July / August 2023 Market Update from Terri Monksfield

  • 7 months ago
Flex Realty of Arizona

Fall is on the Horizon!

It has been a very hot and dry summer to say the least and in some ways, I wonder if the weather was a contributing factor to home sales and the recent data.  We do know the interest rates are still high compared to previous years and that has reduced buying power, which is the main reason for the slowdown in housing, however, with it being such a warm and dry summer, I wonder if we did not get as many visitors for our area as we have in the past?

According to our market statistics, brought to you by PAAR, our Prescott Area Association of Realtors – they do show the following-compared to last year at this time:

For Prescott:

  • There is an increase in inventory due to the number of days on market
  • Homes are on the market longer
  • Median home prices are up 
  • Number of actual sales are down.
  • Number of actual new listings is also down

For the entire Tri City area:

  • The statistics show the same information as Prescott with regards to homes being on the market longer, which increases home inventory, the median prices are up and the actual sales are down.

I believe home prices, although sellers are holding steady and not dropping prices as aggressively, combined with the reduction on the number of sales are an indication that buyers are more selective and there is not that sense of urgency as there was in the past.  Combined with the high interest rates, the enthusiasm for the market has tempered. 

I am still seeing more buyers ask for concessions to be used to “buy down a rate” or for closing costs.  If you are interested or curious about how this works, feel free to give me a call or send me an email.

For now, enjoy the rest of summer in our Amazing Area and here are a few of our listings:

1611 Addington Drive, Prescott
Click to view listing(s)
A Fabulous home in the gated community of the Cottages in Prescott Lakes! Offering 2 bedrooms with a den/potential 3rd bedroom, A Fireplace, open floorplan and Majestic Mountain Views! This home has amazing features including a covered patio, leased solar of less than $40 a month with 10 years left, Stainless appliances, high ceilings and a new roof in 2022 along with the exterior freshly painted this year! Unique opportunity to own a home that has only had 1 owner, been meticulously maintained, offers a view and the guest parking is very close by!


6889 Gables Trail, Prescott
Click to view listing(s)
This Sought After Durango Model is Already Landscaped, Upgraded and ready for you! This home will leave you in awe as you enter and find yourself in the wide and airy entry way. The open concept of the great room, dining room and kitchen will keep your company close and easily interacting. With a gas Fireplace in the family room , This 3 bed Split Floor Plan has everything & more! Beautiful Quartz counters, stainless appliances, Luxury Vinyl Plank Floors, a view of Granite Mountain from the back yard-which backs to open space and offers a 3-car tandem garage including a 220 outlet to charge your electric vehicle. Close proximity to schools, shopping, medical and many other amenities – This home is an amazing opportunity for you to own an almost new home in a great new neighborhood.


1337 Sabatina St, Prescott
Click to view listing(s)
This is your chance to live in Prescott Lakes in a gorgeous 3 bed, 2 bath, turn key home! Entering this home you will be inspired to have guests and family in your large Family Room with a gas fireplace and plenty of room to entertain, while flowing to the Kitchen with Stainless Appliances and Granite Counters. A separate formal dining area for more entertaining and No carpet anywhere in the home. If that is not enough, the backyard is large and perfectly landscaped for even more gatherings. Located on a quiet cul de sac, you don’t want to miss this one.

As always, if we can be of assistance, please call any time or send us an email. We always answer our phones or call you back immediately!

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