The number of homes listed during January in the Quad Cities increased by 7.9% year over year, according to the housing market report by the Prescott Area Association of REALTORS (PAAR). A total of 272 homes were listed for sale, compared to only 252 in January 2023. The number of new listings increased in each of the Quad Cities except Prescott Valley, which experienced a minor decrease with three fewer new listings in January this year compared to last. Dewey-Humboldt saw the largest increase … [Read more...] about First Month of 2024 Brings New Listing Increase Across Quad Cities
Prescott Area Association of Realtors
Real Estate Values Climb Steadily as Market Struggles for Balance
Home prices continue to rise, inventory continues to fall short of a balanced market, and the interest rate on a standard 30-year mortgage is hovering around 7.8%. Prescott Area Association of Realtors President and KMF Real Estate Broker/Owner Faye Humphrey says the Quad Cities remains a seller’s market, but she says, “It’s always a great time to buy the right real estate.” For those who remember interest rates of the 1980s in the high teens, 7.8% looks pretty good. But compared to just a few … [Read more...] about Real Estate Values Climb Steadily as Market Struggles for Balance
Real Estate as an Economic Indicator
For many, owning a home is the epitome of the American Dream. It represents a sense of stability, provides a place to raise a family, and is an investment in one’s future. Homeownership can offer the potential for wealth accumulation through property appreciation and the opportunity to build equity over time. This quintessential dream does not stop there. It is deeply connected to economic security and, in fact, real estate is often cited as a key economic indicator. The housing market’s … [Read more...] about Real Estate as an Economic Indicator
Championing Private Property Rights
Homeownership is part of the American Dream, and realtors play an essential role in that dream, but their value extends much further than that. Every home sale generates $88,000 in local economic activity, accounting for 18% of the nation’s GDP, and every two home sales supports one American job. Real estate transactions are complex and include far more than many people know; attorney reviews, filing state/federal forms, tracking mortgage rates/terms, coordinating with lenders, scheduling … [Read more...] about Championing Private Property Rights
Preparing for the Quad Cities Real Estate Market
Most business owners know that the real estate market is the backbone of every successful community; buyers move in, have families, open businesses, shop locally and so on. Property transactions have a ripple effect that is often a key predictor of economic growth. So, how can property owners, both commercial and residential, prepare for the inevitable ups and downs of the market and ensure long-term equity growth and a solid investment? Here are some things to focus on: History matters. … [Read more...] about Preparing for the Quad Cities Real Estate Market
Real Estate Remains Fundamental to Local Commerce
For most of us, 2022 was a year spent watching the housing market closely. As mortgage rates fluctuated and home prices continued to rise, many began to expect that the real estate industry was in trouble. However, a better word would be “transition.” Although inflation continues to be a concern, consumer sentiment remains strong. According to the most recent data from the U.S. Bureau of Labor Statistics, employment numbers are holding steady in our region. Stable employment is good for … [Read more...] about Real Estate Remains Fundamental to Local Commerce
Area Real Estate Market is Mixed
According to recently published statistics from the Prescott Area Association of Realtors, the area real estate market remained reasonably strong in August 2022 versus August 2021, but there are signs of weakness. For the entire market area, the sold median price versus a year ago is up 7.4%, from $437,500 to $470,000. The median days on the market went up from 11 in August 2021 to 33 in August 2022. By most measures, that would still qualify as a seller’s market, but the trend does seem to … [Read more...] about Area Real Estate Market is Mixed
Unprecedented Home Prices Require a Careful Strategy
If you’ve tried looking for a home or selling your current one recently, then you know the housing market continues to be as hot as ever, with some of the highest prices we’ve seen. According to the Multiple Listing Service provided by the Prescott Area Association of REALTORS (PAAR), during the first quarter of 2022, the average sales price of homes in the area rose nearly 23% year-over-year, to $546,866. Homes in Prescott Valley experienced the largest increase in average price, reporting a … [Read more...] about Unprecedented Home Prices Require a Careful Strategy
Will the New Year Deliver Another Hot Real Estate Market?
For those in the business of real estate, 2021 was among the fastest-moving markets in history throughout the Quad Cities area. Some of the statistics are actually hard to believe. However, the unrivaled Multiple Listing Service provided by the Prescott Area Association of Realtors (PAAR) reveals that, last year, homes in this area spent just 11 days on the market. That is half the time it took homes to sell in 2020. Not only is home inventory flying off the shelves, the median price buyers … [Read more...] about Will the New Year Deliver Another Hot Real Estate Market?
