September 2018 Prescott Area Real Estate Market Review

Dated: 10/03/2018

Views: 112

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. 

If you would like a print copy of this report contact us and we'll be happy to email it to you. 

To get future reports delivered to your Inbox just click the Subscribe button.

Latest Blog Posts

10 Ways to Share the Spirit of the Season—Starting from Home

 10 Ways to Share the Spirit of the Season - Starting from HomeThe holiday season is upon us, and many of us have already begun to celebrate. From trimming trees to lighting candles, it’s

Read More

November 2018 Prescott Area Market Review

For the 16th straight month the Tri-City area has less than 4 months worth of residential homes available for sale. Industry standard tells us that anything under 6 months of inventory is considered

Read More

‘Tis the Season: 5 Reasons Why Winter is a Great Time to Buy or Sell a Home

It’s a common misconception that you shouldn’t try to buy or sell a home during the fall and winter months.This is generally considered the “offseason” in real estate. Many

Read More

October 2018 Prescott Area Real Estate Market Review

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

Read More