Faqs

Since I last posted my article August 31, 2022, regarding being a California buyer; the market has changed. Let me explain how and why.

Has the market in Prescott slowed down?

Here’s the data:
We have an average of 158 active listings on the market every month, with an average of 57 being new (YTD Prescott proper 86301, 86303, 86305).
An average of 39 of those sell every month with 39 going under contract.

What does this mean?

It means half of the homes sit on the market for more than 30 days.
Since 2022, price per square foot has risen by $26 on average in our three most popular zip codes.
Homes sell at 95% of their original list price on average. This means if you have a home listed at $500K, it will likely sell around $475K. However, homes drop in price, right? Prescott has a whopping 98% ratio of sale to list price ratio. Active days on market are right about 63 on average. That explains why some of those homes are sitting on the market for more than 30 days.

The average sales price in Prescott is $675,000. Yes, you heard me right. In our three most popular zip codes…that’s the avg. price. Think that’s high, our average list price is $884,000.

Of the 1,432 homes that sold in Prescott during the last year, 83 were manufactured. The average sales price was $313k with a high of $495K…for a manufactured home. (This does not include leased-land homes which are not real estate.)

What does this mean, part 2?

Prescott is no longer a place to get a deal. “What about all those short sales and foreclosures?? I’ll just wait to snag one of those!” Good luck, in 2023-24 we had two.

Prescott is no longer a place you can buy a home for under $250K, although 34 homes sold under $250K. 34 out of 1,432. Most of them sold within days and many for over asking price which means bidding wars.

People move to Prescott because they can, and they want to. Prescott is a place to live your life…it’s not a place to hunt for unsavvy homeowners who will take $200K less than they deserve. Those days are long gone.

Thinking of moving to Prescott?

Wonderful! We’d love to have you! Bring your prequal or your cash, know what you want ahead of time, and get ready to pounce. You may have several days to make a decision…but don’t count on it. The market is still moving fast and you’ll need a good agent who can handle the pressure and negotiating.

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