According to the Prescott Area Association of REALTORS®’s (PAAR) latest housing market report, home sales dropped 10.95% year-over-year in the Quad Cities during the month of May.
A total of 269 homes were sold across the Quad Cities, with the most in Prescott at 114 homes. Prescott Valley was the only city to experience a growth in sales since this time last year with 103 homes sold a 7.3% increase. Chino Valley and Dewey-Humboldt saw the least sales with 31 and 21 homes sold, respectively
As the Quad Cities eased into summer through the month of May, the number of new homes put on the market and overall sales decreased in comparison to the earlier spring months. The Quad Cities saw 444 new listings in May, a 3% increase year-over-year.
The City of Prescott brought 243 new listings to the market, the same number as the year prior. The number of new listings in Prescott Valley increased 5.1% year-over-year with 124 homes listed in May. Both Chino Valley and Dewey-Humboldt saw decreases in new listings, with 49 and 28 new listings.
Despite limited growth in new home listings, active inventory increased across the Quad Cities by 48.6% year-over-year with 1,140 homes available. Of these homes, 144 were in Chino Valley with an astounding 121.5% increase in active inventory.
Prescott had 649 homes on the market in May, compared to 266 in Prescott Valley and 81 in Dewey-Humboldt. Homes seemed to sell in Prescott Valley with 2.6 months of inventory. Prescott and Chino Valley had the greatest months of inventory with 5.7 months and 4.6 months each. Dewey-Humboldt had the least months of inventory at 3.9 in May.
The median days on market increased across the Quad Cities, settling at 30 days on market. Both Dewey-Humboldt and Prescott had a median day on market of less than 30 days, while Chino Valley and Prescott saw homes stay on the market for over a month.
The median sales price for the Quad Cities decreased by 0.2%, with Prescott experiencing the only increase and a median sale price of $589,500. Chino Valley stood at the most affordable with a median price of $399,900, while the median sale price in Prescott Valley settled at $442,000, followed by $429,000 in Dewey-Humboldt.
The median sale price in the Quad Cities during May was $475,649.
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.
