Despite much different numbers than this time last year the local real estate market is holding steady, according to the housing report released today by the Prescott Area Association of REALTORS® (PAAR).
The Median Sold Price across all areas was up 1.7% in January, with Prescott Valley recording a 9.3% increase to lead the Quad Cities. Regions that showed a decline in median sales prices were, thankfully, limited to single digit decreases.
More importantly, Active Inventory increased across all regions last month for an average of 4.4 months across the Quad Cities. Chino Valley topped the list with 5.4 months of inventory, followed by Prescott (5.1 months) and Dewey-Humboldt (4.8 months). Prescott Valley closed out the month of January with only 2.6 months of inventory recorded. Keep in mind that these numbers are still encouraging compared to this time last year, when all four regions were dealing with 30 days or less of active inventory for prospective buyers.
“An experienced REALTOR® will be able to read the current market conditions and come up with a personalized strategy to help you achieve the best outcome for your transaction,” said M. Faye Humphrey, 2023 PAAR President.
“Fluctuating numbers are a hallmark of the housing industry,” Humphrey added, “so finding a local REALTOR® that will know how to navigate the competition is key.”
While the data is much different than what residents were seeing this time last year, the Quad Cities housing market continues to act as a solid foundation for the success of our communities.
The detailed reports are available here:
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.