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 May 2023:

• Total sales: 346
• Number of new properties: 534
• Active inventory: 1077
• Inventory Months: 3.1
• Median selling price: $460,000
• Median days to market: 22

Prescott May 2023:

• Total sales: 137
• Number of new properties: 242
• Active inventory: 478
• Inventory Months: 3.5
• Median selling price: $560,000
• Median days to market: 21

Prescott Valley May 2023:

• Total sales: 95
• New Listings: 118
• Available stock: 205
• Inventory Months: 2.2
• Median Selling Price: $450,00
• Median days on market: 18

Chino Valley May 2023:

• Total sales: 37
• Number of new listings: 35
• Active inventory: 74
• Months in stock: 2
• Median selling price: $435,000
• Median days to market: 22

Dewey Humboldt, May 2023:

• Total sales: 26
• Number of new listings: 35
• Active inventory: 70
• Inventory Months: 2.7
• Median selling price: $452,500
• Median days to market: 27

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

Is the Quad Cities housing market on the upswing?

Both total sales and new listings fell again last month, but the data shows some encouraging signs, according to a housing report released today by the Prescott Area Real Estate Association (PAAR).

The total number of residential units sold last month was 346 units, down 13.9% from the previous month. However, the median sales price last month remained unchanged across the region, and the median sales price for the entire Quad City from the beginning of the year (January to May) remained unchanged at 0.0%. This is a promising sign of market stabilization. We may be getting there soon.

Inventory months continued to increase in all four regions last month, from just 1.9 months in April 2023 to 3.1 months in May, an increase of 62.3%. “Housing price challenges certainly remain and continue to hamper contract signings,” said Lawrence Yuen, chief economist at the NAR. A significant increase will be essential.”

With this in mind, active inventory growth in May 2023 increased by 42.1% overall across all areas of the Quad City, with a total of 1,077 active listings in the market. Prescott topped the list with 46.2%, followed by Chino Valley (27.6%) and Dewey Humboldt (22.8%). Prescott Valley posted the lowest figure of any region last month, but still saw a double-digit increase in inventories of 19.9%.

“Now is the time when the local insight and market expertise of REALTOR® becomes essential,” said M. Faye Humphrey, 2023 PAAR Chairman. “Knowing how to interpret these market fluctuations is something we are prepared for and ready to communicate to all the clients we serve,” Humphrey added.

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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