“How’s the Market?” What’s Ahead for Real Estate While no one can predict the future with certainty, most experts expect to see modest growth in the U.S. housing market
September 2018 Prescott Area Real Estate Market Review
Prescott AZ and surrounding towns experienced more shifts in September. We saw an increase in the months' worth of inventory available for sale to 3.21 months. This is the highest total inventory level since February this year. Keep in mind anything less than 6 months' worth of inventory is considered a "Seller's Market". Sales prices average just 2% below the asking price.
Chino Valley experienced the highest increase in average sale price. This month shows the highest average sales price of any month this year. This may be due to the increase in new home construction in the area. Chino Valley's inventory for September was up to 3 1/2 months, breaking a six-month run with under 3 months' of inventory.
Prescott Valley still has the lowest amount of inventory available of the three towns. Just a hair over 2 months' worth of inventory is available. Which continues the trend we have seen for the past year and a half. While there was a $15,000 drop in the average sold price since August, the town still holds steady with a month over month sold average ranging from $270,000 - $315,000.
Prescott had another increase in the average sold price for the month of September. But much like Prescott Valley the average sold price month over month has been steady this year ranging from $380,000 - $440,000 for the entire town. Prescott has the largest number of active residential listings with over 400 on the market bringing Prescott up to 4 months' worth of inventory.
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Prescott AZ and surrounding towns experienced more shifts in September. We saw an increase in the months' worth of inventory available for sale to 3.21 months. This is the highest total inventory