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Lee Giblin
Dewey Arizona 86327
928.533.9413
LeeGiblinAZ@gmail.com

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Breaking News

Weeds no more: Local home builders back in action

Below-market sales, which a few years ago were the menacing beasts of local real estate, are now just minor pests.

Statistically, that is helping home prices rise toward pre-recession levels. More importantly, it means fewer people around Prescott are losing their homes.

Charts showing a drastic drop in foreclosures - and, on the flip side, a rise in building - highlighted Tuesday morning's real estate-focused Central Arizona Partnership (CAP) meeting at the Stoneridge Golf Course in Prescott Valley.

To use a golf analogy, after the double- and triple-bogey recession years, local real estate is out of the hazards and back on the green, working toward par.

In general, the news at the CAP was not great, as in pre-recession boom times; but it was good, as in a slow, steady recovery.

In the Prescott area, prices are up and rising building permits are leading to rising - literally and figuratively - homes.

"We have a recovering market," said Travis Bard, a broker with Prescott's Keller Williams and CAP's president.

"Our inventories are down in certain price points. The pace of buying is up in certain price points ... We're selling more million-dollar homes than in the last five or six years, but there's still a glut" at the high end, Bard said.

The drop in "distressed" - foreclosure and pre-foreclosure - sales is an even bigger indicator of the Prescott area recovery.

"We were north of 65 percent distressed sales five years ago," Bard said. "Now, we're under 5 percent.  continued

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11630 N Lady Dove, Prescott Valley AZ 86315

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