Real Estate Market of Prescott Russell Counties November 2023 Update

4 months ago

Nestled in a region known for its vibrant communities and scenic landscapes, the Prescott Russell Counties represent a unique and dynamic real estate market. This area, characterized by its blend of rural charm and suburban convenience, has seen an intriguing evolution in its property market. As of November 2023, the data indicates a market that is not only active but also diverse, catering to various preferences and needs. From the bustling family neighborhoods to the serene apartment complexes, Prescott Russell offers a variety of living spaces. This report delves into the detailed market activities encompassing residential, single-family, and apartment sectors, providing an insightful overview of the current trends, pricing dynamics, and market liquidity in this distinct region.

The real estate market report for the Counties of Prescott Russell, as of November 2023, presents a comprehensive view of the residential, single-family, and apartment market activities.

Residential Market Activity

Sales Activity: There were 46 sales in November 2023.
Dollar Volume: The total dollar volume was $23,300,600.
New Listings: There were 101 new listings.
Active Listings: The number of active listings stood at 263.
Sales to New Listings Ratio: This ratio was 45.5%.
Months of Inventory: The market had 5.7 months of inventory.
Average Price: The average price of homes was $506,535.
Median Price: The median price was slightly higher at $517,500.
Sale to List Price Ratio: This ratio was 98.1%, indicating closeness between listing prices and selling prices.
Median Days on Market: Properties spent an average of 28.5 days on the market.

Year-to-Date Residential Activity

Sales Activity: There were a total of 804 sales in the year up to November 2023.
Dollar Volume: The cumulative dollar volume reached $468,591,039.
New Listings: There were 1,593 new listings.
Active Listings: The average number of active listings was 251.
Sales to New Listings Ratio: The ratio for the year was 50.5%.
Months of Inventory: The average months of inventory stood at 3.4.
Average Price: The average price for the year was $582,825.
Median Price: The median price was $570,750.
Sale to List Price Ratio: This ratio was slightly higher at 98.3% for the year.
Median Days on Market: Homes spent an average of 23 days on the market throughout the year.

Single Family Market Activity (November 2023)

Sales Activity: There were 32 sales.
Dollar Volume: Total dollar volume was $17,263,400.
New Listings: There were 79 new listings.
Active Listings: Active listings numbered 202.
Sales to New Listings Ratio: The ratio was 40.5%.
Months of Inventory: The market had 6.3 months of inventory.
Average Price: The average price was $539,481.
Median Price: The median price was higher at $561,250.
Sale to List Price Ratio: This stood at 97.8%.
Median Days on Market: Properties were on the market for 28 days on average.

Year-to-Date Single Family Activity

Sales Activity: There were 592 sales.
Dollar Volume: The total dollar volume was $374,175,826.
New Listings: There were 1,243 new listings.
Active Listings: The average active listings were 190.
Sales to New Listings Ratio: This ratio was 47.6%.
Months of Inventory: The months of inventory stood at 3.5.
Average Price: The average price was $632,054.
Median Price: The median price was slightly lower at $618,750.
Sale to List Price Ratio: This ratio was 98.2%.
Median Days on Market: Properties spent 22 days on the market on average.

Apartment Market Activity (November 2023)

Sales Activity: There were 7 sales.
Dollar Volume: Total dollar volume was $2,760,900.
New Listings: There were 8 new listings.
Active Listings: The number of active listings was 22.
Sales to New Listings Ratio: A high ratio of 87.5%.
Months of Inventory: There were 3.1 months of inventory.
Average Price: The average price was $394,414.
Median Price: The median price was $385,000.
Sale to List Price Ratio: This stood at a high 99.3%.
Median Days on Market: Apartments were on the market for 29 days on average.

Year-to-Date Apartment Activity

Sales Activity: A total of 65 sales occurred.
Dollar Volume: The dollar volume was $25,686,600.
New Listings: There were 118 new listings.
Active Listings: Active listings numbered 23.
Sales to New Listings Ratio: The ratio was 55.1%.
Months of Inventory: The market had 4 months of inventory.
Average Price: The average price was $395,178.
Median Price: The median price was close at $389,000.
Sale to List Price Ratio: This ratio was 98.8%.
Median Days on Market: Properties were on the market for 22 days on average.

The real estate market of Prescott Russell Counties, as evidenced by the data up to November 2023, exhibits a market in equilibrium, marked by a healthy balance of supply and demand. The notable consistency in the sale to list price ratios across different market segments underscores a stable pricing environment, where properties are valued closely to their listing prices. This trend reflects both the realistic pricing strategies adopted by sellers and the willingness of buyers to meet these prices. The varied months of inventory across different sectors — residential, single-family, and apartments — highlight the diversity in market dynamics, with each sector appealing to different segments of the population. The robust activity in new listings, coupled with a substantial number of sales, indicates a dynamic market that is both welcoming to new entrants and accommodating to those seeking to sell. Overall, the Prescott Russell Counties' real estate market, with its blend of affordability, variety, and stability, presents an attractive proposition for potential homeowners and investors alike, signaling a market ripe with opportunities and growth potential.

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