As the year begins, more homes are being put on the market, increasing the overall amount of inventory.
In terms of total sales, Quad Cities declined by only 1.1% in the form of two fewer sales in January 2024 compared to January 2023. Prescott experienced a notable 23.2% increase in sales, while Chino Valley and Dewey-Humboldt saw sales increases of 6.7% and 7.7% individually. The only city that reflected a decrease in sales was Prescott Valley, with a decrease of 25.3% year over year. January saw 207 sales in the Quad Cities with Prescott leading at 85.
Active inventory has steadily increased with the addition of many new listings in the area despite the minor decline in overall sales in the Quad Cities. An overall increase of 20.7% in active inventory year over year occurred in the Quad Cities, with noticeable growth in each one of the four cities. Dewey-Humboldt saw a 36.1% positive change in the total amount of active inventory, and Chino Valley was close behind, with a 31.1% increase. A 13.5% increase was seen in Prescott, while Prescott Valley had an inventory increase of 25.4% regardless of a decline in new listings. With an increase in active inventory across the Quad Cities comes an overall rise in months of inventory by 22.5% year over year. The four cities have a combined 4.9 months of inventory available to buyers, with the only decrease from 2023 to 2024 occurring in Prescott in the amount of 9.3%. Prescott Valley exhibited the greatest escalation in months of inventory with a substantial 68% hike year over year. The median number of days on market for listings in the Quad Cities is 64 days.
The median sales price of homes in the Quad Cities rose by 11% in January of this year compared to last. Two of the four cities contributed to this overall increase with their own respective raises, while the other two cities underwent decreases in sales prices. Prescott and Chino Valley both experienced increases of 11.7% and 2.3% respectively, with the median sales price sitting at $575,000 in Prescott and $377,500 in Chino Valley. Prescott Valley experienced only a 3.9% decrease with the median sales price settling at $440,000, while the median sales price in Dewey-Humboldt declined to $342,950, a 10.9% decrease.
As the year begins, more homes are being put on the market, increasing the overall amount of inventory. With increased inventory and an anticipated decline in interest rates, more buyers will enter the market. An experienced REALTOR can guide buyers through the home buying process as the housing market gains momentum in 2024. QCBN
By Jeanelle Shearer
Editor’s Note: All data is compiled from the Multiple Listing Service of the Prescott Area Association of REALTORS and includes single-family, manufactured, mobile, modular, condos and townhouse residential activity in Prescott, Prescott Valley, Chino Valley and Dewey-Humboldt.
About PAAR: The Prescott Area Association of REALTORS® (PAAR) is the trade association representing more than 2,000 REALTORS® serving the greater Quad Cities area. Established in 1944, PAAR’s mission is to advocate for private property rights, and provide its members with resources to foster their business success. The term REALTOR® is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS®.
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