Flex Realty of Prescott, Arizona https://flexrealtyaz.com/ Fri, 09 Jun 2023 14:46:35 +0000 en-US hourly 1 https://wordpress.org/?v=6.2.2 Early June 2023 – Real Estate Market Insights https://flexrealtyaz.com/2023/06/09/early-june-2023-real-estate-market-insights/ Fri, 09 Jun 2023 14:45:01 +0000 https://flexrealtyaz.com/?p=18169 As we continue with our Amazing Weather and Life here in Prescott and the surrounding areas, I wanted to give you the latest updates regarding housing data in the Tri-City Area. HOUSING DATA According to our Prescott Area Association of Realtors – June 6th, 2023 – Total sales and new listings both declined again last […]

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As we continue with our Amazing Weather and Life here in Prescott and the surrounding areas, I wanted to give you the latest updates regarding housing data in the Tri-City Area.

HOUSING DATA

According to our Prescott Area Association of Realtors – June 6th, 2023 – Total sales and new listings both declined again last month, but the data showed some promising signs according to the housing report released today by the Prescott Area Association of REALTORS® (PAAR). 

Total home sales fell last month to 346, a 13.9% drop from the previous month. 

However, the median sold price showed NO CHANGE last month across the area and the year-to-date (January through May) median sold price for the entirety of the Quad Cities also showed no change at 0.0%, a promising sign that market stabilization may be on the horizon.

 Months of inventory continued to rise across all four regions last month, increasing from only 1.9 months in April 2023 to 3.1 months in May, a 62.3% jump. “Affordability challenges certainly remain and continue to hold back contract signings,” said NAR Chief Economist Lawrence Yun, “but a sizeable increase in housing inventory will be critical to get more Americans moving.” With that in mind, the increase in active inventory in May 2023 rose across all areas in the Quad Cities by 42.1% overall for a total of 1,077 active listings on the market. 

Prescott led the pack with 46.2%, followed by Chino Valley (27.6%) and Dewey-Humboldt (22.8%). Prescott Valley, though posting the lowest numbers of all the regions last month, still added double digit gains in inventory at 19.9%.

WHAT DOES THIS MEAN

In my mind, It is still a great time to sell, as people are moving here from other areas of the country, the demand is high and the inventory is still considered low.  Pricing is the key-our expertise in the area can assist you so that we can find a range that will allow your home to sell in a timely manner.

If you are a buyer, with the increased inventory, you should have more than 1 option for your home buying choice (nice change compared to the recent market) and there is now a bit more willingness and room for negotiation.

For more information, whether you are buying or selling, please feel free to reach out to us any time.  We can be reached at 928-420-2961 or 928-533-9031 or our website or email:  [email protected] and [email protected]

We look forward to assisting you and enjoy the summer!

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Late May 2023 – Real Estate Market Insights in the Tri-City Area https://flexrealtyaz.com/2023/05/30/late-may-2023-real-estate-market-insights-in-the-tri-city-area/ Tue, 30 May 2023 17:24:47 +0000 https://flexrealtyaz.com/?p=18154 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, […]

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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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Early May 2023 – Monthly Real Estate Market Insights https://flexrealtyaz.com/2023/05/04/early-may-2023-monthly-real-estate-market-insights/ Thu, 04 May 2023 15:49:05 +0000 https://flexrealtyaz.com/?p=18105 Spring is here and normally this would be Prime Buying and Selling Season, however, it has been a mixed market as of late. It seems “normally” is not the word for this season!  According to our PAAR year to year summary and sales, we have had a slight increase in the average sales price, but […]

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Spring is here and normally this would be Prime Buying and Selling Season, however, it has been a mixed market as of late. It seems “normally” is not the word for this season! 

According to our PAAR year to year summary and sales, we have had a slight increase in the average sales price, but the actual dollar volume of sales has decreased.  

Why is this happening?  Well, we continue to have a relatively low inventory, which is helping to keep the prices of homes at a steady level, the interest rates are fluctuating so once they land at lower than 7%, home buyers have started making offers, generating little “pops” in our market.

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!

Until next month,

Terri Monksfield

Flex Realty

928-420-2961

[email protected]

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Welcome to My Monthly Blog! https://flexrealtyaz.com/2023/03/29/welcome-to-my-monthly-blog/ Wed, 29 Mar 2023 21:54:24 +0000 https://flexrealtyaz.com/?p=18095 My main goal is to provide you with meaningful data as it relates to your home, the real estate industry in our area, and some fun and interesting things to do around town!  First things first, which is to give  you the information on our homes for sale in the Tri City Area: The entire […]

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My main goal is to provide you with meaningful data as it relates to your home, the real estate industry in our area, and some fun and interesting things to do around town! 

First things first, which is to give  you the information on our homes for sale in the Tri City Area:

The entire MLS has 744 homes, this includes manufactured homes, condos, townhomes and site built homes, covering the Prescott, Prescott Valley, Dewey, Chino, Paulden, and some listings for the Ash Fork, Sedona, Phoenix and other areas -which means inventory is still pretty low overall and this has translated to not much of a “dip” in prices. The interest rates have fluctuated but are obviously much higher than they have been in recent years. 

So how does this translate to our market?  Well, if you are a buyer, you do have less competition from other buyers when searching for your home and you also have a bit more leverage to negotiate.

If you are a seller, it is important to price your home competitively, have the expectation that it may not sell in a matter of days and trust us to market your home and get the exposure it needs.  

Whether you are a buyer or a seller, the market is still strong, just not as wild as it was-which I prefer, actually!

Next topic, Something fun to do in our area- with the weather being a bit unpredictable these days (I can’t believe how much rain and snow we have had this Winter), I have found “Pickleball” to be my sport of choice!  I joined Espire at the Gateway Mall as soon as it opened and not only is it great exercise, it is a truly social gathering.  I have met many new friends, been afforded time to spend with clients and friends and clients who became friends, I have enjoyed  some great competition and most importantly, I have had a BLAST!  If you have not tried pickleball and are curious, I know the crew at Espire would welcome you with Open Arms and an introductory visit.  Just tell them Terri Monksfield, Flex Realtor sent you!

I hope you enjoyed reading my first ever “blog” and I promise to get better with time (at least I hope to).  If you would like more information and posts, etc, Please go to my Facebook page:  https://www.facebook.com/FlexRealtyPrescott then like and follow the page-thanks in advance! 

If there is any way I can be of assistance, or if you have any feedback on this blog idea of mine, feel free to reach out via email at [email protected], call me at 928-420-2961 or shoot me a text – I look forward to hearing from you!

Until next month!  Thanks for reading –

Terri Monksfield
Flex Realty
928-420-2961

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