MARCH 2023 REAL ESTATE MARKET STATS UPDATE

THE PRESCOTT AREA ASSOCIATION OF REALTORS HAS RELEASED REAL ESTATE MARKET STATISTICS FOR THE FIRST QUARTER OF THEYEAR.

YESTERDAY’S (THURSDAY’S) REPORT SHOW THAT MONTHS OF INVENTORY CONTINUED TO RISE BOTH LOCALLY AND NATIONALLY IN THE MONTH OF MARCH, SIGNALING A POSITIVE DEVELOPMENT IN THE REAL ESTATE MARKET.

CHINO VALLEY LED THE REGION LAST MONTH WITH A 450% INCREASE AS ITS MONTHS OF INVENTORY AVAILABLE ROSE FROM A MINISCULE .6 MONTHS OF INVENTORY IN FEBRUARY 2023 TO 3.3 MONTHS OF INVENTORY LAST MONTH. PRESCOTT WASN’T FAR BEHIND WITH 3.3 MONTHS OF INVENTORY RECORDED, WHILE DEWEYHUMBOLDT CAME IN AT 2.6 MONTHS. PRESCOTT VALLEY SHOWED ONLY 1.9 MONTHS OF INVENTORY AVAILABLE AT THE CLOSE OF MARCH, DUE IN PART TO AN OVERALL SLOWDOWN IN NEW LISTINGS FOR THE MONTH.

THE REPORT STATES THAT ALTHOUGH THE METEORIC RISE IN HOME PRICES OF THE PAST FEW YEARS CONTINUES TO SLOW, THE AGE-OLD CONCEPT OF SUPPLY AND DEMAND CONTINUES TO PLAY A SIGNIFICANT ROLE IN CURRENT CONDITIONS. WITH INVENTORY LEVELS FAR BELOW WHAT MANY EXPERTS WOULD PREFER, PURCHASING A HOME WILL STILL PRESENT ITS OWN UNIQUE CHALLENGES IN 2023.