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Market Update
 

IT'S A BUYERS MARKET

12/13/07

SALES:
The multiple listing service reports 3 homes going under contract over the last month.  The holidays are always a slow time for Real Estate, but this is slow even for the time of year.  I have noticed an increase in the number of phone and internet inquires.  Most people I talk to have indicated they they are coming to town in January.  7 homes closed escrow this over the last month, the average price was $218,000 (quite low), and the average time on the market was 6 months (about average).

inventory/ time on the market:
Currently we have 214 homes on the market which is down 3 from last month.   The average time on the market is averaging 6 1/2 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 ran the same stats and found that removing even one sold home could make as much as 1.5% change in the median)  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 only a marginal increase in value if any since then.

Expectations:
I
I am expecting a jump in the number of sales as we get into the new year.  I don't think the sales will outpace the number of new listing however, so I think the number homes on the market will continue to increase.
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 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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