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Market Update
 

IT'S A BUYERS MARKET

figures are from 10/15/08 to 11/14/08

SALES:
The multiple listing service reports 9 homes going under contract over the last 30 days in Wickenburg.  Seven homes closed escrow over the last 30 days, the average sales price was $230,286 with a high of $350,000 and low of $145,000. The average time those homes spent on the market was 249 days.  the final sales price was on average $13,814 less than the asking price.

inventory/ time on the market:
Currently we have 227 homes on the market which is 16 more than last month.   The average time on the market is averaging 8 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 are down a little, some areas more than others, but for the most part things are steady.

 Expectations:
The economy has buyers nervous, and that makes things very unpredictable for our Real Estate market.  I expect sales will be slow as long as their is talk of a weak economy, the upside is that our winter visitors are returning and that will hopefully compensate and keep sales steady. I expect the number of homes on the market will continue to climb, and if things stay the way they are with the economy then I think prices will drop a percent or two.

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

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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