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Prescott Arizona, How’s The Market? (August 2014 Edition)

Filed in Prescott, AZ Real Estate by on August 4, 2014 0 Comments • views: 651

It seems like almost every day people ask me, “Hows the market?” That depends on which market you mean. Here in Prescott Arizona, there are in fact several distinct markets. Take a look at these recent market stats which show Prescott real estate sales by price point. 

Prescott Arizona Home Sales by price point, July 2014

Prescott Arizona Home Sales by price point, July 2014

So what we see here is that the home market below $199,000 shows a low inventory which is less than six months. This results in a seller’s market. There are more buyers at this price point than there are home for sale. You may notice that about 25% of the homes for sale in this price range are already under contract. So if you are looking for a home in Prescott under $200K, my answer to your question, “How’s the market?” would be, “Its a sellers market so you better have an excellent agent to help you find the best deals before they sell.”

Next, lets look at the price point from $200K to $300K. The inventory (which is defined as the number of months it would take to sell all the homes now active on the MLS if we stopped listing new homes). At this middle price point is where we find the average sales price for a Prescott home. Its also what we call a neutral market. That is, there are roughly an equal number of buyers and sellers here. If you are buying or selling in this market, you are likely to be in good shape provided you have an excellent agent.

Finally lets look at the market above $300K. The months of inventory here is above 10 months. This means a buyer’s market because there are more homes for sale, than buyers. This is where it can get unpleasant for sellers. Take a look at the price point between $500K and $599K.  Over the last six months there have been an average of only 2 sales per month with a total of 126 active listings. Think about what is would take to have your home selected by one of the two buyers who will buy this month when they have 126 homes to choose from. If you are a buyer in this market, you will certainly find a large number of wonderful homes. It is likely that you will also find the sellers who are extremely motivated . So this price point is a wonderful spot for buyers and a painful spot for sellers. 

July Market Stats-page-001

Prescott Arizona Median Sales Price, Quad Cities July 2014

For those of you who are not buying or selling today, there is a general look at the Prescott market. For the last 24 months, we have seen a steady increase in average sales prices throughout the Quad Cities area. 

Perhaps you have more equity than you thought. For a free market analysis of your Prescott Area Home, just give me a call or email.

Dave Conners is a team owner and veteran real estate agent in Prescott Arizona.




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