SignalsAZ.com Prescott News Podcast - November PAAR Home Sales Market Statistics

Starting point is 00:00:00 Text-to-speech audio articles made possible by the Quest Grant at Yavapai College. Tuition-free industry recognized certificates for your career. Prescott Area Association of Realtors, PAAR, publishes monthly updates showing the status of the October home sales through the main area served in Yavapai County including Prescott Valley, Prescott, Chino Valley, and Dewey Humboldt. Here is a summary of the home sales market statistics in the Quad Cities of Central Arizona. For all of PAR in November 2024. Total sales, 272. New listings, 326. Active inventory, 1,258. Months of inventory, 4.2. Median sold price, $485,000. Median days on market, 49.

Starting point is 00:00:53 Prescott in November 2024. Total sales, 119. New listings, 130. Active inventory, 542. Months of inventory, 4.5. Median sold price, $570,000. Median days on market, 53. Prescott Valley in November 2024. Total sales, 76. New listings, 83. Active inventory, 257. Months of inventory, 3. Median sold price, $465,000. Median days on market, 31. Chino Valley in November 2024. Total sales, 24. New listings, 43. Active inventory, 123. Months of inventory, 4.5. Median sold price, $529,950. Median days on market, 51. Dewey Humboldt in November 2024. Total sales, 14. New listings, 22. Active inventory, 75. Months of inventory, 3.4. Median sold price, $419,950. Median days on market, 62. The chart below includes information on. Sold, the number of property listings sold in the last month. Median days on market, the median, middle value, number of days at which the properties stayed on the market, from listing date to contract date.

Starting point is 00:02:39 New listings, the number of new property listings added to the MLS in the month. Median list price, the median, middle value, price properties were listed at in the MLS in the month. According to the November 2024 Prescott Area Association of Realtors, PAAR, Housing Market Report, the Quad Cities Real Estate Market presented a mix of gains and challenges, with key metrics showing significant year-over-year, Y-O-Y, changes. While some areas saw growth in sales and medium prices, others experienced declines in activity or inventory, reflecting a varied market landscape. For the Quad Cities overall, total sales rose 15.9% y, climbing from 201 in November 2023 to 233 in November 2024. This increase came alongside a notable 9.0% rise in the median sold price, which reached $516,500, up from $474,000.

Starting point is 00:03:35 Active inventory grew by 8.8%, reaching 997 homes, providing more options for buyers compared to last year. However, homes stayed on the market significantly longer, with the median days on market, DOM, increasing by 50.0%, from 30 days to 45 days. The months of inventory, MOI, a key measure of market balance, also rose by 5.4% to 3.9 months, indicating a slightly more balanced market than the year prior. Prescott stood out as the strongest performer in the region, experiencing a 32.2% increase in total sales, from 90 to 119. Median sold prices rose by 8.7%, reaching $570,000, while active inventory expanded by 15.1%, hitting 542 homes. Despite these gains, new listings remained essentially flat, dipping slightly by 0.8% to 130.

Starting point is 00:04:29 Homes in Prescott took significantly longer to sell, with the DOM rising by 60.6%, from 33 days to 53 days. These trends suggest that while demand remains strong, buyers are taking more time to finalize purchases in a higher price market. Prescott Valley saw a 10.1% rise in total sales, with transactions increasing from 69 to 76. The median sold price rose 5.9%, reaching $465,000, indicating healthy price appreciation in the area. However, active inventory declined by 3.0% to 257 homes, and new listings fell by 7.8%, dropping to 83. The DOM rose by 14.8%, from 27 days to 31 days, reflecting slightly slower market activity. While Prescott Valley remains a popular choice for buyers, limited inventory could place upward pressure on prices moving forward. Chino Valley showed modest growth in total sales,

Starting point is 00:05:26 rising by 4.3% yi, from 23 to 24. However, the most notable change in this area was the median sold price, which surged by $32.9,950 marking the highest price growth within the Quad Cities. New listings increased significantly by 43.3%, an active inventory expanded by 29.5% to 123 homes. Despite these gains, the market slowed in terms of transaction speed, with the DOM jumping by 70.0% from 30 days to 51 days. The increased inventory and longer market time suggests a cooling but still competitive environment in Chino Valley. Dewey Humboldt faced the steepest challenges in the region. Total sales dropped 26.3%, falling from 19 to 14 transactions, the only area to see such a significant decline. Active inventory also fell by 12.8%, leaving just 7,000.

Starting point is 00:06:20 homes on the market. However, new listings increased by 22.2%, providing some relief to potential buyers. The median sold price dipped slightly by 1.2% to $419,950, reflecting softer demand. Homes took significantly longer to sell, with the DOM doubling from 31 days to 62 days, the highest in the region. These trends suggest that Dewey Humbold may be facing weaker buyer interest compared to its neighboring markets. Overall, the November 3rd, data highlights the Quad Cities' evolving real estate dynamics. While Prescott and Chino Valley continue to attract buyers with rising prices and increased inventory, Prescott Valley shows steady growth but is constrained by limited supply. Dewey Humboldt, on the other hand, faces unique

Starting point is 00:07:06 challenges, with declining sales and inventory offset by an increase in new listings. Buyers and sellers should remain mindful of these regional trends, as the markets increase days on market and shifting inventory levels suggest a more deliberate pace compared to the frenetic activity of past years. Editors note, all data is compiled from the multiple listing service of the Prescott Area Association of Realtors and includes single-family, manufactured, mobile, modular, condominiums, and townhouse residential activity in Prescott, Prescott Valley, Chino Valley, and Dewey Humboldt. Residential and commercial real estate is made possible by Capstone Echo Homes.

SignalsAZ.com Prescott News Podcast - November PAAR Home Sales Market Statistics

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