Market Update
IT'S A BUYERS MARKET
SALES:
The multiple listing service reports 13 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 $318,000 with a high
of $585,000 and low of $102,000. The average time those homes spent on
the market was 185 days. the final sales price was on average
$55,250 less than the asking price.
inventory/
time on the market:
Currently we have 217 single family homes on the market which is 4
more than last month. The average time on the market is
averaging 8 months which is a little higher than the normal of 6 months.
PRICES:
More about calculating
values
It looks like prices are down even a little further from last month.
Exactly how much just depends on the type of house. We have
had a few bank owned homes that have certainly been factors in pulling
down prices. Homes in the under $200K price range have been
impacted the most by the foreclosures. Statistically the volumes
are still to low to measure much change in prices, but I would speculate
that prices are down as much as 15% over the last 6 months.
Expectations:
Buyer activity has been significantly higher over the
beginning of this year even compared to the same time last year.
Sales volumes are also higher than they have been in some time. I
attribute the increase in sales to the drop in prices, and I expect that
the higher volumes will slow the rate of depreciation considerably.
If you are a buyer the timing is perfect, if you are a seller you face stiff competition not only from other houses for sale in Wickenburg, but from bargain prices in Wittmann, Surprise and El Mirage which have been stealing some buyers from the Wickenburg market.
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
* When I mention an average I will exclude 2005 which was a most unusual year in Real Estate.
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