Here is the market report for Prescott for March, 2021.
This week the median list price for Prescott, AZ is $750,000 with the market action index hovering around 58. This is an increase over last month’s market action index of 55. Inventory has held steady at or around 100.
Prices appear to be hovering around their high point. Look for a persistent down-shift in the Market Action Index before we see prices deviate from these levels.
Prices have generally settled at a plateau, although Quartile 1 is on a bit of an up trend in recent weeks. We’ll need to see a persistent shift in the Market Action Index before we see prices across the board move from these levels.
The market plateau is seen across the price and value. The price per square foot and median list price have both been reasonably stagnant. Watch the Market Action Index for persistent changes as a leading indicator before the market moves from these levels.
Inventory has been falling in recent weeks. Note that declining inventory alone does not signal a strengthening market. Look to the Market Action Index and Days on Market trends to gauge whether buyer interest is changing with the available supply.
While the Market Action Index shows some strengthening in the last few weeks, prices have not seemed to move from their plateau. Should the upward trend in sales relative to inventory continue, expect prices to resume an upward climb in tandem with the MAI.
Not surprisingly, all segments in the market are showing high levels of demand. Watch the quartiles for changes before the whole market changes. Often one end of the market (e.g. the high-end) will weaken before the rest of the market and signal a slowdown for the whole group.
The properties have been on the market for an average of 103 days. Half of the listings have come newly on the market in the past 55 or so days. Watch the 90-day DOM trend for signals of a changing market.
It is not uncommon for the higher priced homes in an area to take longer to sell than those in the lower quartiles.