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Market Update
 

IT'S A BUYERS MARKET

figures are from 11/15/08 to 12/14/08

SALES:
The multiple listing service reports 3 homes going under contract over the last 30 days in Wickenburg.  Four homes closed escrow over the last 30 days, the average sales price was $268,250 with a high of $410,000 and low of $150,000. The average time those homes spent on the market was 103 days.  the final sales price was on average $13,625 less than the asking price.

inventory/ time on the market:
Currently we have 219 single family homes on the market which is 8 less 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 definitely down this month.  Statistically the drop isn't large, but I have seen asking prices drop drop such that we can be confident that as these houses sell the prices will be down.  My guess at this point is that prices are down between 6% and 8%.

 Expectations:
The economy has buyers nervous, and that makes things very unpredictable for our Real Estate market. With the new year approaching and prices down I do expect sales to pick up, but not enough to counter act the falling prices.  I believe prices will continue to fall at least for the next couple months.   I still think the number of listings will start climbing again soon, although that has not been the case as of yet, at some point news of increasing sales will reach buyers and convince more people to go ahead an list.

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, 2009 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 beginning to soften but most sellers are still clinging to prices that are in many cases higher than 2005.   It seems very obvious at this point that asking prices are going to have to come down before buyers start looking at land again.

Summary of data from past market updates

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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