Listen to realtor Cody Anne Yarnes in this radio broadcast to see how dramatically the real estate market has changed during the last 10 years.
The demographics in Prescott, alone, are enough to turn heads. In 2015, the greater Quad Cities area sold 3,752 homes. Of those, 1,580 were in the Prescott community. Also in 2015, 10 houses sold that were valued at more than $1 million. One year prior, in 2014, 13 homes sold for more than $1 million. “It’s an active marketplace,” Yarnes said. What’s perhaps most fascinating is the Prescott area can barely keep up with housing demand. “This is the lowest inventory we’ve ever seen,” Yarnes said. “Our demand has not decreased and inventory has not increased.
“It’s a classic supply and demand situation.”
When Yarnes started her career in real estate in 2006, buyers had so much more to choose from. Today, their choices are narrow because there just aren’t enough houses for the population. Houses sell fast. Most homes in the Prescott area sell in fewer than 105 days, she said.
Another major change in the realty market has to do with foreclosures. Five years ago, 43 percent of properties sold came from either foreclosures or short sales. In the first quarter of 2016, that number is down to eight percent.
Take a few minutes to listen to Cody Anne Yarnes to see what else she has to say about how real estate has changed in the last decade. It might surprise you. Her segment starts about 30 minutes in.