SignalsAZ.com Prescott News Podcast - Housing Report: Yavapai County Nov 2024

Episode Date: January 7, 2025

Send us a text and chime in!The Prescott Area Association of Realtors (PAAR) November 2024 report analyzes the housing market in four Yavapai County cities. Key metrics such as total sales, median prices, and days on the market are presented for each city (Prescott, Prescott Valley, Chino Valley, and Dewey-Humboldt). The report reveals a mixed market, with some areas showing strong growth while others experience declines. Prescott performed exceptionally well, while Dewey-Humboldt faced the most significant challenges. Overall, the market displays a slower pace than in previous years, with increased inventory and longer days on the market, indicating a more balanced market.Check out the CAST11.com Website at: https://CAST11.com Follow the CAST11 Podcast Network on Facebook at: https://Facebook.com/CAST11AZFollow Cast11 Instagram at: https://www.instagram.com/cast11_podcast_network

Hey, everyone, welcome back. Today we're diving deep into the Quad Cities real estate market. Right. You know that area in Arizona. Yeah? We're going to be looking at the November 2024 P-A-R report. Okay. That's the Prescott Area Association of Realtors.

Gotcha. And it covers Prescott, Prescott Valley, Chino Valley, and Dewey Humboldt. Lots to cover. And I think people are going to be really surprised by some of these numbers. Yeah, I was really surprised going through this report. Yeah, it's not a one-size-fits-all market at all. At all. At all. So let's take a look. Okay. Just to start off, looking at the whole Quad Cities area, sales are up 15.9% year over year.

Yeah, that's pretty impressive. That is impressive. But homes are taking longer to sell. Yeah, that's right. The median days on the market are up like 50%. Wow, that's a big jump. So what do you think? Does that mean it's a buyer's market, a seller's market, or somewhere in between? I think we're seeing signs pointing in both directions. Okay. You know, longer selling times usually means that. things are balancing out. But sales being up so much means there are still buyers out there.

Plenty of demand. Exactly. So let's start breaking it down by City. Okay. Starting with Prescott. Now, Prescott, sales are up 32.2%. Wow, that's quite a jump. Yeah. And the median sold price is $570,000. That's an 8.7% increase. Yeah. But here's the thing that I thought was really interesting. New listings were basically flat. Yeah. So what do you think is going on there? Are sellers holding out for even higher prices? I mean, it's possible. Prescott has always been a popular area. Yeah, I can see why. People love the scenery, the climate and, you know, that small town charm. It's beautiful. Yeah. So if there are more buyers than homes for sale, we could see prices going even higher. It's going to be a competitive market. Absolutely. So if you're thinking about buying in Prescott,

you might want to act fast. Yeah, I'd agree with that, especially if there aren't that many homes for sale. All right, let's move on to Prescott Valley. Okay. So Prescott Valley, sales were up 10.1 percent. But active inventory actually shrank by 3 percent. Interesting. Yeah. So the median sale price went up to $465,000. That's a 5.9 percent increase. Okay. So it's still a hot market, even though it's usually more affordable than Prescott. Yeah, that's right. And to understand why, we need to look at the absorption rate. What's that? Well, it tells us how quickly homes are selling. Okay. So a low absorption rate like we're seeing here. Yeah. It means it's a seller's market. So fewer homes, steady demand. Yeah. That equals competition and higher prices. Makes sense.

Yeah. So ProSod Valley might be more affordable, but it's not necessarily easier to buy there. No, not necessarily. You got to be ready to move fast and, you know, maybe compete with other offers. So be ready for a bidding war potentially. Yeah, exactly. Now, this is the one that really surprised me. Oh, yeah. Chino Valley had the highest price growth in the Quad Cities. Wow, really? Yeah, a 32.5% jump year over year. That's a lot. It is. So the median sold price is now $529,950.

Whoa, that's higher than Prescott. It is higher than Prescott. So what's going on there? Why is Chino Valley suddenly so popular? Yeah, that's the big question, isn't it? Maybe people are getting priced out of Prescott. Yeah. So they're looking for bigger a lot, some more rural setting. Yeah.

And maybe there's some new development happening there. Makes sense. It's almost like Chino Valley is this hidden gem that people are just now discovering. Yeah. Yeah, I like that hidden gem. And, you know, Chino Valley actually saw an increase in new listings and active inventory. Oh, interesting. So maybe sellers were just waiting for the right time to list.

Leading for the prices to go out. Exactly. And now they're seeing that opportunity. Yeah, makes sense. All right. Last stop on our city tour. Dewey Humboldt. Okay.

Now, Dewey Humboldt is the only area where sales actually went down. Oh, wow. Yeah, down 26.3%. And active inventory is shrinking there, too. Yeah. The median sole price dipped. It's just a little bit, 1.2%. So what's happening there?

Is Dewey Humboldt falling out of favor? I don't think so. Okay. You have to remember that real estate is affected by all sorts of things, you know, both locally and nationally. Yeah. So maybe Dewey Humboldt is facing more competition from its neighbors. Yeah, like Chooro Valley is getting a lot of attention.

Right, exactly. And then you've got interest rates going up and down. Yeah. That can make it harder for people to afford a home. Yeah, and make people nervous about buying. Exactly. So it's like those outside factors are putting pressure on Dewey Humboldt. Yeah, I think that's a good way to put it.

It's not that people don't like it anymore. It's just that there are these other things going on. Right, yeah. All right. So we've got booming sales in Prescott. shrinking inventory in Prescott Valley. Right. China Valley is suddenly this hot spot.

A hidden gem. A hidden gem, yes. And Dewey Humboldt is facing some challenges. Yeah, a real mix. Yeah, it's fascinating how different each city is. Absolutely, yeah. And it shows that every city has its own story. Its own unique situation.

Exactly. And I think that's what makes the Quad Cities market so interesting. Yeah, definitely. There's always something new to learn. So many factors at play. And it's never a similar. Simple answer. Never simple.

All right, we're going to take a quick break, but when we come back, we're going to dive even deeper into these numbers. Looking forward to it. You know, when you really start looking at the numbers year over year, it's kind of amazing. Yeah. The whole Quad Cities, total sales, jumped from 201 in November 2023 to 233 in November 2024. A 15.9% increase. Yeah. And it's not just the sales, right?

Yeah. The median sold price climbed quite a bit, too. from $474,000 to $516,500. So what, 9% jump? Yeah. Pretty impressive, especially with what we've been hearing nationally. Yeah. Seems like sellers are still doing pretty well in the Quad Cities.

Yeah. You know, it's important to keep in mind, though, that the market is starting to show signs of becoming more balanced. Prices are up, but the median days on market increased by 50% going from 30 to 45 days. Wow, that's a big jump. Yeah. So sellers might get those higher prices, but they might have to weigh a little longer. That's right. And the months of inventory went up to.

So that means buyers have more choices and it takes longer for those homes to sell. Okay. So things are shifting. Yeah. It's not like it was a couple of years ago where it was just a total seller's market. Totally different. Now, we were talking about Prescott before the break and how those new listings were flat. Yeah.

Let's get into the details on that. Sure. So Prescott's law sales skyrocket 32.2% year every year going from 90 to 119 homes sold. the median sold price climbed to $570,000. That's an 8.7% increase. Yeah. But like you said, the number of new listings barely changed. Yeah, it makes you wonder if those sellers who are holding back if they're actually the ones driving those prices up.

Could be, yeah. If you've got strong demand and low inventory, prices tend to go up. Basic economics. It'll be interesting to see if those sellers decide to list their homes or just wait and see what happens. For sure. Okay. Let's look at Prescott Valley. What did those year-over-year numbers look like?

So Prescott Valley had some really good growth. Total sales increased 10.1% from 69 to 76 homes sold. And the median sold price rose to $465,000. That's a 5.9% increase. Yep. But active inventory in Prescott Valley actually shrank by 3%. Yeah. That's got to be making things even more competitive.

It definitely adds to the competitive market there. Yeah. You know, fewer homes plus steady demand. That usually means bidding wars and higher prices. So even though Prescott Valley is usually more affordable than Prescott, it's not really an easier market to buy in. No, definitely not. Buyers have to be ready to move fast. Yeah.

And they might need to adjust their expectations a little. Yeah. It might be harder to find a good deal these days in Prescott Valley. Yeah. Things have changed. Now let's talk about Chino Valley. Okay. It had the biggest price jump, right?

Huge jump. 32.5% year over year. Mm-hmm. It's amazing. The median sold price went from $400,000 to $529,950. It's a really big change. It seems like something big is happening in China Valley. Yeah, yeah.

We talked about buyers getting priced out of Prescott. Maybe they're looking at Chino Valley because the lots are bigger and it's more rural. Yeah. Do you think that's why? I think that's part of it. When some places get too expensive, people start looking for similar areas that are cheaper. Right. China Valley is a good choice for a lot of people.

And remember, they had more new listings and more active inventory. Oh, yeah. Maybe those sellers were waiting for the market to get really hot before they listed their homes. But now they see they can get a good price. Yeah, exactly. It seems like a lot of things are working together in China Valley. More buyers, more sellers, and maybe there are some new developments, too. Yeah.

It's like the perfect storm. Yeah. Okay, let's finish up with Dewey Humboldt. All right. The only area where sales went down. Down 26.3%. Went from 19 to 14 homes sold. And the median price dipped a little, about 1.2%.

Went from $425,000 to $419,950. Yeah. We talked about this maybe being because of competition from other areas or the interest rates. What do you think? I think it's probably a combination of things. Dewey Humbold might be more sensitive to interest rate changes, you know, if buyers are really worried about how much they can afford. Makes sense. And with Chino Valley getting so popular, some buyers might be going there instead of Dewey Humble.

It's like one area's success impacts the areas around it. It's all connected. Okay. So we've seen all sorts of trends in the Quad Cities. Definitely. Prescott is doing well. Prescott Valley is getting even hotter. Chino Valley is suddenly really popular.

And Dewey Humbold is having a tough time. It's really interesting how different each area is. Yeah. It really shows that you can't treat every city the same. Right. Buyers and sellers really need to do their research. Understand what's happening in the specific city they're interested in. Yeah.

You know, I'm starting to think. think that the real story here isn't just about which city is doing well or not. It's about how the whole Quad Cities market is changing. Yeah. And how everyone is adjusting to those changes. Absolutely. So where do we go from here? We've covered a lot, but there's still a lot to think about. Yeah, I agree. What's the big question our listeners should be thinking about now? So we've seen the good, the bad, the unexpected. But the big question is, where is this market going? Yeah, that's what everybody wants to know.

Right. And it's hard to say. There's so much going on. It is. Strong demand, not enough homes in some places, interest rates changing all the time, and who knows what's going to happen with the economy. Yeah, it's like we're trying to put together a puzzle, but we're missing some pieces. Exactly.

And that's where you come in, right? You've heard all this information. Now you know how the market is doing. what happened in the past, what the big trends are. Now you've got to take that information and figure out what it means for you. And maybe you even have some of those missing puzzle pieces. So you're saying we've given people the tools and the knowledge. Now it's up to them to make sense of it all.

Right. So what do you think? Will those interest rates finally slow things down in Prescott? Yeah, good question. Will Chino Valley keep getting more popular? Or is this just a temporary thing? Those are the questions to think about. And sometimes the best predictions come from the people who are actually in the market, the buyers, the sellers, the people who are paying attention to what's happening in their neighborhoods.

So we want to know what you think. What do you think is going to happen in the Quad Cities real estate market? Share your thoughts, your predictions. You can go to our website, send us message or join the conversation on social media. We'd love to hear what you think. And that wraps up our deep dive into the Quad Cities real estate market. We hope you learn something. today. If you want to see all the numbers for yourself, go check out the November 2024 PAAR report. And until next time, keep learning and keep asking those great questions.