Current Pending and Home Sales in Flagstaff
MONTHLY FLAGSTAFF REAL ESTATE TRENDS
Homes Sold in the Flagstaff Area in May & Pending Homes as of 09/21/2022
Pending Home Sales
Pending home sales continue to lag behind the highs we experienced in 2020 and 2021. There were 101 single family homes pending in the Flagstaff area on September 21st this year which is less than half the 209 pending sales on September 20, 2021. Heading into the last quarter of the year we anticipate more of the same. Traditionally sales drop off during the fourth quarter during our “slower” season.
Pending home sales is one of our best indicators of the market over the short term future. We will continue to monitor the market and keep an eye out for any changes.
The data reported here are based on single family homes sales in the Flagstaff Metro Area (The City of Flagstaff and immediately surrounding County areas, EXCLUDING Munds Park and Bellemont) as reported in the Multiple Listing Service (MLS) maintained by the Northern Arizona Association of REALTORS®. The data may not reflect all sales (but it surely reflects most of them).
Flagstaff Home Sales for August
Following along the lines of pending sales, the number of single family homes sold was down year over year in August as well. There were 82 single family homes in the Flagstaff area sold this August, down sharply from the 130 homes sold in August of 2021. There is still a lack of available inventory in most price ranges, especially under the $600,000 range.
Our housing market also saw a decline in the median sales price for single family homes in August. The median sales price was $675,000 for the month, down from the $730,000 we reported in July of this year. Still too early to say this is a trend, but definitely something to keep an eye on.
There were 15 townhomes sold in August and 32 condos.
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