Prescott, AZ – The 396 closed homes sales in the Quad Cities during May matched the May 2021 sales total, while the median sales price posted a 15% gain from a year ago, according to the housing market report released today by the Prescott Area Association of REALTORS® (PAAR). The Quad Cities median home sales price was $459,750 in May.
Prescott led the Quad Cities with a 29.3% increase in median selling price, even as home sales finished just behind the May 2021 total. The median sales price in Prescott was $649,900, up from the $502,500 median posted in May 2021. There were 143 closed home sales in May 2022, down 2.7% from last May’s total of 147. Homes were on the market for a median time of seven days.
Prescott Valley’s median sales price grew by 16.9% from a year ago to reach $467,500 in May. The 120 homes sold in May were on par with the 119 sold a year ago. Nine days represents the median time a home was on the market there.
“As we head into the summer months, Prescott Area REALTORS® believe the market will remain active, but not at the frenzied pace of the past year and a half,” said George Beitzel, 2022 PAAR president. “Rising mortgage rates and increasing home selling prices are combining to strain buyers’ budgets as they also contend with increased living expenses due to rapid inflation. As a result, buyers are being more selective in their offers and watching their budgets much more closely.”
“We are seeing sellers return to the market and the increased number of homes to choose from will help keep buyers active throughout the Quad Cities in the coming months,” said Beitzel, noting that there were 78% more homes listed for sale in May compared to a year ago. “Our communities are great places to live. Regardless of economic conditions, the life-driven reasons for homeownership endure and we will continue to help buyers and sellers meet at the closing table.”
Chino Valley had a median price increase of 2.5% compared to a year ago, reaching $350,000 in May. The 43 closed homes sales represent a 6.5% decrease compared to May 2021. Dewey-Humboldt had 47 closed home sales, an increase of 46.9% from a year ago. The median sales price was $401,000, an increase of 2.7%.
There were 782 homes listed for sale in the Quad Cities at the end of May, a 78.5% increase from the May 2021 total of 438.
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.