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Absorption by Price |
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U P D A T E D -- This study was made in order to communicate the conditions of the market for in the Prescott Area which includes everything in Yavapai County on the Prescott side of Mingus Mountain.
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The chart above shows estimated inventories of Site-Built Single Family (SBSF) and Manufactured homes on the market as a function of listing price level. Notice that the homes with lower prices tend to "sell through" faster than higher priced homes, so the inventories of low priced homes tend to be somewhat lower. This chart was done in early October and the "on market" counts are as of October 1, 2007.
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Our market still has many homes that are overpriced. Those properties that are priced right will sell in a reasonable period of time. I maintain that there are two levels of pricing for homes: one is the "wishful thinking" level and the other is the "gotta sell it" level. Since we have a strong "Buyer's Market" only the homes priced at the "gotta sell it level" are being sold.. |
See the month-by-month Added versus Solds SBSF market summary.
See the month-by-month Added versus Solds market summary for Vacant Land. |
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