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Prescott Local News
Real Estate News in Prescott - September 21st, 2016
Spring and Summer are seen as the peak home buying seasons…..but FALL might truly be the ultimate season to buy. With many families settled into their new homes at the end of summer, there are amazing opportunities to find your dream home in a market with less competition and stress. Looking to buy a home in the Prescott area? Use the season to your advantage! Here are the top reasons why you should purchase your new home this fall.
Fall Real Estate puts the Buyer in the Driver’s Seat
Since fall is considered an off-season for real estate, there tends to be far less competition. The decrease in demand on the buying side does not translate to less inventory, however. There are still plenty of homes on the market and less buyers vying for them! Whether it is new inventory or homes that have been on the market all summer long, buyers in the fall have a ton to choose from and are able to be more aggressive with their negotiations. Fall puts buyers in a g...
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News for Prescott, AZ - February 13th, 2013 12:39pm
Average 30-Year Fixed Rate Remains Unchanged
Mortgage rates were either unchanged or lower this week following a mostly positive employment data report for January. In January, the economy gained 157,000 new jobs and revisions to November and December added another 127,000 workers.
„X 30-Year Fixed Rate Mortgage - The 30-year FRM averaged 3.53% with an average 0.8 in points & fees for week ending 02/07/2013, unchanged from last week. Last year at this time, the 30-year FRM averaged 3.87%.
„X 15-Year Fixed Rate Mortgage - The 15-year FRM averaged 2.77% with an average 0.7 in points & fees for week ending 02/07/2013, down from 2.81% last week. Last year at this time, the 15-year FRM averaged 3.16%.
„X 5-Year Adjustable Rate Mortgage - The 5-year ARM averaged 2.63% with an average 0.6 in points & fees for week ending 02/07/2013, down from 2.70% last week. Last year at this time, the 5-year ARM averaged 2.8...
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News for Prescott, AZ - May 16th, 2012 11:25am
Well so far 2012 has been a strong year indicating that the worst is behind us.. The only reason I can see that would allow us to have a strong market is the fact that inventory levels are low. Banks are not flooding the markets with their inventory which has allowed the over supply to drop below normal ranges. Keep an eye on what banks intend on doing in the future as if there is another flooding of inventory into our market then I would not be surprised to see another dip in values down the road
News for Prescott, AZ - April 7th, 2011 12:19pm
How is 2011 starting out in Prescott compared to the what we had for the beginning of 2010?? Are our values up or down, is sales volume higher or lower? Well, so far according to our MLS we have had 73 MORE sales this year compared to last year. The average price for these transactions however is considerably less (about $25,612) or 8% less than 2010. With lower prices, great rates and lets not forget one of the best places in America to live, its a great time to buy!
National Market Conditions
2018 1st Quarter Market Report: Home Sales Steady - Prices Continue to Rise
The 1st quarter of 2018 ended on a good note with March existing home sales only down slightly over last year, and with 2018 home sales expected to exceed 2017 excellent year. Home Prices in 2018 continue to rise, increasing 5.8% over the end of March last year.
The most notable change in the 1st quarter was an increase in seller activity. Our survey showed that in 46% of the markets surveyed there were still more buyers than sellers, but a decrease of 27% from March 2017. Additionally, 17% of our markets surveyed showed more seller activity than buyer activity, an increase of 8% over last year. The remaining 37% of the markets showed an equal amount of buyer and seller activity which was an increase of 19% over last year. The increased activity, however did not ease the tight inventory 73% of our markets showing a very tight supply of homes available for sale. Home prices are also on the rise with 86% of markets showing price appreciation in the last year.
According the National association of Realtors (NAR) existing home sales in March were down 1.2% over last year, but annual sales are expected to hit 5.6 million units compared to 5.1 million in 2017; inventory of unsold homes is at a 3.6 month supply and 46% of all homes sold in under one month.
The data in this report is generated primarily from our survey of HouseHunt.com exclusive member real estate agents across the United States. This grass roots approach to studying the housing market gives us a thorough look at where the real estate market is through the eyes and perspective of the local real estate agents who are living and working in the trenches of each community.
Buyer and Seller Activity
The trend in both buyer and seller activity is up significantly in the 1st quarter of 2018 compared to the buyer and seller activity from last year. Buyer activity is steady or increasing in 94% of the markets surveyed and decreased in only 6% of the markets surveyed indicating a significant 8% increase in activity from Spring 2017. Simultaneously the trend for seller activity posted a solid 10% gain in the 1st quarter of 2018 with 85% of the markets indicating steady or increased seller activity compared to 75% of the markets at this time in 2017. Despite increased seller activity there are still more buyers than sellers and homes are selling quickly. In fact, according to NAR inventories have decreased to 3.6 month supply compared to 3.8 months in March of 2017. A balanced "normal market" is considered to be a 6 month supply of homes for sale.
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The 1st quarter of 2018 ended on a good note with March existing home sales only down slightly over last year, and with 2018 home sales expected to exceed 2017 excellent year. Home Prices in 2018 continue to rise, increasing 5.8% over the end of March last year.
The most notable change in the 1st quarter was an increase in seller activity. Our survey showed that in 46% of the markets surveyed there were still more buyers than sellers, but a decrease of 27% from March 2017. Additionally, 17% of our markets surveyed showed more seller activity than buyer activity, an increase of 8% over last year. The remaining 37% of the markets showed an equal amount of buyer and seller activity which was an increase of 19% over last year. The increased activity, however did not ease the tight inventory 73% of our markets showing a very tight supply of homes available for sale. Home prices are also on the rise with 86% of markets showing price appreciation in the last year.
According the National association of Realtors (NAR) existing home sales in March were down 1.2% over last year, but annual sales are expected to hit 5.6 million units compared to 5.1 million in 2017; inventory of unsold homes is at a 3.6 month supply and 46% of all homes sold in under one month.
The data in this report is generated primarily from our survey of HouseHunt.com exclusive member real estate agents across the United States. This grass roots approach to studying the housing market gives us a thorough look at where the real estate market is through the eyes and perspective of the local real estate agents who are living and working in the trenches of each community.
Buyer and Seller Activity
The trend in both buyer and seller activity is up significantly in the 1st quarter of 2018 compared to the buyer and seller activity from last year. Buyer activity is steady or increasing in 94% of the markets surveyed and decreased in only 6% of the markets surveyed indicating a significant 8% increase in activity from Spring 2017. Simultaneously the trend for seller activity posted a solid 10% gain in the 1st quarter of 2018 with 85% of the markets indicating steady or increased seller activity compared to 75% of the markets at this time in 2017. Despite increased seller activity there are still more buyers than sellers and homes are selling quickly. In fact, according to NAR inventories have decreased to 3.6 month supply compared to 3.8 months in March of 2017. A balanced "normal market" is considered to be a 6 month supply of homes for sale.
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Winter 2019 Market Update
Inventory remains on the low side which is allowing for continued appreciation but how much higher can home values go. Interest rates have risen but still remain low which is great for Buyer’s looking to own a home and stop paying such high rents. I am keeping an eye on new inventory too, as with more housing options the market should balance out a little.
Average Sold Home Price: $400,000
Average Time on Market: 60-90 days
Best Selling Price Range: $300,000 - $349,000
Existing Home Prices for the past 90 days: Increasing
Market Trend: Decreasing
Buyer's or Seller's Market: More buyers than sellers
Buyer Activity for the past 90 days: Increasing
Seller Activity for the past 90 days: No Change
Multiple Offers? Yes
What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? 0-5%
Is Financing Available For Qualified Buyers? Yes
Housing Inventory: Limited Supply
Greatest Activity: Repeat Buyers
Nearest Metro Area: Phoenix
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Mortgage Rates for Jan 18th, 2019
30 year fixed rate: 4.51%
15 year fixed rate: 3.90%
30 year jumbo rate: 4.41%
15 year jumbo rate: 4.12%
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Joe Karcie RE/MAX Mountain Properties Specializing in Prescott Real Estate 731 West Gurley Street Prescott, Arizona 86305 928-776-7701 Email Me | Receive New Listings by Email |
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(Because current market conditions can change rapidly in any given marketplace,
please check with Joe Karcie for current Prescott, AZ market conditions before acting on this information.)
please check with Joe Karcie for current Prescott, AZ market conditions before acting on this information.)
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