On March 1st we had 689 site built single-family homes on our entire multiple listing service (MLS) and we rolled into April with a total of 760, so we saw about a 10% increase in active listings on the market.

Mortgage interest rates are holding steady like they have been for the past 90 days or so. They were just over 7% at the beginning of this month and they've been in the 6.9%-7.1% range since February.

So there hasn't been a lot of change of late and the Federal Reserve recently met and indicated they do not foresee any major interest rate changes in the immediate future.

There's still talk of a possible down adjustment later in the year, but that remains to be seen. The past 90 to 120 days have shown that the Fed says one thing and it doesn't happen exactly as they've predicted.

In terms of home values over the past 30 days, Prescott saw a slight 2.8% uptick, Prescott Valley was up by 1% and Chino Valley rebounded to a 6.3% increase, following the pretty big dip due to lower sales last month. MLS-wide, there was an overall 2.7% rise.

Price reductions and high interest rates have led to some buyers thinking that values have come down year-over-year, but that's not really the case. Prescott has appreciated by 5.8% compared with this time last year, Prescott Valley has risen by 1% and Chino Valley is up by 2%, leading to an increase of over 3% MLS-wide.

Be careful. Just because your seeing price reductions doesn't mean that the actual market values are coming down. Often times what you're seeing is homes that came on the market perhaps a little optimistically priced and are now making reductions to find their place in the market.

In terms of the average number of days a home is on the market, at the moment it's 83 days MLS-wide, Chino Valley is 67, Prescott Valley is 72 and Prescott is at 86 days.

Of the 760 active properties on the market, about 400 of those are in Prescott, plus or minus, about 181 in Prescott Valley and about 74 in Chino Valley. The rest is kind of spread out. Those homes have been on the market for an average of 107 days and, depending on the municipality, generally speaking those homes are priced about 10%-20% over the actual average cost per square foot of correctly priced and good condition properties that are selling, leading to those longer marketing times.

There's a lot of talk in the real estate industry about changes. If you have any questions please feel free to reach out at any time. This is a very fluid situation right now and we don't have final results or outcomes, but we do know how we can do business and operate right now.

So if you have any questions whatsoever about proposed compensation, buyer-broker requirements etc, it's a fluid situation but please feel free to contact us at 928-237-4425.

Click here to learn more about our 5 proven steps to selling your home.

Click here to check the average value for your home instantly.

Click here to view Prescott Area Market Stats in Real Time.