It’s the old supply-and-demand predicament: Home sales in the U.S. continue at a torrid pace, but the availability of listings remains limited. Buoyed by historically low mortgage rates,
October 2018 Prescott Area Real Estate Market Review
Dated: November 8 2018
Prescott AZ and surrounding towns had a drop in the number of newly listed homes for sale, while the number of sold homes increased in October 2018. The total months’ worth of inventory available for sale in the Tri-City area is 3.17 months, a drop from September and just slightly higher than the Spring and Summer. Sales prices still average just 2% below the asking price.
Chino Valley’s average sale price dropped back into the $280,000 range which is more common for the area. Since August 2017 the average sales price each month has ranged between $250,000 - $290,000. Chino Valley's inventory for October was back down to just 2.85 months of inventory available. Similar to it’s run of less than 3 months of inventory from March through August this year.
While Prescott Valley had a slight increase in the amount of inventory last month, they still have the lowest amount of inventory available in the Tri-City area with just 2 ¼ months of inventory available. This means buyers have fewer homes to choose from and sellers have less competition. Which continues the trend we have seen for the past year and a half. The average sold price had a slight drop since September at $291,000. The average sold price each month this year has ranged from $280,000 - $315,000, the highest priced month was in August.
Prescott had another slight increase in the average sold price in October, $416,371, just $3000 over the previous month. Prescott’s average sold price has been over $400,000 for all but three months this calendar year. Prescott had over 600 active listings for the month of October with 161 sold homes. Bringing the total available inventory to 3.8 months.
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Jodi King was born and raised in Prescott AZ. As a hometown local she looks forward to showing off her favorite town to those who are new to the area. Our area offers plenty of outdoor recreation on t....
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