Market Update
IT'S A BUYERS MARKET
SALES:
The multiple listing service reports 12 homes going under contract
over the last 30 days in Wickenburg. 10 homes closed escrow over
the last 30 days, the average price was $362,165 with a high of $680,000 and low of
$155,000. The average time those homes spent on the market was 140 days. the final sales price was on average $29,705 less
than the asking price.
inventory/
time on the market:
Currently we have 221 homes on the market which is 9 less than last
month.
The average time on the market is averaging about 7 1/2 months which
is a little higher than the normal of 6 months. The interesting
thing is that there is a real shortage of some types of homes. For
example we have a real shortage of newer homes on larger subdivision lots say
between 1/4 and 1/2 acre, and also have a shortage of the more
affordable horse properties especially under $300K
PRICES:
More about calculating
values
Prices appear holding reasonably steady, but there are some good
deals to be found.
Expectations:
My expectation is that the number of sales per month, and the
prices will stay about the
same at least through 2008. I expect the number of homes on the
market will start climbing again, and as the winter visitors start
returning I think we will see a big jump in the number of homes on the
market.
So if you are seller in the Wickenburg market the competition will remain tough, and there will be little chance of selling a home that is over priced. For buyers interested in Wickenburg, 2008 is fantastic year to buy. Both prices and interest rates are low.
Land:
The demand for land has been much lower than normal of late even
though the availability is quite good. I attribute that primarily to the asking prices of the land
that is on the market. The asking prices of land are actually higher in
many areas than they were in 2005. Looking on the bright side we have
seen a number of price reductions, and still continue to see
new listings to the market. So I wouldn't say that the values of land
are dropping, just that the asking prices are falling back to reasonable
numbers, that will in many cases still be comparable or even higher than
the banner year of 2005.
Summary of data from past market updates
* When I mention an average I will exclude 2005 which was a most unusual year in Real Estate.
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