2018 was another very good year for real estate in the Prescott area as well as the entire United States. Overall home prices continued to appreciate, which is good news for all homeowners. Interest rates did increase but remain low enough to continue to encourage new buyers entering the market. All in all: a great year for the real estate industry.

When we take a look back at 2018 we see Prescott residential properties average sale price was $408,917 (up 6.5% from 2017).   Homeowners did not have to wait too long to sell their homes as the average cumulative days on market was only 77 days. With inventory levels remaining fairly low all year, Sellers were able to obtain close to asking price, receiving on average 97.86% of their List Price.

In Prescott Valley residential properties average sale price was $291,668 (up 7.87% from 2017).   Average cumulative days on market was only 40 days in Prescott Valley with seller’s receiving on average 98.55% of their List Price.

What to expect in 2019: Up, up, up we go?  Inventory remains low which is allowing for continued appreciation in the Prescott Valley market but how much higher can home values actually go? I see our market returning to a more normal and balanced level. Prices have risen to a point where more homeowners will be able to sell without a loss, thereby allowing inventory levels to increase and balance out the market. Interest rates are predicted to increase but remain at levels where buyers can still afford to purchase and keep payments below what they would expect to pay if renting.  So, maybe this is finally the year to commit to Selling or Buying a home! 

With 2019 destined to be another positive year for real estate ownership, let’s make it great together!  Last year I sold 50 homes!  Rest assured I have the experience to help with your real estate needs. In 2019 my goal is to sell 60+ homes, I hope you will help me with that goal.  When you find yourself considering selling or buying, give me a call and let’s talk.  I would love the opportunity to meet with you and discuss your real estate needs.  Even if you’re just curious about how much your neighbor’s house sold for, give me a call and let’s talk. If you need a recommendation for your next remodeling project, give me a call and let’s talk.  Wishing you much health and happiness in 2019!

*Statistics taken from Prescott Area Association of Realtors MLS as of December 13, 2018

 

Joe Karcie - RE/MAX Mountain Properties

731 W Gurley Street

Prescott, AZ 86305

(928) 776-7701

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