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Real Estate Market Update
For Wickenburg Arizona

IT'S A BUYERS MARKET

figures are from 10/1/09 to 10/31/09

SALES:
The multiple listing service reports 9 homes going under contract over the last 30 days in Wickenburg. 7 homes closed escrow over the last 30 days, the average sales price was $149,943 with a high of $370,000 and low of $88,000. The average time those homes spent on the market was 117 days.  the final sales price was on average $8,428 less than the asking price.

inventory/ time on the market:
Currently we have 178 single family homes on the market which is 21 less than my last report 1.5 months ago. Time on the market is averaging 9 months which is down, but still higher than is typical for Wickenburg.  The time on the market  figure includes all those homes that are being taken off the market without selling, it does not reflect the expected time on the market to sell a home.

PRICES:
More about calculating values
Prices in Wickenburg have fallen to levels few expected.  The few sales we have had, have been almost exclusively bank owned and highly motivated sellers.  It appears that we are in the midst of the same type of trend we saw in and around Phoenix at the end of last year.  Those areas saw sales slow to a standstill and then eventually saw bank foreclosures force values to new low's at which point sales picked up considerably.

Expectations:
The trend in the market is finally becoming recognizable and so I feel much more confident in predicting what is going to happen.  I am quite confident that these new low values being established will eventually stir up a buying spree.  The great deals won't last for long however, because there will never be very many of them.  Most sellers in Wickenburg just won't sell when the prices are too low.  I predict that prices will Bottom out around the 1st of the year, and that homes priced at the going rate will sell very quickly and probably have multiple offers.  This process will work to drive prices up, but the appraisals will work against this and so I expect slow steady price increases.

Land:
Sellers of land are still well ahead of the curve that houses have gone through.  We have had some considerable price reductions, and there are now some fantastic buys out there, but that has not resulted in any sales activity.  I am sure will will see a few incredibly cheap land sales over the next year, but I am also confident that most land owners will just hold their properties until demand for land begins to pick up.  I expect demand for land will start to pick up as home prices climb and the cost to build comes more inline with the cost of a resale home.

Summary of data from past market updates

Market update for 9/14/09

Market update for 6/14/09

Market update for 5/14/09

Market update for 4/14/09

Market update for 3/14/09

Market update for 2/14/09

Market update for 1/14/09

Market update for 12/14/08

Market update for 11/14/08

Market update for 10/14/08

Market update for 9/14/08

Market update for 8/14/08

Market update for 7/14/08

Market update for 6/14/08

Market update for 5/14/08

Market update for 4/13/08

Market update for 3/13/08

Market update for 2/13/08

Market update for 1/13/08

Market update for 12/13/07

Market update for 11/13/07

Market update for 10/13/07

Market update for 9/13/07

 

* When I mention an average I will exclude 2005 which was a most unusual year in Real Estate.

 

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