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Market Update
 

IT'S A BUYERS MARKET

10/13/07

SALES:
The multiple listing service reports only 7 homes going under contract over the last month.  This number is quite a bit lower than normal, and It was actually quite a surprise to me when I ran the report, because it seems like there has been quite an increase in activity.  We definitely have seen more people shopping for homes, so we will see if that results in more sales over the next month.

inventory/ time on the market:
Currently we have 203 homes on the market which is the most we have ever had.  This is not a surprise however considering the growth of the town since 2004, this is only a 20% gain in inventory since then.    The average time on the market is averaging 6 months which is reasonably close to the average of years past (excluding 2005 of course)

PRICES:
We have not seen any notable changes in prices over the last year,  The Arizona republic reports a 3.7 percent increase in Median home prices from last year.  I don't think that Median reflects an increase in property values however, It just reflects the fact that we are selling more homes in the higher price ranges.   I have performed a couple of valuations for homes recently where I was able to compare back to valuations I had done on the same home in 2005, so that has been educational.   The results of those valuations have shown about a 5% increase in value since then.

Expectations:
We are getting into the time of year when the winter visitors come back to town and with that, activity in Real Estate always picks up, but at the same time, there are more homes on the market than ever before, and buyers are expecting great deals.  So I am predicting that although the number of sold homes will increase over the winter, the number of new listings will outpace the sales.  With so many choices on the market the buyers will continue to gravitate toward the best deals, leaving many seller sitting on the market for extended periods.  So things are looking up for those motivated sellers, because there will be more buyers, otherwise sellers had better consider price reductions.  For buyers the time is right.  Wickenburg does not have a history of falling property values, but this year may actually see some small drops, so if you are looking to buy around Wickenburg then you could not pick a better time, especially with interest rates so low.

Land:
The demand for land has been much lower than normal of late even though the availability is quite good. I attribute that to a couple of factors. One factor is the cost of new construction, which has climbed considerably this year The other factor is 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 actually 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 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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