We had a busy month here in July. Our team is moved in to our brand new location. It's been months in the making, a full renovation. We're excited to share it with you in an upcoming grand opening event.

Our new address is 1953 Commerce Center Circle here in Prescott, near the Basis School off of Prescott Lakes Parkway. So if you're in the area, please feel free to stop in and check us out.

Let's dive into some of the numbers here for July.

We had a busy month in July in terms of the number of pending sales, so that was a major uptick. There were 293 properties that went pending last month, nearly a 25% increase in terms of pending sales as compared to July of 2023, and about a 15% uptick compared to June this year.

So strong months in terms of pendings and there could be a number of factors associated with that. One of those factors, which is pretty exciting, is that we did see some great relief in interest rates. Refi markets are starting to open back up. In fact, if you purchased a home here in the last couple of years, feel free to reach out to us on that.

Interest rates have come down from a peak of 7.2% in May. As of today, we're at 6.5%. There is speculation that those rates are going to continue to come down as early as September. So keep an eye on that. But it is adding a little fuel to the fire and bringing some buyers that were not previously in a position to make the purchase and couldn't quite get there. Now rates are much more palatable, so hopefully more relief is on the way.

In terms of values, we saw the MLS pretty much flat, month over month, Chino Valley saw a little bit of a decrease, -5.8%. Remember that those big swings in Chino can be caused by a lack of overall sales activity, just not as many numbers, so you get some more of those sharp rises and declines.

Prescott Valley -1% and then Prescott, another strong month there +3.7%. We dug into the numbers a little bit internally. Last month there were 24 more sales in Prescott that were over $1 million. So the luxury market remains very strong there. One thing that does is we talk a lot about averages. So we looked at median prices. Year over year, Prescott is showing an increase of 3.7%.

When you look at the average, I think the median for a lot of the sellers, homeowners, property owners here in the Prescott market paints maybe a little bit more what feels like a realistic picture.

So if you look at the median year over year, July 2023 to July 2024, it's actually -0.8%. So a little bit different picture because we were getting sellers and buyers even that were questioning that the market continues to increase, increase, increase and we've talked in the past about the million dollar plus luxury market unnecessarily drawing that average up.

So I think that looking at the median from time to time is a nice little dose of reality, if you will, for what we're feeling in the market for a lot of sellers.

Days on market right now are hovering right around 60 days on average. Prescott's at 59, MLS-wide 61. So that's staying fairly consistent.

Our inventory in Prescott right now is sitting at about 550 homes, Prescott Valley 193, Chino 100 and then the rest are kind of spread around throughout the MLS. In early August we have 987 properties, so roughly the same amount of inventory that we had on July 1st. so it hasn't really ticked up as much as anticipated. We'll continue to keep an eye on it.

We had speculated that we could see 1050, maybe even 1100, homes by the time we peak, which usually happens sometime between August and September. So we'll keep a close eye on that as well.

So lots of activity in the marketplace right now and if you have any questions whatsoever, relating to what interest rates are today, your rate, that sort of thing, please feel free to reach out to us. We'll happily put you in touch with one of our preferred lenders to get you a personalized quote and see where you're at.

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