Archive for the 'Market Update' Category
Prescott Real Estate- Weekly Market Update December 17th, 2008
December 17th, 2008 categories: Home Buyers, Home Sellers, Market Update, Real Estate News
If there’s room in the sleigh, a stable Real Estate market would be greatly appreciated!
Below is the weekly market update for the Prescott area.
The number of single family homes on the market has continued declining over the past month which is always a good sign. Seven single family residential properties closed escrow since last week as well.
Compare last week’s Prescott Real Estate market update.
| Property Type | Listings For Sale |
Pending Sales | Sales Year To Date |
|---|---|---|---|
| Single family Residential |
963 | 51 | 606 |
| Vacant Land |
1,450 | 7 | 113 |
| Condos & Town Homes & Patio Homes |
126 | 14 | 78 |
| Multi Family Properties |
22 | 0 | 4 |
| Commercial Properties |
198 | 4 | 33 |
| Business Opportunities |
15 | 0 | 6 |
The information provided is courtesy of the Prescott Area Association of Realtor MLS. This information is deemed reliable but not guaranteed.
| Discussion: 2 Comments »
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- Market Update Wed. December 10th
December 10th, 2008 categories: Market Update, Real Estate News
Below is the weekly market update as of 12/10/2008.
The number of single family residential properties listed for sale has dropped to 971 from 989. There were 4 additional pending sales and 5 closed sales!
Vacant land has not moved much from last week.. One additional pending and one closed escrow. I anticipate that vacant land sales will continue to be sluggish well into 2009 / 2010.
This market update will be posted every Wednesday. If you have any questions, please contact us at info@thehuffmangroup.com.
Compare last week’s Prescott Real Estate market update.
| Property Type | Listings For Sale |
Pending Sales | Sales Year To Date |
|---|---|---|---|
| Single family Residential |
971 | 55 | 599 |
| Vacant Land |
1,458 | 5 | 113 |
| Condos & Town Homes & Patio Homes |
127 | 13 | 78 |
| Multi Family Properties |
23 | 0 | 4 |
| Commercial Properties |
199 | 4 | 32 |
| Business Opportunities |
15 | 0 | 6 |
The information provided is courtesy of the Prescott Area Association of Realtor MLS. This information is deemed reliable but not guaranteed.
| Discussion: 1 Comment »
Prescott Real Estate- Year To Date Sales Figures
December 5th, 2008 categories: Home Buyers, Home Sellers, Market Update, Real Estate News
Happy Friday!
Below are the year to date sales figures for the City of Prescott, including Williamson Valley.
These numbers will be posted weekly beginning next week.
| Property Type | Listings For Sale |
Pending Sales | Sales Year To Date |
|---|---|---|---|
| Single family Residential |
989 | 51 | 594 |
| Vacant Land |
1,464 | 6 | 112 |
| Condos & Town Homes & Patio Homes |
122 | 14 | 78 |
| Multi Family Properties |
24 | 1 | 4 |
| Commercial Properties |
197 | 4 | 32 |
| Business Opportunities |
15 | 0 | 6 |
Remember the Prescott Christmas Parade, tomorrow afternoon at 1:00 pm, and the Courthouse Lighting tomorrow evening at 6:00 pm. Both events will take place at the Downtown Courthouse Plaza and are a great way to begin the Christmas holiday.
| Discussion: 1 Comment »
Prescott Real Estate- November Market Update 2008
December 4th, 2008 categories: Market Update, Real Estate News
It’s hard to believe that 2008 is quickly coming to a close!
Below is the November market update for the Prescott area. Some of the numbers held steady from last month, the number of residential listings dropped from 1,094 to 979, sales decreased by 2, not too bad.
It is somewhat typical to see less homes on the market this time of year… Some Sellers don’t want to deal with buyers in their homes during the holidays, others feel their chances are better in the spring.
Year to date, sales are down 25% from last year. The number of closed sales for 2008 stands at 718, that’s including condos, mfg. homes and town homes. 2007 year to date was 967 sales.
There are currently 1,464 vacant lots for sale in Prescott. Year to date, 110 lots have sold and closed escrow. Last year at this time 215 lots had sold and closed escrow. Currently the number of vacant lots that are sale pending is 8.
Unless you are willing to take a huge hit on the price, vacant land is very difficult to sell in this market. With home prices falling and building costs increasing, you can buy a home for half of what it would cost to build. My suggestion to vacant land owners is unless you absolutely need to sell and are willing to price it accordingly, wait. At the current rate of sale, we have a 13 year surplus of vacant land listings.
The chart below is for the City of Prescott and Williamson Valley.
| Price Range | Residential Properties Currently On The Market | Residential Sales Last Month | Absorption Rate # Of Months It Will Take To Sell |
|---|---|---|---|
| $300,000 and below | 228 | 34 | 6.71 |
| $300,001 to $500,000 | 375 | 16 | 23.44 |
| $500,001 to $800,000 | 236 | 1 | 236 |
| $800,0001 to $1,000,000 | 66 | 1 | 66 |
| $1,000,001 & above | 74 | 0 | 74 |
| Totals | 979 | 52 | 18.83 |
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 Real Estate- October 2008 Market Update
November 17th, 2008 categories: Market Update, Real Estate News
The data used to make the chart is gathered from the Prescott Area MLS. The data in the MLS is deemed reliable but not guaranteed. This data is for October 2008, for single family homes, not including condos or mfg. homes. Residential sales are homes that have closed escrow.
Below is an update for the Prescott Real Estate market as of 11/17/2008.
The number of residential homes currently listed for sale in the City of Prescott is 1,094.
That number is down from 1,186 in June. I hear people talking about how many homes are listed for sale in Prescott, but the number of homes on the market is actually dropping, which is a good thing! Homes are also taking much longer to sell which makes it feel like everything is for sale.
Year to date, 576 homes have sold in Prescott.
Our sales are down approximately 30% from this time last year. 37% from 2006.
On average, the number of days it takes to sell a home in Prescott is 194.
In October 2007, the average days on market was 158. October 2006 was 122 days.
I recently showed property to some buyers that I originally met with in July of 2007.
We met again in October of this year; several of the homes we looked at in July 2007 were still on the market over a year later. Interestingly enough, the prices of those homes had barely been reduced from where they were listed in July 07.
Vacant Land; The Real Victim.
13% of the vacant land currently listed has sold this year. Year to date sales for vacant land stands at 102, down 49.25% from last year. If land continues selling at the current rate of sale, it will take 12.8 years to sell what’s currently on the market. Unless you are willing to take a huge hit on the price of your land, I strongly recommend holding on to it until market conditions improve.
The chart below is for the City of Prescott and Williamson Valley.
| Price Range | Residential Properties Currently On The Market | Residential Sales Last Month | Absorption Rate # Of Months It Will Take To Sell |
|---|---|---|---|
| $300,000 and below | 226 | 22 | 10.07 |
| $300,001 to $500,000 | 383 | 18 | 21.28 |
| $500,001 to $800,000 | 245 | 11 | 22.27 |
| $800,0001 to $1,000,000 | 63 | 2 | 31.50 |
| $1,000,001 & above | 90 | 2 | 45 |
| Totals | 1,094 | 56 | 19.54 |
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 »
Prescott Real Estate- July 2008 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: 1 Comment »
Prescott Real Estate- June 2008 Real 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 Real Estate… 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: 2 Comments »
Prescott Real Estate- May 27, 2008 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 »
