Happy New Year! Take a look back at 2018!

As we begin our journey through 2019 let's look back at 2018. Take time to review how the real estate market performed. By comparing the past two years we can begin to appreciate the trends in our local market area.

In 2018 a 5.9% increase in the number of homes for sale occurred in the tri-city area of Prescott, Prescott Valley and Chino Valley combined. With a drop of 1.9% total homes sold. While that may seem to indicate a decreased market, the average and median sold prices both increased in 2018. Combined with rising interest rates this may indicate a trend of market prices rising beyond the reach of first time home  buyers in some areas.

Total months worth of inventory averaged out to just 2.96 in 2018. While the previous year showed 3.05 months. Low inventory levels will continue to drive pricing until, either more inventory comes on the market, or buyer demand significantly decreases.

Play the video above to get the stats you need. Watch for our next blog post and newsletter, "What's Ahead for Real Estate in 2019?".

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Contact us for market statistics in a specific area, we're happy to share!