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Real Estate Market Update
For Wickenburg Arizona

IT'S A BUYERS MARKET

figures are from 3/15/09 to 4/14/09

SALES:
The multiple listing service reports 11 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 $296,500 with a high of $575,000 and low of $162,000. The average time those homes spent on the market was 372 days.  the final sales price was on average $850 less than the asking price.

inventory/ time on the market:
Currently we have 214 single family homes on the market which is 16 less than last month.   Time on the market is averaging 10 months versus a normal time of about 6 months.

PRICES:
More about calculating values
Prices have been very unpredictable of late, some areas southeast of Wickenburg have actually seen a slight increase in prices as demand has increased substantially and inventory levels have fallen dramatically.  Prices in Wickenburg and the towns to the north are still in jeopardy of falling farther as sales remain somewhat slow, and buyer look else where for deals.

Expectations:
Buyer activity has continued to be high, and I expect it to stay that way, but the buyers are looking for the deals, and many Wickenburg buyers are moving toward Wittmann and Surprise to find the great prices.  So only the aggressively priced listing are likely to sell in Wickenburg.  This will keep the inventory levels lower and the time on the market higher, because most Wickenburg property owners won't sell if the prices are too low.  At the same time the sales we do see are going to establish new values, so either Wickenburg sellers are going to accept the lower prices, or they are going to wait until prices start climbing again.

The stubborn sellers of the Wickenburg market are the reason the values are  stable, and so I don't expect to see any substantial drops in prices from this point on.  The prices in many nearby areas have already hit bottom months ago, and eventually Wickenburg will follow that trend.

Land:
Sellers of land are finally starting to see reality.  We have had some considerable price reductions, and there are now some fantastic buys out there. Still the sales have remained slow, so the future prospects for land sellers are still unclear.

Summary of data from past market updates

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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