Privy’s Extended Direct-to-MLS Coverage in Prescott, Arizona: Empowering Agents and Investors

The real estate market in Prescott, Arizona has emerged as a key area of interest for both homebuyers and real estate investors due to its unique blend of natural beauty, stable market dynamics, and long-term investment potential. The ability to access accurate and comprehensive data is vital for navigating this growing market effectively, and platforms like Privy have transformed how professionals approach real estate investments by offering extended direct-to-MLS coverage.

This access, particularly in collaboration with the Prescott Area Association of Realtors (PAAR), enables real estate professionals and investors to capitalize on market trends in Coconino and Yavapai counties. PAAR is a vital resource in Prescott, offering MLS services, market data, and resources for realtors and brokers. This article delves into how MLS access through Privy is revolutionizing the Prescott real estate market, giving agents and investors a competitive edge in a complex housing environment.

Prescott Housing Market Overview

Prescott’s housing market, like many in the Western United States, has experienced steady growth in recent years. As of August 2024, the average home value in Prescott stands at $600,418, marking a 2.3% increase over the previous year. The market remains competitive, with homes typically going to pending status within 34 days. The median sale price is slightly lower than the median list price ($548,333 vs. $595,067), suggesting there are negotiation opportunities for buyers in the market.

The following are critical insights into Prescott’s real estate landscape, offering a snapshot of the region’s current trends:

• 1-Year Market Forecast: Despite rising prices, the market remains stable, indicating long-term value for property owners.
• Percent of Sales Over List Price: About 9.8% of homes sold over the asking price, while 62% sold below list price, giving buyers some leverage in negotiations.
• Market Type: Prescott is currently classified as a neutral market, meaning that supply and demand are balanced, which generally results in more stable price trends.

MLS: The Backbone of Real Estate Transactions

In real estate, Multiple Listing Services (MLS) are essential tools that allow agents and brokers to access comprehensive property data, including listings, historical pricing, and transactional details. MLS data is the lifeblood of informed decision-making in real estate. The Prescott Area Association of Realtors (PAAR) MLS covers a large portion of Northern Arizona, providing critical data for realtors, homebuyers, and investors alike. This coverage extends into Coconino and Yavapai counties, allowing for a broader look at the region’s housing market.

Accessing the PAAR MLS provides agents and investors with several key benefits, including:

• Up-to-date listing information: Instant access to newly listed homes, changes in listing prices, and pending sales.
• Historical market data: Allows users to track trends over time, from property values to average days on market.
• Neighborhood-specific insights: MLS data can help professionals and investors understand the nuances of local neighborhoods, from school districts to zoning laws.

Privy: Transforming MLS Access for Investors and Agents

Privy is a cutting-edge real estate platform that revolutionizes how professionals interact with MLS data. By integrating direct-to-MLS data with other critical real estate information, such as off-market properties and public records, Privy offers a comprehensive toolkit for agents and investors. Here’s how Privy is making a difference in Prescott:

1. Aggregated Market Data for Investors

For real estate investors, time is money. The ability to analyze multiple data streams from a single platform is invaluable. Privy aggregates first-party MLS data from the PAAR along with other relevant data sources, providing investors with everything they need to make informed decisions. From historical pricing data to current trends in the Prescott market, investors can quickly assess which properties are worth pursuing.

In a competitive market like Prescott, where median home prices are high ($631,466 as of September 2024), having access to comprehensive market data can mean the difference between a profitable deal and a missed opportunity.

2. Comping and Analyzing Properties

One of Privy’s standout features is its ability to simplify property comparisons (comps). Investors no longer have to juggle multiple tools to create a thorough comparative market analysis (CMA). Privy offers real-time MLS data, enabling users to quickly compare properties based on location, size, and historical performance.

For example, Prescott’s one-bedroom homes have seen a 12.4% increase in value over the last year, while two-bedroom homes have dropped by 4.5%. Investors using Privy can leverage this granular data to make well-timed decisions, capitalizing on undervalued properties or avoiding market segments that are experiencing downturns.

3. Off-Market and Public Data

In addition to on-market MLS listings, Privy provides access to off-market properties and public records. For investors looking to find deals that aren’t widely known, this feature is a game-changer. In Prescott, where 66.7% of homes sold below the asking price in September 2024, off-market deals present a significant opportunity for savvy investors to acquire properties at a discount before they hit the open market.

Key Market Trends Shaping Prescott Real Estate

1. Shifting Buyer Preferences

As of 2024, Prescott’s real estate market is experiencing a shift in buyer preferences. Smaller homes and more manageable properties are gaining popularity, as evidenced by the price increases in one-bedroom homes, which saw a 12.4% surge over the past year. In contrast, three-bedroom homes saw a price drop of 6.6%, while larger four-bedroom properties gained value by 10.5%. This shift suggests that buyers are increasingly looking for more affordable, easily maintainable homes.

Investors using Privy can capitalize on these trends by identifying properties that align with these evolving preferences. For example, targeting smaller homes in desirable areas like Gail Gardener and Dexter could yield strong returns, as these neighborhoods have median home values of $430,690 and $329,316, respectively.

2. Inventory Growth

Prescott’s housing inventory is showing moderate growth, with a 5.6% increase in the number of homes for sale from August to September 2024. There were 246 homes for sale in September 2024, compared to 233 in August, signaling more options for buyers and potentially more competition for sellers.

This increase in inventory gives investors more flexibility in selecting properties, especially when considering long-term investment strategies. For agents, the uptick in listings is an opportunity to serve more clients while making use of tools like Privy to filter through available options quickly.

3. Price Negotiation Opportunities

A significant portion of homes in Prescott are selling below asking price, with 67% of homes sold under the listing price in September 2024. This presents a clear opportunity for both buyers and investors to negotiate better deals. With Privy’s MLS integration, users can identify homes that have been on the market longer or those with multiple price reductions, further enhancing their negotiation leverage.

Privy for Agents: A Game-Changer in Competitive Markets

For real estate agents working in Prescott, Privy offers a wide range of tools that help streamline workflows and provide superior client service.

1. Closing More Deals Faster

In Prescott, where 34 days is the median time for a property to go pending, agents need to work quickly to secure deals. Privy’s real-time data access allows agents to identify hot properties as soon as they hit the market, reducing the risk of missed opportunities. With the PAAR MLS integrated into the platform, agents can perform detailed property analyses without needing to switch between systems.

2. Becoming an Expert in Investment Properties

The Prescott market is attracting an increasing number of real estate investors, and agents who can position themselves as investment property experts will have a clear advantage. Privy allows agents to offer detailed property analysis and investment projections, helping clients find the best deals for fix-and-flip projects, rental properties, or short-term vacation rentals.

3. No Learning Curve

Privy’s interface is designed with real estate professionals in mind, meaning agents who are familiar with traditional MLS systems will be able to navigate Privy with ease. The platform’s intuitive design ensures that even those who are new to real estate investing can quickly learn to use the advanced tools available.

Forecast for Prescott’s Real Estate Market

The future of Prescott’s real estate market looks promising, but several factors will play a role in shaping its trajectory.

1. Interest Rate Influence

If national interest rates decrease as anticipated in the coming year, Prescott may experience a surge in buyer activity. Lower borrowing costs would make homeownership more accessible, potentially increasing demand and driving up home prices.

2. Increased In-Migration

Prescott continues to attract buyers from more expensive metropolitan areas like Phoenix and Los Angeles, where the cost of living is significantly higher. As more buyers relocate to Prescott for its scenic beauty and favorable lifestyle, demand for homes is expected to rise, especially in areas like Forest Highlands, where the median home value is $1,601,974.

3. Growth in Active Adult Communities

Prescott’s appeal to retirees and second-home buyers is also expected to contribute to long-term growth. Active adult communities, which offer a blend of leisure and lifestyle amenities, are gaining popularity among buyers seeking tranquility and community living.