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June 2006

Has the greater Sonoita market slowed?

Posted at 3:22 PM, Jun. 12, 2006

I have recently analyzed the local market through June 9th. There is no question that there are fewer customer contacts than a year ago, but how much different is this activity than what might be considered "normal"?

Looking back to 2003, it appears from the number of contracts that have been written that the market is still pretty good! In addition, time on the market is much shorter. And, on average, properties are selling very close to the asking price.

However, looking at this year versus last, tells a slightly different story: Total sales for land and homes dropped to 59 from 79. The total value of sales has fallen to $12,848,000 from $14,847,000 a year ago.
Putting it all together, I conclude that the market has slowed, but it is still better than in 2003. And, maybe it is like it has been in the past. Those were not bad markets for either buyers or sellers.

Sonoita-Elgin-Patagonia is still a good value. If you are looking for a second home or retirement home, don't pass up this beautiful high grassland. However, be prepared NOT to find exactly what you are looking for as our inventory is low in all catagories. You may have to be either "creative" or patient, if you decide this is to be your destination.