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Market Update
 

IT'S A BUYERS MARKET

1/13/08

SALES:
The multiple listing service reports 9 homes going under contract over the last month.  This is the best we have done in a 30 day period in many months.  3 homes closed escrow over the last 30 days, the average price was $489,666, and the average time those homes spent on the market was 441 days, from their asking price they came down an average of $26,000.

inventory/ time on the market:
Currently we have 218 homes on the market which is up 4 from last month.   The average time on the market is averaging 7 months which just slightly higher than the average of years past (excluding 2005 of course)

PRICES:
We have not seen any notable changes in prices over the last year, statistically they are steady, but with so many sellers having made price reductions over recent months, we might just see a slight drop.  If we do this will be the first time there has ever been a drop in Wickenburg Real Estate prices.

Expectations:
Activity has picked up considerably with the arrival of 2008, and that should continue through Spring, as this is always a busy time for Wickenburg Real Estate.  Normally sales drop off a little in the summer, but my prediction is that buyer confidence will continue to improve over summer 2008, and sales should remain steady. The big questions is will the number of sales outpace the number of new listings?  I don't think they will.  I think the number of listings will continue to climb over 2008 especially as some of our new developments start selling.

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.  The prices should remain steady and probably a little lower than 2007.  The number of choices will continue to grow, and interest rates continue to fall.

Land:
The demand for land has been much lower than normal of late even though the availability is quite good. I attribute 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.

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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