An overview of the trends shaping our local real estate market.
Real estate is a topic that can be filled with overwhelming numbers and statistics, but today, we’ll just focus on what matters most. Currently, in the Quad City area or Western Yavapai County, there are 786 residential properties on the market and 475 properties under contract. At the current rate, if there were no new listings, it would take only 50 days to sell all properties on the market. Historically, this is a low number, and it shows that we are still battling low inventory and strong demand.
One of the factors contributing to this demand is the low interest rates. As of this morning, 30-year interest rates are around 6.7%, and the 15-year rate is 6.12%. Also, VA rates are at 6.3%. These rates have been stable over the last few weeks, with minor fluctuations due to events like the announcement of the Chase Bank takeover of Republic Bank. Although there may be some fluctuations with the upcoming Fed meeting, buyers can be confident that rates will not significantly go up or down anytime soon.
“Well-staged properties are still selling in today’s market.”
In addition, our partnership with Goldman Sachs allows us to stay updated on various economic factors, including the ongoing battle with inflation. According to their analysis, inflation will be under control by the end of this year, with the hope of seeing inflation back in the 2% range by 2024. However, many factors could impact these predictions.
This summer, we expect that the inventory rates will increase slightly, possibly reaching 900 or 1,000 properties on the market. This would create a healthier market for buyers, as the current market is strong for sellers. Well-maintained and well-staged properties are still selling in today’s market, so if you are considering selling your property, it may be advantageous to invest in some improvements.
We offer a free analysis of your property and can provide guidance on how to position yourself better in the market. If you have any questions about this service or the numbers we shared today, please do not hesitate to reach out by phone call or email. We are here to be a resource for you.
