Prescott Real Estate – What’s it Worth?
Over the last few years, we’ve seen real estate prices skyrocketing all over the place — and the Prescott Arizona real estate market has not been an exception.
A friend of mine and his wife had purchased their first home in July 2004 for $179,000. In January 2005 they refinanced their mortgage and discovered that the appraisal considered the value of their property to be $275,000.
Within less than 18 months the value of their home has nearly increased $100K (45%). Truly a great fortune and a blessing for a couple who were first-time buyers, with two children ages three and five.
Historical Value Trends of Prescott Arizona Real Estate
Let’s get an idea of how Prescott Arizona and Yavapai County’s historical value trend has journeyed in the past 30 days through 10 years.
According to statistical information found online mainly from public records, the average value of homes in the city of Prescott have increased by 6.2% in the past 30 days.
In the course of this past year (03/2005 through 03/2006), Prescott’s home, on average, have increased by 36%. As you can see, our first-time buyer friends are slightly above, but lay within that average.
Over the past 5 years (2001 – 2006) the value of the Prescott home market grew by 124%. And over the past 10 years (1996 – 2006), there has been growth of 186%.
Is the Recent Past Going to be the Immediate Future?
According to real estate experts, 2006 was promising to be a bad year for real estate in general.
Yet the real estate market rallied in February 2006 after a five month period of gradual decline. It has also been reported by Bob Walters, cheif economist of Quicken Loans, the nation’s biggest online lender, that with long-term interest rates remaining low, and even still dropping for the second week in a row, the environment for housing to “continue flexing its muscle in 2006″ has been set.
Thanks Bob, that’s what we were hoping, but not expecting to hear.