Top Ten 1031 Exchange Misconceptions1. LIKE-KIND MEANS I MUST EXCHANGE THE SAME TYPE OF PROPERTY, SUCH AS APARTMENT BUILDING FOR APARTMENT BUILDING. All real property is like-kind to
March 2019 Prescott Real Estate Market Review
The numbers are in for March 2019. Take a look at the video and see what took place in Prescott, Prescott Valley and Chino Valley.
The Tri-City area of Prescott, Prescott Valley and Chino Valley had the lowest months’ worth of inventory since August of 2018. Just 3.09 months of inventory reported for March 2019. Anything under 5 months of inventory is considered a “Seller’s Market”. However, despite the inventory levels suggesting a Seller’s Market the average sold price decreased again for the third month in a row.
Prescott days on market dropped nearly in half. From an average of 101 days to sell in February to just 58 days in March, suggesting our Spring sales market is underway. Amount of available inventory in Prescott also decreased since February. Average sold price also saw a decrease over last month.
Prescott Valley continues to see the lowest amount of inventory levels of the three towns. Just a hair over 2 months of inventory currently available. However, the average sold price dropped yet again and was the lowest since July of last year. So, while inventory is tight it appears the bulk of sales are in the lower price ranges.
Unlike it’s neighboring towns, Chino Valley saw an increase in the average days on market. With just 2 ½ months of available inventory Chino Valley choices are again tight for prospective buyers. Chino Valley also saw a drop in average sold price over February, but higher than January’s average price.
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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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