A Prescott Arizona based blog looking at local, national, and global points of interest loosely and directly related to real estate.
Tuesday, February 18, 2020
Prescott Real Estate Sales at the Moment........300k to 380k
Seems like the "affordable" pricing tier of homes is going quickly right now. I put affordable in quotes because I simply queried 300k to 380k in our Prescott Area MLS and found myself thinking, "this is still almost a third of a million dollars at the low end". A $300,000 mortgage at 4% over 20 years is about $1800 per month. For the first few years about half interest, half principal. Anyway, these seems to move quickly. I wanted to see, of the closings 300k to 380k in pricing since Jan. 1 2020 in Prescott, what the "days on market" numbers were. No earth shattering insights, but there was a mild but interesting inverse correlation between "days on market" and age of construction. Also something to keep in mind is that in all of Prescott on the MLS, there are only 29 active listings of site built homes in the 300k to 380k price range as of this writing. Perhaps if you have a renovation bug, you can benefit by targeting some of the older homes. They can be in the older and forested areas with less inventory and if on the market longer, perhaps a "bargain" can be had. If at all up to date or well done, they do go quickly. "CDOM" is cumulative days on market.