January 2024 – Monthly Real Estate Market Insights

  • 3 weeks ago
Flex Realty of Arizona

Take a look at the Prescott and surrounding areas market data for December, 2023. Download the complete market insights PDF by clicking HERE.

Prescott, AZ – January 8, 2024 – The number of homes for sale in the Quad Cities increased by 18.6 percent year over-year in December according to the housing market report released today by the Prescott Area Association of REALTORS® (PAAR). December 2023 ended with 848 homes for sale compared to 715 homes on the market at the same time last year. An 8.2 percent increase in new listings across the Quad Cities created additional inventory, with a 3.9 percent increase in new listings in Prescott, an 18.2 percent rise in Prescott Valley, and a remarkable 46.2 percent jump in Dewey-Humboldt. The Quad Cities reported 185 new listings and 182 sales in the last month of 2023.

As the amount of inventory in the Quad Cities steadily increases, so does the amount of time each home stays on the market. Dewey-Humboldt and Chino Valley saw their days on market increase 27.3 percent and 35.3 percent respectively, while Prescott reported a considerable rise (152.8 percent) from 36 days a home remained on the market in December of 2022 compared to 91 days at the same time in 2023. Prescott Valley experienced the only decrease in median days on market in the Quad Cities, dropping 26.3 percent year-over-year from 57 to 42 days on market. The months of inventory available in the Quad Cities increased 62.1 percent from 2.9 months in December 2022 to 4.7 months in December 2023. Each of the four cities in the area experienced positive changes in their months of inventory year-over-year with Chino Valley exhibiting the greatest increase of 82.8 percent while Prescott Valley saw a 68 percent rise.

All four of the Quad Cities displayed increases in the median sales price of homes in December with Prescott and Dewey-Humboldt reporting the greatest increases. Prescott’s median sales price sat at $635,000 in the most recent month, a 11.4 percent year-over-year increase, while Dewey-Humboldt showed a smaller change in median sales price with a 10 percent increase from $417,950 in December of 2022. Meanwhile, Prescott Valley and Chino Valley remained more stable with less than 10 percent increases in prices. The median sales price in Prescott Valley in December was $462,500 while Chino Valley reported a price of $425,000.

“The market is changing as more homes become available and stay on the market longer,” said Jeanelle Shearer, PAAR’s 2024 President. “We expect the market will still favor sellers, but the expertise of a REALTOR® can help buyers navigate the opportunities of an expanding market in the new year.”

A total of 2,950 homes were sold in the Quad Cities in 2023, with most sales in Prescott (1,389) followed by Prescott Valley (1,004). The median sales prices of homes showed subtle increases over the year. In the Quad Cities, the median sales price for 2023 was $490,000 and homes remained on the market for a median of 28 days (about 4 weeks).

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.

Please contact us for more information, and to discuss the market. As always, we are here to assist in your home buying and home selling experience. We can be reached 7 days a week via phone, email, or text. Give us a call and we are happy to guide you!

 

Terri Monksfield
Flex Realty
928-420-2961

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