April 2023 | Latest Market Updates
Things are really hopping in Yavapai County real estate this spring!
The median sold price across all areas rose again in March, with Prescott Valley recording a 10.3% increase compared to February of this year which still reflects a 1% increase over last year. We are seeing closings pick up by almost 30% signaling that temps are not the only thing heating up in the Valley. Homes are sitting on the market longer than they were last year, however, to keep things in perspective, in March of 2019 homes were averaging 91 days on market in a pre-pandemic market we all considered strong. The increasing inventory can on the surface seem alarming, but again keep in mind a balanced market equals 5.5-6 mos of home inventory and we are still at half that. This equates to a strong seller's market.
Interest rates, of course, are still a concern, however economic uncertainty stemming from the banking sector brought interest rates down for the third week in a row in March leading to a partial revival of the mortgage market and boosting borrower demand. Industry experts see rates remaining in flux for most of 2023 so it's a factor for buyers we are watching closely.
Regardless if you are looking to buy or sell this market is no place to be without experience and local market expertise. You can trust our team to guide you every step of the way and help you achieve your real estate goals!
Contact us any time with questions at (928) 830-0151
Willow Lake and Watson Lake
Willow Lake and Watson Lake are only a few miles from Prescott, Arizona, and are perfect for fishing, boating, kayaking, canoeing, hiking, rock climbing, camping, and day picnics. Also, these are ideal places for bird-watching or just sitting on the rocks of Granite Dells and enjoying the stunning views and refreshing air.
Although swimming is not permitted in these lakes, you get to enjoy fishing from the boat or the banks. Fish varieties include largemouth bass, crappie, catfish, bluegill, and sunfish.
Explore nature in the scenic Granite Dells region by rock climbing or hiking. The trail that skirts along Willow Lake's western shores connects Watson Lake and the trails at Pioneer Park.
Residential Real Estate Trends - March 2023
Quad Cities Area
If you're trying to decide whether to rent or buy a home, consider these three things:
If you're ready to take advantage of the benefits of homeownership, let's connect to explore your options.
Sources: Census, Federal Reserve, Buildium
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2 Things Sellers Need To Know This Spring
A lot has changed over the past year, and you might be wondering what’s in store for the spring housing market. If you’re planning to sell your house this season, here’s what real estate experts are saying you should keep in mind.
