This is always one of my most favorite times of the year here in Prescott. I love the 4th of July holiday and I love the rodeo. We went as a family three different times. My seven year old loved getting on the mechanical bull and the kids just enjoyed it and ate up every second of it, the parades and everything else.

So I hope that your family is enjoying this time as much as I am.

Digging into the market stats here, there's some good news.

You might remember from our market update last month that the market in May faltered a little bit across the board, so I'm happy to report that values have kind of bounced back up!

If you look at April's numbers, compared to where we are today, basically right at this same level.

Prescott rebounded by 4.5%, which just negated that little blip in May. Prescott Valley is up by 1.4%, while there's been a slight decline in Chino Valley, only a half a percent or so. MLS-wide did rebound about 3.5% across the board.

So if you look at all sectors of the market, outside of that little blip that we had in May, we're kind of even-keeled over the last 60 days.

Inventory did continue to rise a little bit. As of July 1st, there were 985 properties on the market and we continue to monitor that closely because, if history is any guide, what we're seeing and kind of predicting is that we could see inventory levels somewhere approaching the 1100 mark, maybe a touch more. The last time we saw those kinds of inventory levels was back in 2016.

Interest rates continue to be a little volatile. As of July 1st, 7.1%. A couple of days after that they did go down closer to being right at 7%. So we'll continue to monitor interest rates as well.

Now let's talk about the overall inventory levels.

When you look at our absorption rate, even with 985 properties and again, standard disclaimer, site-built single family homes, that represents a 4.2 months' supply. What that means is that if no one else listed their home, based on the current supply that exists in the marketplace, we'd be effectively sold out of homes in just over four months.

Absorption rate is at 4.4 months nationally, so we're just slightly under that level.

Average days on market, MLS-wide, is about 57 days - Prescott 54, Prescott Valley 51, with Chino Valley slightly higher at 70.

There were a couple of siutations this week that I wanted to talk about.

I had sellers that were very motivated to get their home sold quickly. So they asked me what was the best way to do that.

What we really dove in the discussion around their table was the power of pricing the home correctly.

One of the things that I shared with them was that, right now, if you take a look at the active inventory, as we've said before it's running at 101 days on the market, but the really interesting about those listings is that they are priced 11% above the homes that are selling.

So a lot of our discussions about trying to accelerate the process concerned the dangers of over-pricing a property.

Similarly, I was meeting with a buyer earlier this week and we were getting ready to make an offer and they said hey, what do you think we should offer on the property? We took a look at a lot of different factors. The overall condition and the quality and the upgrades that had been put into the home and everything else.

One of the biggest selling factors can sometimes be days on market.

If a home has been on the market for five or six months, chances are that the sellers are prepared to come down a little bit on the asking price or they're having real heart-to-heart conversations with themselves about the fact that maybe they need to change their strategy moving forward, or maybe this isn't the right time for them to sell.

As far as overall inventory is concerned, of that 985 that we see, 530 of those are in Prescott, 200 are in Prescott Valley, with 114 in Chino.

So that's kind of where we sit. I'll keep you apprized as always and if you have questions please reach out to me directly at any time - 928-237-4425.

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