Prescott Area Real Estate
All statistics above generated by the Prescott Area Multiple Listing Service (MLS). This is information is deemed reliable, but is not guaranteed.
2012 - Year in Review - Highlights and Trends
2012 saw several notable highlights and trends in our real estate marketplace.
Increase in median price - first time in 5 years
After 5 years of decline in the median price of a single family home in the Greater Prescott Area, 2012 saw an increase, from $139,000 to $155,000, an 11% increase over 2011. The last time there was an increase was from 2005-2006, when the median price increased from $238,000 to $255,000, a 7% increase.
Inventory Levels and Months of Inventory Contnue at Good Levels
Conventional wisdom says the Months of Inventory (MOI) statistic, which is Units Sold/Units For Sale, indi- cates a Buyers Market when greater than 6, and a Sellers Market when less than 6. When it hovers around 6, it is considered a reasonable balanced market. 2012 saw our Months of Inventory continue in the 6-8 range. Compare this to 2009 when the MOI as as high as 26.
In addition, our inventory level (number of homes for sale) remains at reasonable levels, ranging from 1300 to 1500. Compare this to the 2007-2008 timeframe, when inventory levels soared above 3700.
Increases in homes sold and total dollar volume
2012 saw continued increases in the number of homes sold and the total dollar volume of all sales. Total Sales increased in 2012 to $621 million, a 15.6% increase over 2011.
The number of homes sold increased to 3433, a 9.5% increase over 2011. In fact, since 1996, there have only been two years where more homes were sold in a single year than 2012, and that was 2004 (3854) and 2005 (3906).
Finally, the last 6 months of 2012 saw a significant in- crease in new home construction in the Prescott Area.
Windermere Real Estate - Owner and Designated Broker
Prescott Area Association of REALTORS - 2013 President