summary
The single family home market in Prescott, AZ is holding its own with prices seeing an increase. Experts say this makes Prescott a good place to build a custom home. Continue reading
prREACH
Sep 04, 2014 /prREACH/ -- The single family home market in Prescott is holding its own with home prices seeing an increase. Experts say this makes Prescott a good place to build a custom home.
“If you are looking at investment property, this is a good place to have a house built. If you want a retirement home, Prescott is a great place to be right now,” said Marc Van Wormer, owner of Aspen Valley Homes, a custom home building in the Prescott area.
According to the most recently reported statistics for Prescott found at BuilderOnline.com, the "Average price of newly sold homes had a 28.8% boost year-over-year to $320,981 per unit in May. This gain is higher than the 27.0% boost in April year-over-year."
The homes are also getting slightly bigger. The year to year jump for May saw a 9 square foot increase in the average home size. The year to year jump for April was far more dramatic with home size at 1,779 square feet on average in April 2013 and jumping to 1,856 average square feet in April 2014.
“People want bigger homes to be sure,” Mr. Van Wormer said. “They are looking for space to be comfortable in.”
Further proof of a solid market in Prescott are falling foreclosures and an increase in the size of the average mortgage.
This demand for housing is not just in the high-end market. At a recent housing summit in Prescott, it was suggested that moving people from rental or homelessness is a definite possibility in the area. Thanks to a comment effort by several agencies and the Veterans Administration, permanent housing options are increasingly available.
Mr. Van Wormer said this is just more evidence that new homes in Prescott are going to be a sound investment.
For more information on custom homes and home building in the Prescott area, visit www.aspenvalleyhomesaz.com