Housing Inventory on The Rise in February

March 11, 2019

Housing Inventory on The Rise in February

Group of houses on sale

According to fresh findings from Realtor.com®, there’s been an improvement in inventory nationwide. Compared to February 2018, there were six percent more homes on the market this year, equaling 73,000 more listings, according to the February 2019 Realtor.com report. Inventory in the largest markets opened substantially, with the biggest leaps in the West.

For homes in the $750,000 or more range, inventory picked up eleven percent year-over-year. The same couldn’t be said for the $200,000 or less segment, with seven percent fewer listings on the market. However, buyers will have an easier house hunt over recent years. With expanded inventory, homes are lasting longer on the market—in fact, in a first since the inception of Realtor.com’s report, there are fewer listings moving in under thirty days, at twenty-seven percent of all homes on the market, a dip from twenty-eight percent in February 2018. Moreover, thirty-nine of the fifty largest markets had more price reductions year-over-year.

“This is the fifth consecutive month that we’ve seen housing inventory increase, especially in large markets,” says Danielle Hale, Chief Economist at Realtor.com. “As is often the case in real estate, the important trends are going on at the local level. We see large markets continue to cool, but some markets still have some strength. Additionally, we still see fewer homes priced under $200,000 on the market, so entry-level buyers won’t see the same availability of options as high-end buyers.”

Currently, the median home value in Prescott is $364,100. Prescott home values have gone up 6.6 percent over the past year and Zillow predicts they will rise 4.5 percent within the next year. The median list price per square foot in Prescott is $206, which is higher than the Prescott Metro average of $192. The median price of homes currently listed in Prescott is $448,000 while the median price of homes that sold is $348,900. The median rent price in Prescott is $1,625, which is higher than the Prescott Metro median of $1,575.

If you’re considering buying a home in Prescott or if you’re interested in building a custom home in Prescott, please contact Crystal Creek Builders today! Locally owned and operated, we are dedicated to an unwavering commitment to create beautiful homes and happy homeowners and have been doing so for over twenty-seven years!

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