Prescott, AZ – June 6th, 2023 – Total sales and new listings both declined again last month, but the data showed some promising signs according to the housing report released today by the Prescott Area Association of REALTORS® (PAAR).
Total home sales fell last month to 346, a 13.9% drop from the previous month. However, the median sold price showed no change last month across the area and the year-to-date (January through May) median sold price for the entirety of the Quad Cities also showed no change at 0.0%, a promising sign that market stabilization may be on the horizon.
Months of inventory continued to rise across all four regions last month, increasing from only 1.9 months in April 2023 to 3.1 months in May, a 62.3% jump. “Affordability challenges certainly remain and continue to hold back contract signings,” said NAR Chief Economist Lawrence Yun, “but a sizeable increase in housing inventory will be critical to get more Americans moving.”
With that in mind, the increase in active inventory in May 2023 rose across all areas in the Quad Cities by 42.1% overall for a total of 1,077 active listings on the market. Prescott led the pack with 46.2%, followed by Chino Valley (27.6%) and Dewey-Humboldt (22.8%). Prescott Valley, though posting the lowest numbers of all the regions last month, still added double digit gains in inventory at 19.9%.
“Now is the time when the local insight and market expertise of your REALTOR® will be indispensable,” said M. Faye Humphrey, 2023 PAAR President. “Knowing how to interpret these market fluctuations is something we prepare for and are ready to communicate to every client we serve,” Humphrey added.
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.