Greetings, clients, friends, buyers and sellers and Happy Thanksgiving!
The headline for this month’s market report is ‘Prescott Area Market Posts More Gains in October.” We had a very strong month.
In Prescott, we saw the Average Days on Market stay pretty steady at 98 Continuous Days on Market. Inventory was also pretty steady at 3.52 months. But the story was in the increase in the average sold price: We were up $36,000 on average to $415,081 – the biggest one month increase since June.
Prescott Valley is HOT, HOT, HOT! With prices there in an affordable range under $300,000 and new construction abounding, the Average Continuous Days on Market prior to sale is just 54 days. The inventory is an incredible 1.48 months. If no new listings came on, we would be all sold out in just 6 weeks! Prices also increased in PV, a jump of $20,000, to an average sold price of $289,000.
Where prices dropped was Chino Valley, with a reduction in the average sold price to $258,135, from $278,000 the month before. Still, Days on Market held pretty steady at 59 and months of inventory was 3.03. I believe we will see Chino Valley stay strong, however, as Prescott Valley becomes less and less affordable. Click here for a great listing we have in Chino Valley!
With Vacant Land on the radar once again of people who are giving up on existing homes and deciding to build their own, it’s worth noting that prices went up there, too. After years of averages under $60,000, we saw price jumps two months in a row: to $90,225 in September and now way up again to $107,500 for October. It tells me that people are buying land for themselves to build on and are picking up more desirable lots, pushing the prices higher.
People often ask us if the Prescott area market slows down much in the Winter – well, here is your answer. There are fewer properties on the market, but buyers are still buying! They want to see more!