November 2018 Prescott Area Market Review

Dated: 12/05/2018

Views: 66

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 a “sellers market”, meaning there is higher demand than there is supply. November saw the lowest number of new listings since December of last year. Seasonality is in play with fewer homes coming on the market during the holidays. However, buyers are still house hunting during the holidays.

Chino Valley and Prescott both experienced longer days on market in November, both saw an increase of about 30 days on average. Prescott Valley held steady with an overall average of just 40 days on market. Buyer demand has not slowed in Prescott Valley based on the number of days for a home to sell.

Prescott Valley’s average sale price saw a slight increase in November over October while both Prescott and Chino Valley experienced a slight dip in their average sold prices.

Watch the video to learn more about our market in November.

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