The Cutting Edge Team's video: Market Update July 2019 - Prescott Arizona Real Estate News

Prescott Real Estate Market Update July 2019 Hi, I am Jinger Cutting for the Cutting Edge Team, powered by My Home Group in Prescott, Arizona standing at one of my brand new listings, 3097 Quail Hill Lane in Williamson Valley. A great location to share our Prescott Area Real Estate Market Update. Today is July 22, 2019, this is the second quarter update for the year 2019. ACTIVE LISTINGS Currently in the Prescott area, we have 614 active listings in the city of Prescott including the Williamson Valley corridor. In Prescott Valley we have 208 active listings, Chino Valley 114 active listings, and Dewey-Humboldt we have 112 active listings. MEDIAN SALES PRICE The median sales prices are dropping a little bit. Prescott, we are averaging right around $397,000; Prescott Valley we are right around $294,000; $280,000 for Chino Valley and $246,000 for the Dewey-Humboldt Community. In review, the median sales price is dropping a little bit in the Prescott and Chino Valley areas, but increasing slightly in the Prescott Valley and Dewey-Humboldt. ABSORPTION RATE The absorption rate is changing! Our absorption rate means the months needed to sell all the inventory we currently have on the market. In other words, if we sold every home that was currently listed for sale, how long would it take us to sell them? Right now, in the Prescott area, we are seeing an increase in the absorption rate to 4.8 months. That’s getting up there to right about that middle of the road where we see more of an equal market between buyers and sellers. Prescott Valley, however, is doing very well with absorption rate, (definitely a sellers’ market), with 2.03 months. Chino Valley is increasing a little bit, we are a little over 3 months absorption rate, and Dewey-Humboldt is about 4 1⁄2 months. SUMMARY In summary, we are seeing an increase of absorption rate in the Yavapai County, just under 4 months of inventory. What does that mean? We are leaving the sellers hot market opportunity and moving into a very healthy, new normal. This is cyclical and happens every so many years. Earlier in the year, it was more aggressive sellers’ market but we are now starting to level out. For a full detail of the real estate market conditions or if you are interested in the value of your property, please contact The Cutting Edge Team at 928.499.4546 or visit our new website at www.TheCuttingEdgeTeam.com. It would be our pleasure to assist you. Thank you. Jinger Cutting, The Cutting Edge Team powered by My Home Group 220 W Goodwin Prescott Arizona 928.499.4546 Info@TheCuttingEdgeTeam.com TheCuttingEdgeTeam.com Prescott Real Estate Market Update July 2019