Prescott Market Stats
In order to understand the Median Price vs Average Days on Market for Prescott Arizona You may want to call me at 928-237-4400. Sometimes average days on market goes down because there are more new Listings on the market. Bank Owned homes stay on the market a shorter time and the price can be very low. Download a full report here
Median Home Sales Price is a great gage in where the market is going and where it has been.
MARKET ACTION INDEX
Residential house prices are a function of supply and demand, and market conditions can be characterized by analyzing those factors. Watch this index for sustained changes: if the index falls into the Buyer’s Market zone for a long period, prices are likely in for a downward correction.
The Market Action Index (MAI) illustrates the balance between supply and demand using a statistical function of the current rate of sale versus current inventory. An MAI value greater than 30 typically indicates a “Seller’s Market” (a.k.a. “Hot Market”) because demand is high enough to quickly gobble up available supply. A hot market will typically cause prices to rise.MAI values below 30 indicate a “Buyer’s Market” (a.k.a. “Cold Market”) where the inventory of already-listed homes is sufficient to last several months at the current rate of sales. A cold market will typically cause prices to fall.
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