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Home Special Sections Home & Garden

Prescott Realtors Report Record-Breaking 2021

April 12, 2022
Prescott Realtors Report - Prescott Living Magazine
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The Prescott Area Association of Realtors® (PAAR) reports last year’s red-hot real estate market set quite a few records as its market rode the same high-demand, low-supply conditions found in the rest of the U.S.

Overall home sales in the area increased 2.3% year-over-year to a total of 4,823 transactions and the median home price rocketed 22.7% higher to $417,615.

On average, homes spent just 11 days on the market, slicing the previous year’s number in half for a new low as supply lagged far behind demand.

Some relief may be on the horizon: PAAR reported that for January 2022 inventory was slightly higher than at the same time last year, at 1.4 months versus 1.2 months. Last year’s average level of inventory for the year increased slightly over 2020, 1.4 months as opposed to 1.2 months.

George Beitzel, 2022 president of PAAR, said this started happening as optimism about the economy began to creep upward.

“In 2021, we were in the grips of the pandemic nationally, with an uncertain future ahead. That gave homeowners pause to put their homes on the market. In 2022, homeowners are beginning to feel more comfortable. They know more where things stand, the pandemic has eased, and they feel better about putting their homes on the market,” he says.

Dewey-Humboldt and Chino Valley both saw their home sales rise by 7% over 2020, while in Prescott sales fell nine homes short of the previous year’s, and Prescott Valley’s decreased by 2%. Land sales rose by 20% to 24% in Chino Valley, Dewey-Humboldt and Prescott, while Prescott Valley’s raw land sales were up a relatively modest 4%.

Beitzel said the Prescott Valley trends should not be alarming to those with interests there: “The drop in home sales is a function of supply, not demand. In other words, the number of homes going on the market has dropped. As homes are becoming more and more expensive, and with fewer homes to choose from, some buyers are buying land in hopes of building now or in the near future,” he says.

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Come & enjoy the local scene in Prescott Arizona!

Prescott Living Magazine

3 days ago

Prescott Living Magazine
LIVE MUSIC — There's a bluegrass concert happening tonight at the Prescott Rodeo Grounds. The Folk Sessions is presenting AJ Lee & Blue Summit at 7:00 p.m. (Sunday, March 19). Tickets are available online.www.eventbrite.com/e/aj-lee-blue-summit-live-in-concert-tickets-481827056697For more local events pick up a free copy of Prescott NOW magazine in Rox Media magazine racks throughout the area. Events are also listed in the online calendar at www.prescott-now.com/events. ... See MoreSee Less

AJ Lee & Blue Summit! Live in Concert!

www.eventbrite.com

AJ Lee + Blue Summit are pure, beautiful American music. The band are torch bearers of the music that helped build America. - Eric Oblander
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4 days ago

Prescott Living Magazine
OUT & ABOUT — Did you enjoy some live music and drinks on St. Patrick's Day? Thank you to Fernando Mendigutia for sharing these photos taken at The PUB Prescott. Send your St. Patrick's Day photos by email to photos@roxco.com. We'll share them here on our Facebook page and they'll be considered for publication in our next issue. Thank you! ... See MoreSee Less

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