August Market Update...Things are Looking Up!

Real estate continues to be a hot topic, and not just because I hang out with a bunch of Realtors. What is the market doing? Where are we going? Did we hit bottom? These are questions I ask myself everday as well as get asked. So let's look at the market so far in 2009.

For now, let's just consider single family site built homes in the Upper Verde Valley,(Cottonwood, Clarkdale, Verde Village & Cornville). Currently there are 316 active listings. Last August that number was 576. Current pendings (homes under contract) is 50 which is about the same as last year this same time. Ok, so the good news? Solds year to date for single family residential 213, this time last year 164. So that is a marked improvement.

That said, what is selling? So far the break down looks like this:
$0-$200,000 - 141 sales
$201k-$300k- 52
$301k-$400k - 14
$401k-$501k - 5
$501,000+ - 4

This is not stunning when you look at much of the activity has been in the form of REO sales (Foreclosures) So far that markets REO account of 105 of the 213 sales this year. And there are 44 active REO listings at this time.

The message, things are moving. Sellers: get priced right out of the gate, you've got big competition. Buyers get pre-qualified, talk to your agent and go! Many are beginning to say we have hit bottom, we shall see. Like most tops or bottoms, you don't realize the milestone until you are further down the road. That's why hindsight is priceless.