How's the market?

Prescott Area Real Estate Market Reports and Stats

Chart: Prescott Area Real Estate Inventory

One of the biggest factors in the real estate market is the effect of inventory. Like any market, real estate is impacted by supply and demand.  This is a snapshot of residential housing inventory for the Prescott area including how many total homes were on the market for sale, how many were new listings that came onto the market, how many went pending (contracts that haven't closed yet), and how many sold and closed.

Chart: Prescott AZ Home Prices

Home prices vary month to month as the market changes.  Prices in real estate are a reflection of what's going on with our economy here in Prescott, as well as a number of local factors.  This chart shows average home sales by month from the data in the Prescott AZ MLS.  If you are interested in finding out how much your home is worth in today's market, one of our agents would be happy to run the numbers for you.

Chart: How long does it take for houses to sell?

Besides what homes are worth in any market, it's important to also look at how long homes are typically on the market before they are sold.  There are a lot of factors that go into what makes one home sell sooner than another, some of which we can control and some we can't.  Getting the price right to start with, staging, and how the home is marketed are factors we can control.  The general condition of the market, location, and other factors are some of the factors that we can't.  

Chart: Is it a Buyers Market or a Sellers Market?

Absorption Rate is how many months it would take to sell all of the current listings at the rate at which they are currently selling.  In general an absorption rate of 0-4 months is considered a sellers market.  Homes sell quickly and sellers have the advantage because there is a high demand.  An absorption rate over 4 and below 9 is considered a balanced market, where it's neither a buyers market nor a sellers market.  At 9 months or more it's a buyers market, where homes are selling more slowly which gives the advantage to the buyer because supply is higher than demand.  But...this can also vary by price range and area even locally.  Higher priced homes may have a much higher absorption rate than those below average market price. As always, check with one of our agents to get more specific information about how the market is for your own home.

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The information we use to provide this data is based on historical data as reported from the local Prescott Area MLS.  We assume that it's accurate and reliable but is not guaranteed.  For more detailed information about your own home value please contact one of our real estate agents.  They would be happy to help you.


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