Real Estate Market Update
For Wickenburg Arizona
IT'S A BUYERS MARKET
SALES:
The multiple listing service reports 12 homes going under
contract over the last 30 days in Wickenburg. 4 homes closed
escrow over the last 30 days, the average sales price was $308,250 with a high
of $799,000 and low of $139,900. The average time those homes spent on
the market was 206 days. the final sales price was on average
$44,700 less than the asking price.
inventory/
time on the market:
Currently we have 193 single family homes on the market which is 7
more than last month. Time on the market is averaging 10
months versus a normal time of about 6 months. The time on the
market figure includes all those homes that are being taken off
the market, it does not reflect the expected time on the market to sell
a home.
PRICES:
More about calculating
values
Prices have been very unpredictable of late, some areas southeast of
Wickenburg are seeing increases in price as demand has
increased substantially and inventory levels have fallen dramatically.
Prices in Wickenburg and the towns to the north are clearly in the midst
of falling farther as a few motivated sellers have made significant
drops in asking price.
Expectations:
Buyer activity has continued to be high, and I expect it to
stay that way, but the buyers are looking for the deals, and many
Wickenburg buyers are moving toward Wittmann and Surprise to find the
great prices. So only the aggressively priced listing are likely
to sell in Wickenburg. This will keep the inventory levels lower
and the time on the market higher, because most Wickenburg property
owners won't sell if the prices are too low. At the same time the
sales we do see are going to establish new values, so either Wickenburg
sellers are going to accept the lower prices, or they are going to wait
until prices start climbing again.
The stubborn sellers of the Wickenburg market are the reason the values are stable, and so I don't expect to see any substantial drops in prices from this point on. The prices in many nearby areas have already hit bottom months ago, and eventually Wickenburg will follow that trend.
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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