"Median list prices in the Prescott metro dropped from $699,250 to $584,900 year-over-year while active listings surged 30.5% to 1,663 homes, marking a sharp reversal in this Arizona mountain market. The price correction represents a significant decline as sellers race to adjust expectations in a shifting landscape. Properties now sit on the market for a median of 91 days, up from 77 days a year ago and above both Arizona's 77-day median and the national 84-day benchmark."
"Active single-family listings climbed to 1,663 homes from 1,274 a year earlier, pushing months of supply to 3.7. Despite the inventory buildup, weekly absorption actually decreased to 121 homes from 139 in the same period last year. New listings entering the market totaled 58 for the week, while 13.5% of current inventory consists of relisted properties. The combination of rising inventory and falling absorption signals continued pressure on sellers to attract buyers."
Median list price in the Prescott metro dropped from $699,250 to $584,900 year-over-year while active listings rose 30.5% to 1,663 homes. The median days on market increased to 91 from 77, exceeding Arizona's 77-day and the national 84-day benchmarks. Forty-two point six percent of active listings took price cuts during the week ending Dec. 5, 2024, while only 1% of sellers raised prices. Months of supply climbed to 3.7, above Arizona's 3.2 and the national 3.0 average. Weekly absorption declined to 121 homes from 139, signaling decreased demand relative to inventory.
Read at www.housingwire.com
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