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Home sales in the city of Prescott decreased just 4.4 percent (8 homes) from June to July with a total of 182 homes sold, according to the Multiple Listing Service Report from the Prescott Area Association of REALTORS® (PAAR). However, consistently high demand has continued to drive up prices, with the median sold price rising one percent month-over-month to $552,500 in July. The month reported homes typically spending a median of 10 days on the market before selling.
Inventory in Prescott stayed tight as buyers continued to seize upon historically low-interest rates. Such high demand continues to favor sellers which spurred 245 new listings to hit the market in July. According to a recent report from the National Association of REALTORS®, the summer months have consistently reported low inventory nationwide with less than three months of inventory available at the current sales pace.
Prescott Valley home sales fared similarly. Total sales dropped from 131 in June to 111 in July. However, there was a 12.9 percent increase in the number of active listings on the market in July versus June, with July reporting a total of 140 homes available. Median days on market (six days) remained consistent month-to-month while new listings going on sale increased 25.7 percent from the previous month, with 171 new listings in July. The median sales price of a home in Prescott Valley was $399,500.
In Chino Valley, a total of 44 homes sold in July, just five fewer than in June. The number of homes actively listed on the market increased 23.7 percent month-over-month from 58 in June to 76 in July. Homes moved a little quicker in July, reporting a median of six days on the market compared to nine in June. The median sales price in Chino Valley increased 4.4 percent from the previous month to $397,500 in July.
Sales in Dewey-Humboldt increased from 25 sales in June to 37 in July. July reported 66 active listings, a median of 15 days on the market and 40 new listings coming available. The median sales price in the area was $399,000, a 1.5 percent increase from the previous month.
Prescott Home Sales Recap
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