Total sales across most of the Quad Cities decreased in the month of November, but median sold prices continue to paint a positive picture of local real estate according to the housing market report released today by the Prescott Area Association of REALTORS® (PAAR).
Total sales in November dropped across the entire region by 35.8%, but median sold prices stayed in the green with a 2.3% overall increase. Once again, Prescott posted the most impressive numbers with a 14.3% increase in median sales price, with Dewey-Humboldt following closely at 10.1%. In contrast, total sales in Prescott fell by 38.3% in November and 70.5% in Dewey-Humboldt.
Chino Valley was the only region to record an increase in total sales in November of 16.1%, although median sales price in that area fell by 7.2%.
Prescott Valley reported decreases in both categories last month, with total sales down 31.3% and median sales prices down 7.4%, the lowest of all the regions.
The market snapshot of November, however, should be considered alongside the market’s year-to-date performance, which shows that median sales prices are continuing to rise since the beginning of the year and are still well ahead of the data from 2021.
“Despite the drop off in sales, which to some degree is normal this time of year, inventory, for now, remains in seller’s market territory and is helping to keep prices strong, even with the high interest rates,” said George Beitzel, 2022 PAAR President. The drop in sales this time of year can be attributed to common factors such as potential buyers diverting finances to enjoy the holidays, or families with school-aged children preferring a summer move.
As the housing market continues to stabilize, historical perspective is key. As new listings and months of inventory continue to increase (an average of 16% and 3.7 months, respectively, across all regions), buyers may see more competitive prices and “move in ready” listings as sellers respond to market fluctuations.
As always, we encourage people to seek out a REALTOR® to represent them in any property transaction. Having someone who lives and works in your community, is an expert on local market conditions, and is held to a strict code of ethics will ensure that your best interests are represented.
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.
