Prescott, AZ – April 8, 2022 – Home selling prices throughout the Quad Cities continued their months-long upward trend in March, jumping 25.3% compared to last March, while closed sales finished slightly ahead of March 2021, according to the housing market report released today by the Prescott Area Association of REALTORS® (PAAR). The median home selling price in the Quad Cities was $461,250 in March, while the number of closed sales totaled 414.
Prescott led the way with the highest median home selling price increase, 32.3% compared to March 2021. The area’s median selling price of $653,250 was also the highest in the Quad Cities. The number of sales in the area decreased by 11% from March 2021 to finish the month at 146. Homes went under contract in a median time of six days.
Prescott Valley’s median sales price grew by 32.1% from a year ago to reach $462,500 in March. Five days represents the median time a home was on the market there. The 125 homes sold during March represent an increase of 19% compared to last March.
“For homebuyers in the Quad Cities, the March data offers welcome news in terms of adding new options to their search, particularly in Prescott Valley where the number of newly listed homes approached a 50% increase compared to a year ago,” said George Beitzel, 2022 PAAR president. “Prescott Area REALTORS® are optimistic that sellers, recognizing their opportunities in today’s housing market, will continue this trend into the late spring and summer months.
“Buyers remain very active throughout the Quad Cities and are highly motivated to find their next home before any additional increase in mortgage rates,” continued Beitzel. “We anticipate it will continue to be a competitive market with the balance tipped toward sellers throughout the remainder of this year. However, buyer enthusiasm may be curbed as rising prices and mortgage rates strain their budgets.”
Chino Valley had a median price increase of 10.4% compared to a year ago, reaching $392,500 in March. The 38 closed home sales were down 13.6% compared to March 2021. Dewey-Humboldt had 39 closed home sales, an increase of 56% from a year ago. The median sales price was $435,000, an increase of 17.6%.
There were 472 homes listed for sale in the Quad Cities at the end of March, a 37.2% increase from the March 2021 total of 344.
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.