As we rolled into March, our active inventory numbers were sitting at 921. Those are site-built, single family homes on our market.

I took a stroll through memory lane and the last time that we saw that level of inventory at this time of year was ten years ago in March of 2015.

So the trend continues. Inventory has been slowly rising since the first of the year and we're not accustomed to seeing that. Typically, those incremental increases in inventory start more often in April and then continue on through the summer.

We did see a little bit of relief on the average number of days on market, especially in Prescott, where we were sitting about 90 days or so. Active days on market right now is running at 72 in Prescott, 75 MLS-wide, 67 in Prescott Valley and 68 in Chino Valley.

Active inventory right now is, as I stated, 921 properties on the market. They are currently priced 13.4% above the market average of homes that are selling. So again, there's a strong correlation. If it's overpriced, it's probably going to sit there.

Some good news for both buyers and sellers is that we're seeing some relief in interest rates.

We're basically seeing rates that we were accustomed to back in October. We rolled into the 1st of March at 6.74% interest. We're just a few days past the first right now and the rates as of today were 6.64%.

Depending on your lender and their incentives and also depending on what kind of a credit you might be able to get from a seller, we have buyers right now here on our team, with our in-house mortgage company locking interest rates in the mid-to-low 6% range and you guys have been waiting for that.

Buyers always ask us when is a good time. You've got 34% higher inventory on the market today than you had 12 months ago.

We were looking at a total of 689 homes on the market in March last year. Now we're looking at 921. You have an abundance of properties out there to look at and the interest rates are going in the right direction for you.

If you're a seller, rising inventory can mean more competition, which can mean lower pricing. So let's talk about pricing. In Prescott last month the values came down nearly 2%. MLS overall average stayed the same. Chino Valley was negligible, minus a third of a percent. Prescott Valley actually had some high dollar properties close escrow. So they saw a little upswing, close to 5%.

We're seeing stable market conditions, lower interest rates, higher inventory. If you're a buyer, call us. Let's go out and start looking at some homes.

We're happy to talk to you about anything concerning real estate, so let us know if you have questions.

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