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Market Trends Newsletter: June 2017

Local Market Housing Report

Note: National Association of Realtors® (NAR) data shown below is from April (most current national data)

 

A persistently low supply of existing homes available for sale slowed April's sales velocity, resulting in a 29-day median number of days that a home remained on the market, a new low according to the National Association of Realtors®.

 

Total existing-home sales (completed transactions for single-family homes, townhomes, condominiums and co-ops), fell 2.3% to a seasonally adjusted annual rate of 5.57 million in April from 5.70 million in March. Despite the decline, sales remain 1.6% higher than a year ago and represent the fourth highest pace for the last 12 months.

Existing Home Sales By Region

 

NAR's chief economist, Lawrence Yun, said that every major region except the Midwest saw a drop in existing sales in April. "Last month's dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2 percent, and new and existing inventory is not keeping up with the fast pace homes are coming off the market," Yun said. "Demand is easily outstripping supply in most of the country and it's stymieing many prospective buyers from finding a home to purchase."

 

Housing Data Takeaways

 

April's median existing-home price (all housing types) was $244,800, up 6.0% from the same time last year ($230,900). Price gains in April represent 62 consecutive months of year-over-year growth.

 

Total housing inventory nationally at the end of April rose 7.2% to 1.93 million existing homes available for sale, and is 9.0% below one year ago (2.12 million) and has dropped year-over-year for 23 straight months. Nationally, unsold inventory offers a 4.2-month supply at the current sales pace,  down from 4.6 months a year ago.  

 

Freddie Mac data shows the average commitment rate for a 30-year, conventional, fixed-rate mortgage fell for the first time in six months, dipping to 4.05% in April from 4.20% in March. For all of 2016, the average commitment rate was 3.65 percent.

 

 

Prescott Housing Market Statistics

Median Home Price: $549,900

3 Bedrooms/3 Bathrooms

Average Square Footage: 2,645

Price per Square Foot:  $203

Number of Homes on the Market: 553



 

Summer Selling Opportunities

Sellers, you have an excellent opportunity to sell your home this season if you have the right pricing strategy in place from the start! Studies show that the longer a property stays on the market, the less the seller will net upon the sale. It is very important to price your property at a competitive market value at the signing of your listing contract. The market today in many places is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell as soon as it could.

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An Overpriced Home:

· Minimizes offers

· Lowers agents response

· Limits qualified buyers

· Lowers showings

· Lowers prospects

· Limits financing

· Wastes advertising dollars

· Nets less for the seller

 

 

When you are ready, contact us today for a personal market value analysis of your home. No hassles or obligation - just honest advice on how to get top dollar for your home!


 

Happy Father's Day in Prescott!

Celebrate the world’s best dad….YOURS….this Father's Day throughout the Prescott area. Show your dad all your appreciation by taking him to one of these fantastic community events! It will be a Father’s Day weekend he will never forget!  

 

 

Yavapai Classic Car Show

Date: Saturday, June 17th

Time: 8:00 am - 2:00 pm

Location: Mile High Middle School (300 South Granite Street, Prescott)

Bring your dad to admire some of the best classic and antique cars at this 17th annual car show. Enjoy delicious food, 50/50 raffle, prizes, and more. All proceeds benefit Meals on Wheels and Mile High Middle School PTA.

 

Walker Day

Date: Saturday, June 17th

Time: 10:00 am - 2:00 pm

Location: Walker Fire Department (4980 East Walker Road, Prescott)

With a delicious BBQ lunch, live rock n’ roll by Noteworthy, old fashioned Cake Walk, children’s games and face painting, and 3rd Annual Mountain Art Market, your whole family will have fun at this great annual event. Plus, this celebration benefits the local volunteer Walker Fire Protection Association!

 

Theater on the Green - Zeppapotapuss!!

Date: Saturday, June 17th

Time: 7:00 pm - 9:00 pm

Location: Prescott Valley Civic Center (7501 East Civic Circle, Prescott Valley)   

Celebrate dad at a FREE concert by Zeppapotapuss, a Led Zeppelin tribute band. Pack your blanket and dad’s favorite snacks and drinks as you enjoy fun, live music on rolling green lawns.   

 

Father's Day Jazz Splash

Date: Sunday, June 18th

Time: 12:00 pm - 7:00 pm

Location: Arcosanti (13555 South Cross L Road, Mayer)

Spend Father’s Day listening to some of the best live jazz available! Attend the Cabaret in the Lounge with Billy Mitchell Trio at 1:00 pm. You will also enjoy a Meet & Greet Buffet! There is also a concert in the Amphitheater at 3:00 pm with Milt Cannon Quartet and Yuko Mabuchi Trio. With fantastic jazz, delicious food, raffle prizes, and more, dad will love this fun, musical celebration. Purchase tickets HERE!

 

 

Joe Karcie wishes all the dads in the Prescott area a very happy Father’s Day!