Million-dollar views: 7-figure homes in Prescott are finding buyers
Like monsoons after a drought, money is flowing back into Prescott homes after some dry-cash years.
From June 24 to July 7, 49 Prescott homes were sold, according to the Prescott Area Association of Realtors.
The average sales price: $372,826.
That was more than 30 percent higher than the average sales price of $286,000 of homes sold in Prescott from Jan. 1 to June 23 - which was already being viewed as a strong "rebound" year.
Pushing the two-week average sales price up were three seven-figure sales: A $1.5 million sale and a $1.4 million sale on High Valley Ranch Road in southwestern Prescott; and a $1.3 million sale on Callahan Road.
"That's a rare thing, to sell a home over $1 million - you don't get more than a handful of those over a year," said Pete Weaver, president of Prescott Association of Realtors.
"Those three properties are just going to wreak havoc on the data."
Though those sales might skew a two-week data snapshot, they are also a sign of the times.
Weaver said that in the last few months, his West USA Realty office has had four sales of more than $900,000.
"All cash buyers," Weaver noted.
In the first six months of 2013, there was one $1 million sale in Prescott.
This year to date, there have been six million-dollar sales.
"We're seeing these higher-priced homes selling," said Weaver. "I'm hearing the same thing around the association, there's a lot of cash buyers.
"We had not seen that in years."
Indeed, a Hassayampa Country Club home that had been on the market for more than six years finally sold - for $1.1 million - on May 20.
Two other million-dollar homes that sold this year had been sporting "For Sale" signs for more than two years.
"We definitely are seeing the higher priced homes selling where they were not selling before," Weaver said. "Money is freeing up - people are selling their homes and moving here to buy."
And he noted that those buying closer to the average price are also not needing to wait for bank financing, but writing out checks from their own accounts.
"We're seeing more cash purchases across the spectrum," Weaver said.
"We're seeing a higher end buyer," agreed Skeeter Nutt, of Prescott Homes and Commercial Realty.
"And we are seeing predominately cash transactions.
"The last there homes we sold averaged right about $500,000."
From June 24 to July 7, 48 Prescott Valley homes were sold, according to PAAR, with an average price of $202,416.
In the same time period, 17 Chino Valley homes sold with an average price of $183,147, and five Dewey-Humboldt homes sold, with an average price of $161,490.
Buyers continue to nearly match the asking price of sellers in the Quad Cities, where over the last two weeks, the sales price averages are more than 95 percent of the listing price.
That matches with the year to date for the area of 96 percent of listing price.
The sales price figures in the last two weeks continue an upward trend.
Sales of Prescott area single-family homes averaged $225,000 from Jan. 1 to June 23, up 10 percent over the same period of 2013.
The year-to-date average was still quite a bit lower than 2007's high-water mark for the Prescott area, when the year-to-date sales for the first half of the year was $302,000.
Even so, 2014 has been quite a year for Quad Cities home sellers and agents.
"We've been waiting for this year," Skeeter Nutt said, "for six years."
Follow Tom Scanlon on Twitter @tomscanlonpress.