I want to give you your market update and let's talk about supply first.

January 1st, we had 608 site-built single family homes on our market. That inventory level did drop slightly in February. We're now at 589.

February of 2022 marked our lowest level of inventory throughout that year. So we'll have to watch that continuously and see if that is the bottom again.

I would expect that inventory will start to go up here over the next 30, 60, 90 days. We'll keep an eye on that.

Pending sales for homes that went under contract in January were up from December by about 46%. The primary reason for that, I would suspect, is that interest rates have continued to come down and settle. Hopefully that trend continues. They were at about 7.5% in November and we've recently had buyers locking in the high fives and low sixes.

In January a total of 223 single family homes did come on the market and Prescott values did drop by 2.2% last month. Prescott Valley dropped by 2.5%. MLS-wide, we saw a 4% decrease.

Chino Valley, believe it or not, did rebound a little bit by about 3% after four months of steady sliding, But keep in mind the number of sales in Chino. There's not as much volume in terms of sales out there, so a couple of really big properties that might sell can skew those numbers. We'll have to monitor that trend in the coming months.

If you have any questions at all at any time or if you want to check the value of your home or are interested in getting pre-qualified, please reach out to me directly at 928-237-4425 or visit our website at prescottareaproperty.com.

Have a great day.

Geoff

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