Submitted by PAAR
The February median home selling price in the Quad Cities jumped more than 15% compared to last February despite home sales lagging as supply failed to meet demand, according to the housing market report released by the Prescott Area Association of REALTORS® (PAAR).
The median home selling price in the Quad Cities was $475,000 in February, while closed sales totaled 265.
Prescott posted the highest February median selling price in the region at $575,750, an increase of 16.3% compared to February 2021. Sales in the area decreased by 11.9% to finish the month at 118. Homes went under contract in a median time of 10 days.
Prescott Valley’s median sales price grew by 10.8% from a year ago to reach $437,500 in February. Five days represents the median time a home was on the market. The 96 homes sold during February represent a decrease of 5.5% from February 2021.
“Homebuyer demand remains exceptionally strong throughout the Quad Cities,” said George Beitzel, 2022 PAAR president. “The primary headwind slowing home sales is the scarcity of homes listed for sale. Newly listed homes are selling quickly, keeping the overall number of homes listed for sale and homebuyers’ options at historically low levels.”
“Prescott Area REALTORS® are optimistic that sellers, who stayed on the sidelines during the uncertainty of 2021, will begin to return to the housing market now that the pandemic has eased,” Beitzel said. “It will continue to be a seller’s market throughout this year and likely into 2023 given the combination of fewer existing homes being listed and the slow pace of new home building throughout the Quad Cities.”
Chino Valley had the greatest median sales price increase in the region, jumping by 26.5% to reach $430,000 on 25 closed home sales. The number of closed sales was 21.9% below the February 2021 total.
Dewey-Humboldt had 26 closed home sales, the same as this time a year ago. The median sales price was $419,500.
There were 410 homes listed for sale in the Quad Cities at the end of February, a 22% increase from the February 2021 total of 336.
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.