February 2019 Real Estate Market Review

Dated: 03/06/2019

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The list price to sales price ratio dropped back into a normal range. Last month saw a total average for the Tri-City area at greater than 100% which means some homes sold for more than the asking price. This month we see each town back to 97-98% which has been a common range the past several years.

The average sold price for homes in the Tri-City area came it at $348,390 which is higher than the average sold price in February 2018 of $328,817 and considerably higher than the 2017 average sale price of $292,190.

Total months of inventory available in February came in at 4.15. Showing a steady climb month over month of increased inventory levels since last summer. Industry standards say that anything under 4 months of inventory is considered a “Sellers’ Market”, meaning there is a supply shortage and potential buyers have fewer available options. 4-6 months of inventory creates a “Balanced Market”, meaning a few more choices available with give and take negotiations more likely.

Dollar amounts and inventory levels vary within neighborhoods and price ranges. Contact us for a custom report of your neighborhood, or the neighborhood you hope to move into.

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JODI KING

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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