The recent data from PAAR could make it reasonable to have more faith in the Prescott area's real estate market.
The median sold price across all areas rose again in February, with Prescott Valley recording a 5.2% increase to lead the Quad Cities. Most of the places where median sales prices dropped by less than 10 percent were in the single-digit range. The Prescott area's median sold price dropped by 15 percent, possibly because the area had the highest monthly gains in median sold price during the pandemic's housing boom.
Most interesting, though, is the 189.3% rise in PAAR's active inventory in February. Dewey-Humboldt led the category with 4.2 months of inventory, followed closely by Chino Valley (4.1 months) and Prescott (4 months). Prescott Valley closed out January with 2.8 months of inventory, a slight increase from last month. Even though the pandemic caused more people to buy homes, the number of homes on the market was at its lowest in 20 years in January 2022. In a time when many Americans were worried about their finances, this led to a drop in mortgage applications. But by early 2022, federal data shows that Arizona had added almost 400,000 jobs, making up for all jobs lost because of the pandemic.
Only an experienced and licensed REALTORS® can determine the true market value of a home. Why would you choose an unqualified person to work on your house or business?