Prescott, AZ Real Estate Market Trends

There are some advantages that come with investing in real estate in the so called small towns, the beauty and atmosphere of these places is alluring, there is safety, friendly communities and above all the prices are pocket friendly compared to chocking big cities environment.

Prescott is one of the places that rewards both the sellers and buyers, the town is unrivalled in terms of vibrancy, even in a situation where the market prices are plummeting, and houses are being bought and sold on a daily basis in this real estate paradise. Arizona as a state has doubled its population over the last two decades and continued growth is anticipated even for the next several decades, this means that the market will continue to be vibrant many years to come making it an ideal destination for those who would like to buy or sell properties. Prescott’s mild climate will continue attracting more people, increasing the demand for properties.

Currently the average home value in Prescott Arizona and surrounding areas is $164,393; this is a figure which is thirty seven percent lower than the average price at which the properties are sold- $ 260,160. Comparing with the Arizona average home value which stands at $225,000, Prescott and surrounding areas real market values are lower than the state average but surprisingly when it comes to sale prices, the homeowners in Prescott are reaping big profits as the average price stands at $260,610, this is $100,000 more than the valued price. Going down to value price per square foot, Prescott stands at $70, while the average sale price per square foot for this market stands at $124. This tells us that the market is currently favoring buyers. With the projected future population trends and economic boom in the state and the whole of America in general, the trend is expected to continue.

The Absorption rate

Absorption rate is a parameter that is used by the market to classify a real estate market; it normally refers to the number of months it takes for a property to sell at the prevailing rates. An absorption rate of less than four months is classified as sellers market; here the homes sell at high rate as the demand is high. When the absorption rate is between four to nine months is considered a balance market as there is neither a sellers nor a buyers market. A rate of nine months and above means that the homes are selling at a slower rate giving the buyers an advantage as the demand has plummeted. Properties which are highly priced are known to have a higher absorption rate compared to the average priced. Prescott real estate market just like many areas in United States has recorded cyclical movement in terms of absorption rate. Currently the sale prices are higher than the average value, this means that the buyers are willing to pay more than, recording a producer’s surplus. Give that the demand for real estate is projected to rise especially in small towns, the absorption rate will fall, a situation which is described as a sellers market. It does not mean that the buyers will not benefit from the situation; they are bound to get properties which meet their needs and high in terms of quality as developers aim at giving the best in the market. Buyers and sellers can use the absorption rates to tell when to sell or buy their Prescott real estate. When the market is a seller market, those who are looking to sell can take advantage and get a good price for their properties while buyers would gain more when the demand is low.

The Kathleen Yamauchi Group Real Estate has in depth knowledge of the Prescott Arizona real estate industry. With a common goal: We will make your real estate transaction a smooth and pleasant experience, we draw from our specific strengths and unique real estate training to provide our clients with services and results that you will not get from a single real estate agent, or simple real estate partnership. Contact us today to learn more!
 

Property Value Trend

National property values appear to be leveling out as we have slowly recovered from the dramatic decline from peak 2007 values. Bottoming out in 2011, appreciation over the last four years has brought us within 7.8% of 2007 sales prices(based upon current Zillow report). That number, however, is based upon averages including higher valued properties still nearer 80% of peak value.

 

Property requirements for the current buyer in the Prescott market has solidified. Our buyer today will pay a premium price for homes with these features: newer or recently updated, single level, 3-car garage. Deviations from these specifics such as a newer single level home with a 2-car garage, a dated single level home with a 3-car garage, or a two-story updated home with a 3-car garage nearly always fetch a lower price-per-square-foot selling price. 

 

It is interesting to note that three-story homes normally fetch significantly lower prices and have longer market times in the Prescott market, likely due to the fact that Prescott has an older buyer than the big city markets. Typical buyers moving into Prescott are often new retirees scaling down from their family-sized homes.

 

Kathleen Yamauchi

 

Kathleen recently attended the 2015 Zillow Premiere Agent conference in Las Vegas. Kathleen is acknowledged as the #1 Premiere Agent of Prescott Finer Properties and has consistently sold homes in Prescott for a higher value than her competition. (Search Kathleen Yamauchi Zillow Agent Review) 

 

Arizona’s Christmas City Events Calendar

Annual Events:

Prescott Chamber of Commerce – Events Calendar

Annual Christmas Parade

Saturday, December 6th from 1-3pm

 

Annual Courthouse Lighting Celebration

Saturday, December 6th at 4pm

 

Acker Musical Showcase

Friday, December 12th at 5pm

 

Gingerbread Village

The Entire Month of December

Open 24 Hours

Prescott Resort and Conference Center

 

Walk through Bethlehem

American Lutheran Church

Wednesday, Dec. 3:  2:30 — 4:00 PM

Friday, Dec. 5: 6:00 — 8:30 PM

Saturday, Dec. 6: 6:00 — 8:30 PM

Sunday, Dec. 7: 12:30 — 3:00 PM

Yavapai College Performing Arts Events:

Yavapai College Performing Arts Center – Calendar of Events

A Christmas Festival

Sunday, December 7th from 3-5pm

Yavapai College Performing Arts Center

Yo Hark the Angels Swing

Monday December 8th from 7-9pm

Yavapai College Performing Arts Center

Handel’s Messiah Sing-Along

Sunday, December 21st at 3pm

Yavapai College Performing Arts Center

 

 

Local Dinner Events:

The Daily Courier – Holiday Events Calendar

Dinner Theatre – The Christmas Tree

Tuesday, December 9th, 10th, 16th, and 17th from 6:30-8:30pm

El Gato Azul Restaurant

 

Steve Annibale: Old Fashioned Christmas Show

Monday, December 15th at 5pm

The Palace Restaurant & Saloon

 

 

 

Elks Opera House Events:

Elk’s Opera House Website – Tickets

A Classic Country Christmas

Thursday, December 18th at 7pm

Elks Opera House

 

A Swingin’ Christmas

Sunday, December 21st at 7

Elks Opera House

 

Hassayampa Golf Club Gets a Name Change

Hassayampa Golf Club Gets a Name Change

Exciting changes under the new ownership.

Capital Canyon Club, LLC, has purchased the Hassayampa golf club.  The new owners are led by Hassayampa resident Jerry Stead and include both former members and residents of the community.  The group has pledged to build the highest quality golf club possible with an intended opening in 2015.

With a complete renovation of both the golf course and the club house, is a plan to entirely re-brand Hassayampa Golf Course with the name Capital Canyon Golf.  General Manager Jeff Raymond,  a Class A PGA Professional with 28 years of golf club operations under his belt in both Arizona and California, is on site to discuss memberships.

Since the announcement of this exciting news, sales of both existing homes and home sites have picked up and I think we can expect activity to continue to gain pace as the opening of the new club nears. There are presently ten pending homes of thirty-three on the market and five of 34 home sites pending in the Hassayampa Village on the Prescott MLS. It’s a great time to buy in the Hassayampa Village!

 

Hassayampa Golf Club News

Members of the Hassayampa Community Home Owners Association received this email last Monday:

       

"Good News!

We have received official confirmation that the Golf Club
has been purchased by Capitol Canyon Club. The new
owners will be communicating with all of us in the very
near future. More details will be forthcoming as soon
as they are received.

Harvey Shrednick
President of HCHOA"

 

Property sales, which have long been sluggish in the Hassayampa Community due to the uncertain future of the club, have already picked up as news of the sale leaked earlier this month. Hassayampa resident Jerry Stead is at the helm of the new venture. He has promised to inform everyone of the membership options very soon.





Hassayampa Golf Club Update

The following is an update from Harvey Shrednick, President of the HCHOA Board of Directors:

"Based on a phone conversation with the Executive Vice President of Desert Troon, I was informed that the Golf Club has signed contracts with two prospective buyers, one with significant golf course management experience. Both potential buyers are completing extensive due diligence, with Desert Troon anticipating a Golf Club sale resolution within the next month. We will continue to keep you advised as more details become available."

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