Market data continues to reflect the uniqueness of our local economy according to the housing report released in September by the Prescott Area Association of REALTORS® (PAAR).
Total sales across the region monitored by PAAR rose 5.5% in August 2023, reflecting 345 homes sold overall, compared to only 327 homes sold in August 2022. These gains are largely reflective of the exceptional month seen in Prescott Valley, which recorded 97 total sales in August, a 24.4% increase.
Another highlight in the data for the Quad Cities is the increase in most areas of median sales prices; Prescott showed the greatest gain, ending the month of August with a median sold price of $605,500, a 10.6% increase from the previous month.
Chino Valley finished the month with a median sold price of $399,900 (up 9.3%) and Prescott Valley closed the month of August with a median sold price of $450,000 (up 3.9%). Dewey-Humboldt showed no change year over year, closing August 2023 with a median sold price of $450,000.
However, months of inventory remain a concern in the Quad Cities as it does across the nation, and understanding the difference between the month-over-month numbers and the year-to-date data is key to understanding how to maximize opportunities for all property owners.
“Locally we only have about three and half months of inventory available, which could continue to influence rising home prices and discourage people from pursuing their dream of a new home,” said M. Faye Humphrey, 2023 PAAR President.
“However, we want folks to have confidence in the local market and seek out a REALTOR® they can trust to fully explain the numbers and guide them through their options.”
Months of inventory dropped 5.6% in August, with only 3.6 months of inventory remaining across the Quad Cities region at the end of August. At this time last year, the median days on market in the region was only 13 days.
While that number has risen from January through August of this year to 28 days, individual areas vary significantly in the speed at which homes in their niche markets remain available.
The detailed reports are available here: https://dashboards.domusanalytics.com/v/PrescottInfographic and https://dashboards.domusanalytics.com/v/PrescottInfographicArea.