As we continue with our Amazing Weather and Life here in Prescott and the surrounding areas, I wanted to give you the latest updates regarding housing data in the Tri-City Area.
According to our Prescott Area Association of Realtors – June 6th, 2023 – Total sales and new listings both declined again last month, but the data showed some promising signs according to the housing report released today by the Prescott Area Association of REALTORS® (PAAR).
Total home sales fell last month to 346, a 13.9% drop from the previous month.
However, the median sold price showed NO CHANGE last month across the area and the year-to-date (January through May) median sold price for the entirety of the Quad Cities also showed no change at 0.0%, a promising sign that market stabilization may be on the horizon.
Months of inventory continued to rise across all four regions last month, increasing from only 1.9 months in April 2023 to 3.1 months in May, a 62.3% jump. “Affordability challenges certainly remain and continue to hold back contract signings,” said NAR Chief Economist Lawrence Yun, “but a sizeable increase in housing inventory will be critical to get more Americans moving.” With that in mind, the increase in active inventory in May 2023 rose across all areas in the Quad Cities by 42.1% overall for a total of 1,077 active listings on the market.
Prescott led the pack with 46.2%, followed by Chino Valley (27.6%) and Dewey-Humboldt (22.8%). Prescott Valley, though posting the lowest numbers of all the regions last month, still added double digit gains in inventory at 19.9%.
WHAT DOES THIS MEAN
In my mind, It is still a great time to sell, as people are moving here from other areas of the country, the demand is high and the inventory is still considered low. Pricing is the key-our expertise in the area can assist you so that we can find a range that will allow your home to sell in a timely manner.
If you are a buyer, with the increased inventory, you should have more than 1 option for your home buying choice (nice change compared to the recent market) and there is now a bit more willingness and room for negotiation.
For more information, whether you are buying or selling, please feel free to reach out to us any time. We can be reached at 928-420-2961 or 928-533-9031 or our website or email: [email protected] and [email protected]
We look forward to assisting you and enjoy the summer!