Late May 2023 – Real Estate Market Insights in the Tri-City Area

  • 4 months ago
Flex Realty of Arizona

Summer is once again upon us!  The weather is definitely 15 to 20 degrees cooler than Phoenix.  There are so many exciting and fun things to do in Prescott and our surrounding areas-the lakes are full, the weather is perfect and the amount of free activities is endless!

As always at this time of year, traffic is definitely increasing.  The Square downtown is alive with weekend festivals, great food, concerts, free movies at the Park and many other activities for the whole family to enjoy.

SOME CONSIDERATIONS

Whether you are in the area to visit and/or deciding you want to stay long term, here are some interesting facts for you:

According to our PAAR year to year summary and sales, for April of last year compared to April of this year, we have had a slight decrease in sales -going from 360 to 267.  We actually have a supply of 3.5 months, compared to only 1.3 months last year.  The median price for homes has increased from $455k to $470k but the median days on market are 29 compared to only 7 days last year.

WHAT TO THINK OF THIS

Why is this happening?  Seems like a bit of mixed results.  Well, we continue to have a relatively low inventory overall, which is helping to keep the prices of homes at a steady level, but the interest rates are now above that 7% threshold, which is slowing down the rate at which homebuyers are buying. 

What should we make of this situation?  Overall, homes  are staying on the market for a longer amount of time, however, the list prices of the homes are not decreasing by very much.  The big question I get more often than not is “should I sell my home now?”  or “Should I buy a home now?”  My answer is yes to both!  As I mentioned, the year over year sales prices have increased, but only slightly, and the inventory is still low.  If you are thinking of selling your home, now is an ideal time due to the low inventory and the amount of buyers who are not swayed until they find just the right home.  If you are interested in buying a home, keep an eye on the interest rates as they are fluctuating often.  Anything below 7% seems to generate a little excitement in the market.

As always, we are here to assist in your home buying and home selling experience.  We can be reached 7 days a week via phone, email, or text.  Give us a call and we are happy to guide you!

Our newest listing:  3090 Peaks View Lane B10 – offered at $295,000

Until next month,  feel free to contact us at 928-420-2961 or [email protected]

 

 

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