, it’s the price. If your home is getting showings and no offers, it’s the price. Home buyers are educated consumers and they know value. If your home is perceived to be over priced by buyers, they just move on to the next property.
6. This market is what it is, and sellers need to accept that. If you need or want to sell, price your home accordingly. You may end up getting a little less than you had hoped, but at least you’re moving on with your future plans.
| Discussion: 1 Comment »
May 27, 2008 Real Estate Market Update
May 27th, 2008 categories: Market Update, Prescott Market Statistics
Current sales statistics are holding steady in some areas, and declining in others. Although sales seem to be picking up a little, the absorption rates for most of Prescott and the Tri-City area is over two years. The absorption rate determines how long it will take for existing homes on the market to be absorbed by buyers at the current rate of sale. Below is the market update for the month of May, 2008. To compare sales statistics for March or April, click on the links: March, April.
Prescott Sales Statistics as of May 27, 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 | 188 | 12 | 15.67 |
| $300,001 to $500,000 | 449 | 16 | 28.06 |
| $500,001 to $800,000 | 324 | 9 | 36 |
| $800,0001 to $1,000,000 | 72 | 2 | 36 |
| $1,000,001 & above | 87 | 4 | 21.75 |
| Totals | 1,120 | 40 | 28 |
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 | 151 | 9 | 16.78 |
| 120 | 377 | 15 | 25.13 |
| 130 | 156 | 2 | 78 |
| 140 | 178 | 7 | 25.43 |
| 150 | 104 | 4 | 26 |
| Williamson Valley | 193 | 4 | 48.25 |
| Prescott Valley | 695 | 23 | 30.22 |
| Chino Valley | 287 | 12 | 23.92 |
| Dewey | 165 | 3 | 55 |
| P.C.Club/ Quailwood | 101 | 7 | 14.43 |
| Totals | 2,407 | 86 | 27.99 |
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.com
| Discussion: 1 Comment »
Prescott vacant land sales still trending downward
April 11th, 2008 categories: Market Update, Prescott Market Statistics
Land listed for sale at Crossroads Ranch, Prescott
Here are the Vacant Land sales statistics for the month of March, 2008.
Vacant land sales have been on a downward trend since the end of 2005. As of the 4th quarter of 2007, vacant land sales were down 56% from the previous year. At the current sales rate, there is a 9.3 year supply of vacant land. To see previous sales statistics of residential home, click here
City of Prescott Vacant Land
| Price Range | Vacant Land Properties On The Market | Land Sales Last Month | Absorption Rate # Of Months It Will Take To Sell |
|---|---|---|---|
| $10,000 to $50,000 | 26 | 0 | N/A |
| $50,001 to $100,000 | 83 | 0 | N/A |
| $100,001 to $300,000 | 1,031 | 9 | 114.56 |
| $300,001 to $500,000 | 264 | 3 | 88 |
| $500,001 and above | 64 | 1 | 64 |
| Totals | 1,468 | 13 | 112.9 |
Prescott / Tri City Absorption Rates By Area
See below for area definitions (110 - 150)
| Area | Vacant Land Properties On The Market | Land Sales Last Month | Absorption Rate # Of Months It Will Take To Sell |
|---|---|---|---|
| 110 | 270 | 2 | 135 |
| 120 | 266 | 1 | 266 |
| 130 | 217 | 1 | 217 |
| 140 | 131 | 1 | 131 |
| 150 | 67 | 1 | 67 |
| Williamson Valley | 544 | 7 | 77 |
| Prescott Valley | 309 | 1 | 309 |
| Chino Valley | 432 | 3 | 144 |
| Dewey | 245 | 1 | 245 |
| P.C.Club/ Quailwood | 24 | 1 | 24 |
| Totals | 2,595 | 19 | 136.58 |
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.com
www.PrescottRealEstateRoundUp.com
| Discussion: No Comments »
April 1st, 2008 Real Estate Market Update
April 1st, 2008 categories: Market Update, Real Estate News
Here is the market update for the month of March, 2008. Compared for February 08, active listings and sales are both down, which is the good news and the bad news. Less active listings on the market is the trend we are looking for. We will continue to watch that number over the next few month. To see previous sales statistics, click hereCity of Prescott
| Price Range | Residential Properties On The Market | Residential Sales Last Month | Absorption Rate # Of Months It Will Take To Sell |
|---|---|---|---|
| $300,000 and below | 170 | 11 | 15.4 |
| $300,001 to $500,000 | 375 | 13 | 28.8 |
| $500,001 to $800,000 | 298 | 6 | 49.6 |
| $800,0001 to $1,000,000 | 72 | 2 | 36 |
| $1,000,001 & above | 85 | 0 | N/A |
| Totals | 1000 | 35 | 28.5 |
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 | 117 | 8 | 14.6 |
| 120 | 346 | 12 | 28.83 |
| 130 | 131 | 3 | 43.67 |
| 140 | 141 | 7 | 20.14 |
| 150 | 89 | 3 | 29.67 |
| Williamson Valley | 176 | 3 | 58.67 |
| Prescott Valley | 646 | 31 | 20.84 |
| Chino Valley | 269 | 13 | 20.69 |
| Dewey | 85 | 2 | 42.5 |
| P.C.Club/ Quailwood | 89 | 5 | 17.8 |
| Totals | 2,089 | 87 | 24.01 |
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.com
www.PrescottRealEstateRoundUp.com
| Discussion: 2 Comments »
March 2008, Prescott / Tri-City Real Estate Market Update
March 25th, 2008 categories: Home Sellers, Market Update, Real Estate News
Absorption Rate.
These numbers determine how long it will take for the existing homes on the market to be absorbed by buyers at the current rate of purchase. Here’s how to calculate absorption rates: Add up the number of homes on the market, find out how many homes have sold in the past 30 days, divide the number of homes on the market by the number of sales. Below is the market update for Prescott and the Tri-City Area as of March 25, 2008. I will post these numbers weekly and include vacant land.City of Prescott Absorption Rate By Price Range
| Price Range | Residential Properties On The Market | Residential Sales Last Month | Absorption Rate - # Of Months It Will Take To Sell |
|---|---|---|---|
| $300,000 and below | 168 | 20 | 8.4 |
| $300,001 to $500,000 | 381 | 13 | 29.3 |
| $500,001 to $800,000 | 296 | 14 | 21.1 |
| $800,0001 to $1,000,000 | 76 | 0 | N/A |
| $1,000,001 & above | 85 | 0 | N/A |
| Totals | 1006 | 47 | 21.4 |
Prescott / Tri City Absorption Rates By Area
See below for area definations (110 - 150)
| Area | Residential Properties On The Market | Residential Sales Last Month | Absorption Rate # Of Months It Will Take To Sell |
|---|---|---|---|
| 110 | 128 | 9 | 14.2 |
| 120 | 365 | 12 | 30.4 |
| 130 | 126 | 6 | 21 |
| 140 | 138 | 8 | 17.25 |
| 150 | 91 | 3 | 30.33 |
| Williamson Valley | 182 | 9 | 20.22 |
| Prescott Valley | 675 | 36 | 18.75 |
| Chino Valley | 275 | 13 | 21.15 |
| Dewey | 86 | 0 | N/A |
| P.C.Club/ Quailwood | 93 | 2 | 46.5 |
| Totals | 2,159 | 98 | 22 |
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.com
www.PrescottRealEstateRoundUp.com
| Discussion: 2 Comments »
