SignalsAZ.com Prescott News Podcast - Real Estate Market Report for December: Prescott, Prescott Valley, Chino Valley, Dewey

Episode Date: January 10, 2025

Send us a text and chime in!The Prescott Area Association of Realtors (PAAR) released a report detailing December 2024 housing market statistics for four Yavapai County towns: Prescott, Prescott Valley, Chino Valley, and Dewey-Humboldt. The report analyzes key metrics such as total sales, median sold prices, inventory levels, and days on market, revealing varying trends across the towns. While some areas experienced significant sales growth, others faced challenges like limited inventory or slower sales paces. The overall market showed mixed results, with some areas indicating a buyer's market and others a seller's market, emphasizing the need for buyers and sellers to understand local conditions. The report concludes that the market is stabilizing, but the dynamics are complex and vary significantly by location.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

Welcome to our deep dive into the Quad Cities real estate market. Yeah. We're using the latest report from the Prescott Area Association of Realtors. That's PA for those in the know. Yeah. For December 2024. So if you're thinking of buying, selling, or just love keeping up with real estate trends, this one's for you. It's fascinating data.

Yeah. Really gives us a snapshot of where things stand right now. Okay. Perhaps where they're headed. Okay. So the Quad Cities, we're talking Prescott, Prescott Valley, Shino Valley, and Dewey Humboldt, all in central Arizona. Yeah. The report shows total sales are up a huge 37.8% from last year.

Wow. Now, you might think that screams hot market. Right. And while at iOSS active, there's more to the store, right? Absolutely. We're also seeing a 6.3% rise in active inventory. Okay. More homes are selling, sure.

Yeah. But more are also hitting the market. Okay. This suggests a move towards balance. Quite a shift from the frenzy of the past year. So maybe not the Wild West of bidding wars we've seen before. Exactly. Yeah.

This balance could be great news for buyers who felt priced out before. Right. More inventory usually means less competition, giving you more time to consider options, and potentially even negotiate a better price. Now, here's a twist. Okay. The median sold price across the Quad City is actually dipped by Brunum. 0.9%. Huh. Not what you'd expect in a hot market, is it? A small dip doesn't necessarily signal a crash.

Remember, real estate trends unfold over time. Right. This might just be a cooling down period, a stabilization after those years of rapid price growth. So not a market crash, but a chance to catch your breath. Precisely. Okay. And another sign of this shift is the median days on market, which rose by 31%. Buyers aren't snapping up homes instantly. Yeah. And fellas need to adjust their expectations. Patience becomes key on both sides of the equation. I think so. Speaking of unique dynamics, let's zoom in on Prescott. Okay. It saw whopping 40.8% sales growth. Yet the days on market also increased by the same percentage. Almost like a balancing act, wouldn't you say? It is interesting, isn't it? Yeah. It can signal a change in buyer behavior. Okay. Perhaps more cautious decision-making

or more negotiation happening before closing a deal. Taking their time to make sure it's the right move. Exactly. Plus, Prescott's active inventory grew by 17% giving buyers a wider array of choices. More time to decide. Sounds like the pendulum might be swinging a bit towards the buyer in Prescott. It seems that way. Now Prescott Valley tells a different story.

Okay. They saw an 80% jump in sales. Wow. That's a lot. That's a big jump. What's fueling that kind of growth? Yeah, it does make. Make Prescott Valley a potential hotspot.

Okay. But there's a catch. Both new listings and active inventory actually went down. So a ton of buyers, but fewer homes to choose from. Right. Sounds like competition could get pretty intense. Indeed. Yeah.

Biers in Prescott Valley need to be ready to act decisively. Hesitation could mean missing out, especially in a market this fast-paced. Okay, so we've got Prescott where things are busy but slowing down a bit. Yeah. And Prescott Valley, which is booming but with limited choices. Right. Now let's head over to Chino Valley. Okay.

What's the vibe there? Chino Valley stands out as the most balanced of the four. Okay. Sales are up a solid 66.7 percent. And active inventory increased by 24.1 percent. So more homes for sale, more buyers entering the market. It seems so. We know days on market are also decreasing in Chino Valley.

Right. This sounds like a pretty smooth market to navigate compared to the other. Yes, in Gino Valley, neither buyers nor sellers have a clear upper hand. Okay. It's a market where a well-informed strategy is really going to make a difference for you. Interesting. Yeah. So our final stop is Dewey Humboldt.

Okay. What stands out about this market? Dewey Humbold had the smallest sales gains of there just 25%. Okay. But it's crucial to remember that it remains the most affordable area in the Quad Cities. Affordability is huge for a lot of buyers. Right. Especially those just starting out or looking for a more budget-friendly option.

Absolutely. Yeah. But there's a tradeoff. Active inventory dropped sharply in Dewey Humboldt, down 14.1%. Wow. And we're seeing shorter median days on market. So the most affordable area but with the least inventory? Yeah, seems that way.

That creates a unique situation for buyers, doesn't it? It does. Yeah. They need to be prepared to move quickly when they find something they like. Right. It underscores how every town within the Quad Cities has its own distinct. personality. There's no one-size-fits-all analysis. That's why this deep dive is so valuable, understanding the nuances of each market. Exactly. So far we've seen the quad

cities overall is trending towards balance, but each town has its own story. Right. Prescott is active but slowing. Prescott Valley is booming but tight. Chino Valley is balanced. And Dewey Humbold is affordable, but with limited inventory. It seems what stands out to you about all of this? What's fascinating is how these trends are influencing not just the numbers, but lifestyles too. For example, Prescott, with its slower pace, might be perfect for someone seeking a relaxed atmosphere. Right. While Prescott Valley's competitive market could attract those who thrive on fast-paced environments. It's not just about the house, but how the market reflects the community itself.

Exactly. It raises an important question for our listeners. Okay. How might the location within the Quad Cities impact not just your day-to-day life, but also the long-term investment value of your property? That's something to really consider. I think so. And it highlights why we need to go beyond the headlines and look at the specifics of each market. Right.

We'll be back with more insights and actionable advice for both buyers and sellers in part two of this deep dive. Okay. So stay tuned. Sounds good. Welcome back to our deep dive into the Quad Cities real estate market. Yeah, where we're helping you make sense of the numbers and what they could mean for you, whether you're buying or selling. Exactly. We've seen the market is shifting. Things are moving towards a more balanced state. Right. That slight dip in median sold price across the region is a good example, right?

Yes. 0.9% decrease while small could be a sign of things becoming more affordable. Okay. Especially for those buyers who have been waiting for the right moment to jump in. More breathing room, perhaps? And along with that, the increase in active inventory. gives you more choices, potentially less competition. Right. And maybe even a bit more room to negotiate.

Like a fresh breeze blowing through the market. Now remember, each town has its own microclimate. Right. So let's apply these trends to each area. Okay. Press cuff first. Yeah. Always a popular choice with that charming downtown and beautiful mountain views.

But that charm comes with a price tag. Right. And while the median price dipped a bit, it's still the highest in the quad cities. What's your advice for buyers looking? at Prescott. Patience is key. Days on market are up, so take your time. Really explore your options and don't feel pressured to jump into a bidding war. Yeah. This is where working with a skilled realtor can make all the difference. Yeah. They can advocate for you and help you navigate the process. So it's about being strategic and informed. I think so. Now what about sellers in Prescott?

Okay. How can they adapt to this changing market? Flexibility is crucial. Okay. Don't be fixated on specific price point. Be open to reasonable offers. Right. And think about those small upgrades that can really enhance your home's appeal. Simple things can make a big airpacked, right? Absolutely, a fresh coat of paint. Yeah.

Some landscaping. These can make a big difference in attracting buyers and maybe even getting a better price. Okay, Prescott buyers be patient. Right. Sellers be flexible. Uh-huh. Now on to Prescott Valley, which seems to have a completely different energy. It's a very dynamic market.

Yeah. With that incredible 80% surge in sales. Yeah. But remember, inventory is tight. So for buyers in Prescott Valley, what's the game plan? Be prepared to act fast. Okay. Get pre-approved for a mortgage.

Right. Have your finances in order. Right. And be ready to make a strong offer when you find the right property. Yeah. This isn't a market for those who like to take their time. Decisiveness is key. Absolutely.

And for sellers in Prescott Valley, it's a great time to be in the market. Low inventory, high demand, sounds like a great position to be in. It is. But pricing your home strategically is important. Okay. Don't overpriced because that can deter potential buyers. Yeah. Find that sweet spot that will attract interest.

And make sure your home is in top shape. Right. First impressions are everything. Exactly. Presentation is key in a competitive market like this. Okay. So we've got Prescott Valley buyers. Be ready.

Right. Sellers present your home at its best. Yeah. Now let's shift gears to Chino Valley, where things seem a bit more relaxed. Chino Valley is interesting, solid sales growth, healthy inventory. Neither buyers nor sellers have a clear advantage. What would you say is the key to success in a market like this? Knowledge is power in Chino Valley.

For buyers, that means doing your research, understanding the different neighborhoods, amenities and price points. And for sellers, it's about knowing. your competition. Right. What similar homes are listing for and how to make your property stand out. And both buyers and sellers in Chino Valley shouldn't underestimate the value of a good realtor. They can help you navigate the complexities and make informed decisions. Great advice. Now, our last stop, Dewey Humboldt, where affordability rains. Yes. But inventory is limited. Right. What's the winning strategy for buyers here? Be proactive. Okay. Work with a realtor who can alert you to new listings as soon as they hit the market.

And be ready to make a move when you find that perfect place. Exactly. For sellers, this limited inventory creates an opportunity to showcase your property's value. Okay. Highlight those special features. Stage it well. Right.

And maybe even consider pricing slightly above market value to generate more interest. But of course, not so high that you scare away potential buyers. Finding that balance is key. Yeah. So for both buyers and sellers in any of these towns, being informed is crucial. Right. Do your research understand the trends and work with a professional you trust? Knowledge really is power when it comes to real estate.

And never hesitate to ask questions. Yeah. The more you understand the market, the better equipped you'll be to make those big decisions. Great point. Now, as we move into the final part of our deep dive, we want to leave you with something to think about. How do these market trends, these numbers, how do they connect to your overall life goals? Are you looking for a place to settle down an investment opportunity, a vacation getaway? Because real estate isn't just about houses.

Right. It's about finding the right place for you to thrive. That's something worth considering wherever you are in your real estate journey. I think so. We'll be back to wrap things up and give you some final takeaways in just a moment, so stay with us. We're back for the final part of our deep dive into the Quad Cities real estate market. We've analyzed the trends, looked at each town, and now it's time to bring it all together. Right.

We want to give you those actionable insights that knowledge you can use to navigate this market, whether you're buying or selling. So let's get right to it. Is in now W a good time to buy in the Quad Cities? What do you think? That's the million dollar question, isn't it? And like most things in real estate, it depends. I figured there wasn't a simple yes or no answer. But what we can't say is the market is shifting towards more balance, more inventory, longer days on market, that slight dip in median price. those are all good signs for buyers. It sounds like the playing field is leveling out a bit. Exactly.

Those intense bidding wars we were seeing a year ago are becoming less common. You have more time to consider your options to negotiate and find the right property at a price that works for you. So no need to rush into anything. Take your time. Do your research and don't be afraid to walk away if a deal doesn't feel right. Solid advice. Now, what about sellers in this rebalancing market? What do they need to keep in mind?

Sellers need to be realistic. The days of listing a property and immediately getting multiple offers above asking price are fading. So a little more strategy is needed. It's about adapting to the current conditions. You can still sell quickly and for a good price, but it requires a thoughtful approach. What would you say is the most important thing for sellers to focus on? Pricing is crucial. Don't overestimate your property's value just because you've heard stories about sky-high sales in the past.

Work with the realtor who really know. knows the current market and can help you set a competitive price. An overpriced home can sit on the market for a long time, even in a good market. That's right. And remember, presentation matters more than ever. Make sure your home is in great conditions, stage it effectively, and highlight those features that make it unique. It's about showcasing your property best qualities.

And never underestimate the power of a skilled realtor to guide you through the whole process, from pricing to marketing to negotiations. They can be an invaluable resource. Now, beyond the numbers and the trends, we've talked about how each town has its own character, its own vibe. What is it about the Quad Cities as a whole that makes it so special? The Quad Cities offers this wonderful blend of small town charm and big city amenities. You've got stunning natural beauty, a vibrant arts and culture scene, and a relaxed, friendly atmosphere. And it's still relatively affordable compared to other parts of Arizona.

That affordability is a huge draw for many people, especially. those looking for a change of pace, a chance to escape the hustle and bustle of a larger city. So it's not just about the house. It's about finding a place where you can really live your best life. Exactly. And the Quad Cities gives you options. You have historic downtown Prescott, the growing communities of Prescott Valley and Chino Valley, the more rural setting of Dewey Humboldt. There really is something for everyone. That diversity of choice is definitely appealing. Well, we've covered a lot of ground in this deep dive, but like any good exploration, it's just the beginning. We encourage you to continue your own research into the Quad Cities real estate market.

Stay informed, be strategic, and never be afraid to ask questions. Because knowledge is power, and in a market that's constantly changing, the more you know, the better decisions you can make. Remember, buying or selling real estate is more than just a transaction. It's an investment in your future. We hope this deep dive has given you the insights and confidence to navigate that journey. Thanks for joining us.