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: 1 Comment »
Home Prices Continue To Adjust
July 30th, 2008 categories: Home Sellers, Prescott Real Estate Trends, Real Estate News
Stumble, skid, slide, falter, this is all we hear about the real estate market. This morning I heard on the news “More Bad News For The Housing Market! Prices in Phoenix continue to slide downward, down 26.5% from May of 2007″.
This market correction had to happen and it’s not a bad thing. Lower home prices will help move us from the problem into the solution.
The real estate market conditions that got us here started in the mid to late 1990s. We had a 10 year run of accelerating sales and appreciating values. Home values in Prescott were up 25%, in some cases the appreciation was a staggering 45%. In 2004 through 2006, the average sale price in Prescott for a single family home was $420,000. These are unsustainable numbers for Prescott, Arizona Real Estate. The average annual income for people who work in Prescott is $34,454.00. Prescott does not have the job market to support an average sales price of $420,000. People who work here should be able to afford a home here.
So when I hear prices are down, who’s to say it’s not a good thing?
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What does it mean when the dewpoint is 55?
July 17th, 2008 categories: Just For Fun
Monsoon season is in full swing. We’ve had some great thunderstorm and even some rain! Phoenix has seen record amounts of rainfall this month, and the dewpoints have been in the 60s… If you watch the Weather Channel, the meteorologists are always mentioning the dewpoint. I did some research to find out exactly what is dewpoint….
All air contains vapor and the dewpoint is a measure of the amount of moisture in the air. The dewpoint of humid air is higher than the dewpoint of dry air. Dewpoint is further defined as the temperature to which the air has to drop in order for the moisture in the air to condense.Historically, when the Phoenix dewpoint reaches 55 degrees for three consecutive days, the likelihood of statewide thunderstorms is good.
| Discussion: 2 Comments »
Purchasing REO Properties
July 7th, 2008 categories: Home Buyers, Prescott Real Estate Trends
Are you considering buying a REO or bank owned property? Given the current home buying market, many home buyers see this a wonderful opportunity to buy a home for considerably less than market value. This may be true, but it’s important to know the process and understand the paperwork. If you plan on purchasing a bank owned property, read the fine print. There are some contractual differences compared to the standard A.A.R Real Estate Purchase Contract.
Use your Negotiating Power. If the listing is new on the market, the bank may not be willing to deviate from the list price. Look for REO homes that have been on the market for 30 days or more.
Check fees charged by the Title/Escrow company. Banks negotiate bulk rate contracts with Escrow companies. If you decide to use the banks Title/Escrow company they may charge more in order to make up for the discount they are offering the bank.
Banks do not pay for any extras. Banks generally are not willing to pay transfer fees, delinquent home owners association fees, any property inspections or home warranties. Be prepared to pay for these items out of your pocket.
Verbal Agreements. Most banks like to negotiate verbally before putting anything in writing. Generally, this is the number one rule on not what to do, but the bank hold the cards and sets the rules.
Expect the bank to use their own purchase contract or at the very least addendum’s to standard purchase contracts. Many times these contracts are not in the favor of the buyer. Read through everything thoroughly and if you don’t understand something, consult professional advise.
“As Is”. Most banks sell homes in “as is” condition. Make sure your offer contingent upon inspections, and your approval of those inspections.
Patience is a virtue! Most banks take days if not weeks to respond to offers. Be patient. If your offer is rejected, wait 30 days and re-submit the offer.
Have your loan in order and ready to go. Have a pre-approval letter from your lender ready to submit to the bank. Be certain your lender can close escrow on the pre determined closing date. If you run into delays and need more time to close, the bank may charge you for each late day.
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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 4th of July Celebration
July 1st, 2008 categories: Just For Fun, Prescott Nights
Happy July Everyone! Summer is officially in full swing and the 4th of July is a just a few days away.
The City of Prescott is hosting it’s annual 4th of July celebration at Pioneer Park. This year, Pioneer Park proudly presents the largest fireworks display in the tri-city area!
Make it a day of it and enjoy the carnival featuring the world’s largest water slide, bungee jumping, climbing walls, pony rides, bumper boats, carnival games and much more. There will also be live entertainment, contests, give-a-ways, a craft tent and food vendors. Bring the entire family and celebrate our nation’s birthday..
The carnival begins at 12:00 noon on Friday, fireworks begin at 9:00 PM
Admission into the park is FREE. Carnival tickets are available at any Fry’s Market, the Prescott Chamber of Commerce or Prescott True Value. Tickets are $12.00 if purchased in advance, or $15.00 at the gate.
Free parking at Embry-Riddle. Free shuttle service to Pioneer Park.
Pioneer Park is located at 1200 Commerce Drive in Prescott.
For more information call (928) 777-1349
| Discussion: No Comments »
Will Investors Shift Their Money Back Into Real Estate?
June 30th, 2008 categories: Home Buyers, Real Estate News
With the stock market hovering above bear market statistics, will investors shift their money back into the Real Estate market?
Just a thought…. The stock market has become increasingly volatile, and many investors are moving their equities into cash.
Real Estate prices have dropped to 2004 levels and Sellers are more motivated than ever. If there was ever a time to “buy low”, this is it.
I looked at 10 homes over the weekend, a few of them were ”bank owned”. The great news is that buyers had submitted purchase contracts on two of them. These homes were priced very competitively and were in good condition. In 5 years, both of these homes will be worth more than what the buyers purchased them for. These buyers not only have a place to live at a fixed monthly rate, but tax deductions on the interest paid, and an investment that is appreciating.
The Real Estate market is going to turn around and if you want to “buy low and sell high”, now’s the time.
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Great Values in Pinon Oaks Subdivision
June 27th, 2008 categories: Home Buyers, Home Sellers, Real Estate News
Pinon Oaks is a beautiful subdivision, and a great place to find some real house hunting bargins. Pinon Oaks is located at the corner of Willow Creek Road and Pioneer Parkway in Prescott.
5693 Globe Mallow
Prescott
This home features a 4 car attached garage, and large .44 acres lot with views and a large covered patio that is great for entertaining.
The home was built in 2001 and features 2,044 sq. ft., 3 bedrooms 2 full baths, a fireplace in the master suite and a spacious kitchen.
The large back yard is a fully fenced, has a fire pit, covered patio, open flagstone patio, a garden area, grass and RV parking.
This home is priced at $379,000
MLS # 916072
Virtual Tour
1032 E. Sunflower Drive
Prescott
This lovely home is located on a extra large .75 acre lot. The floor plan is open and the home is very light. The kitchen in this home was designed for a cook! This spacious kitchen includes lots of counter space, a cook top and wall oven. The floor plan makes this a perfect home for parties.
This home was built in 1998, is 2,121 Sq. Ft., 3 bedrooms and 2 bathrooms. Plus a 3 car attached garage.
This home is priced at $359,000
MLS# 927952
Virtual Tour
Call Sherry or Sue with any questions about these listings, or any or our listings at (928) 778-4492
To see virtual tours on all of our homes and land listings go to
The Huffman Group.com
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Prescott Frontier Days Rodeo
June 25th, 2008 categories: Just For Fun, Prescott Homeowners, Prescott Nights
Frontier Days Rodeo
In 1888, when Prescott was the capital of the Arizona territory, a group of Prescott businessmen dreamed up a 4th of July cowboy contest featuring the areas best cowboys and ranchers. The cowboys competed for small cash prizes and bragging rights at the local Whiskey Row Saloons. This year Prescott will celebrate the 121st annual Prescott Frontier Days Rodeo, and every year the rodeo get bigger and the cowboys get better! This is a great event that the entire family will enjoy.
This year’s dates for the rodeo are June 30th to July 5th.
Rodeo performances are at 7:30 PM nightly, and 1:30 PM July 4th and July 5th.
Frontier Days Events:
Frontier Days Rodeo: June 30th to July 5th. Performances are nightly beginning at 7:30 PM. Afternoon performances at 1:30 on July 4th and 5th.
Get your tickets in advance at RODEO TICKETS
Prescott Rodeo Grounds
840 Rodeo Drive
Prescott, Az. 86305
(928) 445-3103
The Kiwanis Kiddie Parade: July 4th at 8:30 AM at Cortez and Goodwin Street
Colorful little cowboys, cowgirls and costumed pets too! Last year, there were 400 entrants. Bring the family.
The Frontier Days Parade: July 5th at 9:00 AM at the Courthouse Plaza
This year there will be more than than 200 entries including the Rodeo Royalty Court, floats, church and civic groups and High School Marching Bands.
The Prescott Frontier Days Fine Arts and Crafts show: July 4th - 6th at the Courthouse Plaza.
The World’s Oldest Rodeo will be inducted into the Pro Rodeo Hall of Fame on July 12th, 2008. Prescott Frontier Days has extensive history. To learn more, click Frontier Days History
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When It Rains, It Pours
June 23rd, 2008 categories: Just For Fun, Prescott Homeowners
When it rains in Prescott, it can really pour.
Prescott is the only place I know of where it can rain in your front yard, but not the back. I’ve always thought that the weather service should have two or three locations that measures Prescott rainfall totals because it can vary so dramatically from one end of town to the other.
Currently, rainfall totals for Prescott are measured at the Prescott Airport located at Hwy 89 and Willow Creek Road.
If you are one of those people who are interested in rainfall totals for your neighborhood, here’s an interesting web site; RainLog.org
You can become a member and log rainfall totals for your specific neighborhood, or simply check in and see how much rain has fallen in the Prescott area.
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