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

For all PAARs in March 2023:

• Total sales: 289
• New list: 457
• Active Inventory: 870
• Months in stock: 3
• Median selling price: $479,000
• Average days in market: 42

Prescott March 2023:

• Total sales: 112
• New list: 204
• Active Inventory: 374
• Inventory Months: 3.3
• Median selling price: $600,500
• Average days in market: 40

Prescott Valley March 2023:

• Total sales: 90
• New list: 101
• Active Inventory: 175
• Inventory Months: 1.9
• Median selling price: $495,000
• Average days on market: 43

Chino Valley in March 2023:

• Total sales: 21
• New list: 35
• Active Inventory: 69
• Inventory Months: 3.3
• Median selling price: $419,900
• Average days in market: 36

Dewey Humboldt March 2023:

• Total sales: 24
• New list: 39
• Active Inventory: 62
• Inventory Months: 2.6
• Median selling price: $421,000
• Average days on market: 29

The chart below contains the following information:

• Sold – The number of property listings sold in the last month.
• Median Days on Market – The median number of days the property was on the market from listing date to signing date.
• New Listings – Number of new property listings added to MLS during the month
• Median List Price – The median (middle) price property listed in the MLS for the month

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

Q1 Housing Market Closing Offers Key Insight

According to a housing report released today by the Prescott Area Association of REALTORS® (PAAR), inventory numbers continued to rise both regionally and nationally in March, indicating positive developments in the real estate market.

Chino Valley led the region last month with a 450% increase as it increased from just 0.6 months of inventory in February 2023 to 3.3 months of inventory last month. Prescott had his 3.3 months stock and Dewey-Humboldt his 2.6 months. Prescott Valley showed only 1.9 months of his inventory available at the end of March.

“Inventory levels remain at historically low levels,” Lawrence Yun, chief economist at the National Association of Realtors®, said in a report. “As a result, we have had multiple offers coming back on quite a few properties.”

2023 PAAR President M. Faye Humphrey said:

The rapid rise in house prices over the past few years continues to slow, but the old concept of supply and demand continues to play a key role in the current situation. As such, buying a home in 2023 will still have its own set of challenges.

“When you see your dream home for sale, call a REALTOR® who knows your local market and start asking questions.” Homeownership is the American Dream. You can create wealth for generations, and it is your responsibility to explore all possibilities.”

Increased inventory months is a positive indicator for the market, but new listing data should be followed closely. In March, he recorded an overall drop in new listings of 2.8% from this time last year. Numbers vary by region. Prescott said he increased the number of new listings by 19.3% since March 2022, while Chino Valley’s numbers remained flat. Both Dewey-Humboldt (down 18.8%) and Prescott Valley (down 34.8%) are in the red, and stock numbers in these regions may continue to decline in the coming months.

If you’re feeling discouraged, remember that positive signs are out there if you know what to look for. Median sales prices continue to rise across our region, both since this time last year (+3%) and monthly (+4.1%), but at much more sustainable levels. And if there’s one thing Quad Cities are known for, it’s tough enough to stand the test of time…in any market.

Editor’s Note: All data are compiled from the Prescott Area Association’s Multiple Listing Service of REALTORS® single-family, manufactured, mobile, modular, condominium, and townhouse homes in Prescott, Prescott Valley, Chino Valley, and Dewey. Includes activities.Humboldt

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