Prescott Area Association of Realtors (PAAR) publishes monthly home sales updates for the month of March in key areas of Yavapai County, including Prescott Valley, Prescott, Chino Valley and Dewey Humboldt. Below is a summary of home sales market statistics in quad cities in central Arizona.

Overall PAAR for April 2023:

• Total sales: 267
• Number of new properties: 518
• Available stock: 928
• Inventory Months: 3.5
• Median selling price: $470,000
• Median days on market: 29

Prescott April 2023:

• Total sales: 111
• Number of new properties: 213
• Active inventory: 405
• Inventory Months: 3.6
• Median selling price: $575,100
• Median days to market: 22

Prescott Valley April 2023:

• Total sales: 84
• Number of new properties: 124
• Active inventory: 176
• Inventory Months: 2.1
• Median selling price: $472,450
• Median days to market: 32

Chino Valley in April 2023:

• Total sales: 28
• Number of new properties: 52
• Active inventory: 68
• Inventory Months: 2.4
• Median selling price: $352,500
• Median days to market: 27

Dewey Humboldt, April 2023:

• Total sales: 15
• Number of new listings: 36
• Active inventory: 61
• Inventory Months: 4.1
• Median selling price: $370,000
• Median days to market: 48

The chart below contains the following information:

• Sold – The number of properties sold in the last month.
• Median Days On Market – The median (median) number of days a property has been on the market from listing date to contract date.
• New Listings – Number of new listed listings added to MLS in a month
• Median list price – median (median) price of properties listed on the MLS for the month

A detailed report is available here. https://dashboards.domusanalytics.com/v/PrescottInfographic and https://dashboards.domusanalytics.com/v/PrescottInfographicArea

As expected, the housing market will drop slightly, but don’t panic.

According to the Prescott Area Association of REALTORS® (PAAR) housing report released today, total sales and new listings both fell last month, but signs of a healthy market remain.

Total home sales across the PAAR fell to 267 units last month, down 25.8% since April 2022. However, it is important to note that the decline in sales coincided with a similar decline in new listings in the same area. A decrease of 3.6%, with only 513 listings added to the local market in April 2023.

The good news is that inventory months continue to recover across the Quad Cities, increasing to 3.5 months last month from just 1.3 months this time last year. “The lack of housing inventory is a major constraint on sales growth,” Lawrence Yun, chief economist at the National Association of REALTORS® (NAR), said in a recent press release. “We are not meeting demand nationally because housing supply is limited.”

The positive indicators in the data also appear to support the NAR’s forecast that sales will be “significantly better” in the second half of the year and that existing home prices will be largely stable. The median number of days on the market increased sharply from April 2022 to April 2023, and the average number of days listed jumped from just 7 days to now 29 days (approximately 4 weeks/month). It marks a return to a sustainable pace. For homeowners looking to buy or sell property in the near future.

“REALTORS® takes great pride in knowing the local market inside out,” said 2023 PAAR President M. Faye Humphrey. “PAAR members are proud to contribute to the long-term growth and prosperity of the places where we live and work.”

(For more information on how homeowners in the Prescott area have amassed more than $200,000 in wealth over the past decade, $60,000 more than the national average, due to soaring home prices, see the Breaking News section below.) See PAAR’s April 2023 article. www.paar.org/ )

Editor’s Note: All data is compiled from the Prescott Regional Association of REALTORS® multi-listing service for single-family, manufactured, mobile, modular, condominium, and townhouses in Prescott, Prescott Valley, Chino Valley, and Dewey. Includes residential activities.Humboldt

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