Homeowners in the Quad Cities continue to gain equity while inventory concerns remain a factor, according to the housing report released in August by the Prescott Area Association of REALTORS® (PAAR).
The median sold price across the Quad Cities region increased 1% in July compared to this time last year, holding steady at $475,000. The largest gains were seen in Chino Valley, with an increase of 12.8% representing a median sold price of $440,000.
Prescott, Prescott Valley and Dewey-Humboldt, though limited to single-digit increases, all managed to show gains in home valuations.
Overall, the year-to-date increase in median sold prices in Prescott and the surrounding areas from January through July of this year registered a 2.5% increase in median sold price, finishing the month at $465,000.
Months of inventory, which remains a national issue, rose by 25.8% year-over-year to reflect a total of 3.9 months of inventory available in the housing market throughout the Quad Cities region for July.
Dewey-Humboldt showed the strongest gains in this category with 5.2 total months of inventory, followed by Prescott (4.1) and Prescott Valley (2.7). Chino Valley’s available inventory showed a slight decrease of 7.4% from 2.7 to 2.5 months of inventory in total.
“Our local market remains fairly robust compared to what we’re seeing nationally, but all REALTORS® know that we need to continue adding new listings to accommodate the influx of competitive buyers who continue to find out what a wonderful place to live our community is,” said M. Faye Humphrey, 2023 PAAR President.
New listings have declined by double digits across the Quad Cities from July 2022, as well as from January of this year to the present.
“The only way to ensure our months of inventory remain in a healthy range is for homeowners to continue reaching out to a trusted, local REALTOR® who can guide them through the selling process and help them maximize those gains to put toward their next dream home,” Humphrey added.
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.