The question about days on market has clearly been answered. The answer to your next question is that Sierra Vista, like just about everywhere else, is feeling the strain of the economy.
It's important for all of us to remember though, that this slowing in the market is only apparent because of the prior bubble in the market. When we look back at years like 2003-2004, and then skip the following boom years, you'll notice that, in just about all markets, the growth rate and sales rate are right were they would have been if the boom never happened in the first place. We would all still be content in this market, if the bubble had never inflated to begin with.
The new construction business being what it was 2-4 years ago has left all of us with many more homes on the market now than would have been the case before, and this obviously affects the number of days a home will stay on the market, and brings prices down since supply more than meets demand in most cases.
As a profession, we need to keep a positive attitude, and work with the market we have. Educate Sellers as to the value of their properties, regardless of the price they paid, and educate Buyers as to the benefits of buying in this type of market.
While it may not be worth 2Â¢, it is my 2Â¢, and I hope it helps some to remain focused on helping our clients get what they want.
The average amount of days to sell a home in Sierra Vista for the year 2009 was 135 vs. 109 in 2006. The average sales price for 2009 was $195,722 vs. $212,000 in 2006. Based on these statistics, sales prices have decreased by about 8% since 2006. Sierra Vista's real estate market has been affected, just not quite as much as larger cities.
This information was obtained from the South East Arizona Multiple Listing Service.
Please let me know if you have any further questions.