Prescott January Review

06Mar08
Crazy chartsWe are finally starting to see inventory levels falling in the greater Prescott area from a high around 3500 in July of 07 to about 2700 in January of this year. This is still very high from historic inventory levels for the area. Land inventory is down as well from a high about 3800 in September 07 to about 3500 in January 08.
With 104 closings in January ( 63 in Prescott, 29 in Prescott Valley and 12 in Chino Valley) that gives us a 2 year inventory of houses to work through.
This gives the buyer more choices than ever and although we have seen a overall decline in sell prices (about 10% generally since ‘07) this is no where near the price breaks that Phoenix and California are experiencing. Prescott is still an overall stable market with prices that seem to be somewhat soft but not in a freefall compared to national numbers. We don’t have a crystal ball to know what will happen in the future but if the inventory levels return to a six to ten month surplus we could see prices begin to rise.

Filed under: Market Conditions   |  
Tags: , , ,

One Response to “Prescott January Review”  

Feed for this Entry Trackback Address
  1. 1 Eric Hundin on March 6, 2008 said:

    I found your site on technorati and read a few of your other posts. Keep up the good work. I just added your RSS feed to my Google News Reader. Looking forward to reading more from you.

    Eric Hundin

Leave a Reply