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Real Estate Market Update
For Wickenburg Arizona

IT'S A BUYERS MARKET

figures are from 2/15/09 to 3/14/09

SALES:
The multiple listing service reports 10 homes going under contract over the last 30 days in Wickenburg.  Nine homes closed escrow over the last 30 days, the average sales price was $286,000 with a high of $600,000 and low of $79,000. The average time those homes spent on the market was 212 days.  the final sales price was on average $31,700 less than the asking price.

inventory/ time on the market:
Currently we have 230 single family homes on the market which is 13 more than last month.   The average time on the market is averaging 9 months versus a normal time of about 6 months.

PRICES:
More about calculating values
Prices have been very unpredictable of late, some areas near Wickenburg have actually seen a slight increase in prices as demand has increased substantially.  Other areas are still in jeopardy of losing values, as competition remains stiff from a few motivated sellers.

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

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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