At the close of 2022 the Quad Cities housing market remained enviably healthy, according to the housing report released today by the Prescott Area Association of REALTORS® (PAAR).
Some homeowners may see the 15.8% drop in total sales from 2021 to 2022 as a cause for concern, but it is rarely that simple. Months of inventory, a major indicator of a healthy housing market, grew from 0.9 months at the end of 2021 to 3.4 months by the close of 2022. Though the numbers indicate that it is still a seller’s market, the gradual increase in available listings may point toward more choice for buyers and improved negotiating power.
Additionally, the median sales price of $417,500 for all regions in 2021 continued to grow. At the end of 2022, the data showed a record high of $450,000 as the median sales price across all areas. Property owners can expect to hold on to the equity and value that was gained in the last 12 months.
Dr. Lawrence Yun, Chief Economist for the National Association of REALTORS® voiced concerns in the past about the national housing shortage and its connection to rising home prices. Dr. Yun will be providing members of PAAR with a live forecast for the coming year later this month.
“REALTORS® take great pride in researching and preparing for whatever our clients may need based on current market conditions,” said M. Faye Humphrey, 2023 PAAR President.
“The Quad Cities’ real estate market seems to be welcoming more competition,” Humphrey added, “but it’s nothing a licensed, well-trained REALTOR® can’t handle. You’ll want to seek out an agent with experience who has navigated this type of market before.”
Overall, the data points to another year of robust housing transactions for residents, which is something we can all get behind.
The detailed reports are available here: https://dashboards.domusanalytics.com/v/PrescottInfographic and https://dashboards.domusanalytics.com/v/PrescottInfographicArea.
Editor’s Note: All data is compiled from the Multiple Listing Service of the Prescott Area Association of REALTORS®and includes single-family, manufactured, mobile, modular, condos, and townhouse residential activity in Prescott, Prescott Valley, Chino Valley, and Dewey-Humboldt.