Days on the market both rising in the Quad Cities
Prescott, AZ – November 7, 2022 – Although homes are spending longer on the market sales prices remain strong in the Quad Cities, according to the housing report released today by the Prescott Area Association of REALTORS® (PAAR).
Prescott led the region with a median sold price of $595,000 in the month of October, a double-digit increase over the $525,000 recorded in that area last year. Prescott Valley also saw a double-digit increase with a median sold price of $440,000. Chino Valley and Dewey-Humboldt also saw their median monthly sold price rise since October 2021, coming in at $385,000 and $410,000 respectively.
The continued rise in median sold prices is paired with the recent uptick in active inventory, with increases registering in the triple digits in most regions. Prescott Valley led October with a 23.5% increase in active inventory, while Chino Valley posted the greatest increase in months of inventory since this time last year with a 388.9% increase overall. Dewey-Humboldt was the exception, with a 36.2% increase in active inventory since October 2021.
Historically, fluctuations in the market have followed this pattern before. In 2016, Chief Economist for the National Association of REALTORS® Dr. Lawrence Yun reported concerns about a national housing shortage and its connection to rising home prices.
“Using a local REALTOR® is the wisest course of action for anyone looking to buy, sell, or rent property right now,” said George Beitzel, 2022 PAAR President.
“The Quad Cities overall remains a healthy and competitive market for real estate,” Beitzel added. “You wouldn’t ask your dentist to represent you in court; you shouldn’t ask someone not bound by our code of ethics to help you with a decision as important as your home. Your REALTOR® has the training, resources, and support to represent your best interests.”
The 449 homes listed for sale in the Quad Cities region at the end of October reflect a 4.5% drop since this time last year.
The detailed reports are available here: https://dashboards.domusanalytics.com/v/PrescottInfographic and https://dashboards.domusanalytics.com/v/PrescottInfographicArea
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.