Wickenburg, AZ. : Here is an historical overview of the Real Estate market in Wickenburg from Jan 1- Dec 31, 2006 with a comparison to the figures for the same time in 2005.  Clearly the local market reflects the downturn experienced nationwide. While the summer months showed little to no activity, at all, the fall and early winter are showing increased activity, with buyers coming out.

However, downward pressure on pricing continues, both nationally and locally. Inventory, (the number of homes on the market) in Wickenburg is at the highest level I’ve ever seen! This means Buyers have more to choose from, and are looking for good value. While buying activity has increased from the summer months, the Phoenix market, as well as the Wickenburg market, in my opinion, have not seen the bottom of pricing quite yet.

My guess is, Buying activity will increase  over the next 6 months, with prices adjusting downward slightly, solidifying, and then either holding or increasing very slowly. There are early signs that Interest rates are creeping up, which should push buyers off the fence, before they get back up to 7%.  But as rates go up, Buyers will be able to afford less.

We don’t expect an upward spike in pricing again, any time soon.

 

Homes Sold 2006                             Homes Sold  2005

Price Range___________# of Homes Sold_____ # of Homes Sold_______

$0-300,000                                        72                        170

$301,000-500,000                             47                          89

$500,001-700,000                             11                          20

$700,001-999,999                               6                            5

Over $1,000,000                                 2                           4

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Total Homes Sold                           138                       288     DOWN 53 %

 

Land Sales_____2006_______Land Sales  2005__

Lot Size           #Lots Sold       Price Range                   #Lots Sold                  Price Range

0-4.99 Acres           25         $30,000-390,000              185                 $13,000-550,000

 

5-9.99  “                 11         $60,000-660,000                 50                  $  9,800-235,000

 

10-19.99                  1          $-1.4Mill                                3                $112,500-300,600

Total Lots Sold      39                            243     DOWN 84 %