During March, 429 new homes were listed across the Quad Cities, according to the housing market report released by the Prescott Area Association of REALTORS® (PAAR).
In the prior year, only 325 homes were listed during March, resulting in a 32% positive change year-over-year. The number of new listings increased in each of the Quad Cities except Dewey-Humboldt, which experienced a decrease of 16.7% overall with six fewer new listings this year.
Prescott Valley saw the largest growth with a 61.3% increase in new listings from 75 in March of last year to 121 this year. Prescott and Chino Valley both sustained considerable increases of 31.1% and 23.5% respectively.
The influx of new listings resulted in an increased amount of active inventory in the area despite the minor decline in overall sales. The Quad Cities saw a 41.4% increase in active inventory year-over-year, with 946 homes on the market this March compared to 669 last year.
Each of the four cities saw substantial growth in amounts of active inventory, even with increased sales in some areas. Chino Valley experienced the largest jump with a 64.1% positive change in the total amount of active inventory from 64 active listings last March to 105 this year; Prescott Valley, 58.1% increase, 245 active listings; Prescott, 33.4%, 515 active listings.
The smallest increase in the amount of active inventory was seen in Dewey-Humboldt at 26.6%, despite a decrease in the number of new listings and an increase in total sales.
The Quad Cities had a combined 4.1 months of inventory, with Prescott leading the way at 5.2 months of inventory. Each city has more than 3 months of inventory available, respectively.
A contributing factor to the high amount of active inventory is the extended duration of homes on the market. The median number of days on market for listings in the Quad Cities increased year-over-year by 16.7%.
With increased inventory and homes being for sale longer, the market became a bit less competitive, affecting overall sales and sale prices.
In terms of total sales, the Quad Cities saw a slight reduction of 8.8% with 229 sales in March this year compared to 251 in 2023. The median sale price in March for all of the Quad Cities was $510,000.
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.
