Current Pending and Home Sales in Flagstaff
MONTHLY FLAGSTAFF REAL ESTATE TRENDS
Homes Sold in the Flagstaff Area in February & Pending Homes as of 3/14/2023
Pending Home Sales
The number of pending single-family homes in the Flagstaff area remains low compared to the last three years. There were 55 pending sales on March 14th of this year. Last year on March 17th there were 105 pending sales. Looking at the above pending home sales graph you can see just how low our market has been since September.
Many buyers remain frustrated with buying a home in today’s market due to extremely low inventory levels. There were only 86 single-family homes active in the Northern Arizona MLS when compiling the numbers on March 14th. The challenge is more extreme for buyers under the $600,000 range where there are only 12 active homes on the market. We need more homes on the market!!!
To the sellers on the fence, give us a call and let’s talk numbers and strategy.
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 February
It’s challenging to have more sales when there is not enough inventory to supply the demand. There were only 42 single-family homes sold this February. This fell well below the 60 single-family homes sold one year ago. Of those sold in February only 4 sold over the list price with the remaining homes selling at or below the most recent list price (many listings have reduced the list price while on the market before accepting an offer). This is a bit of good news for buyers but we recommend caution when reading this news. We are still experiencing multiple offers and competition is out there although not as extreme as witnessed in the early part of 2022.
We anticipate the market to pick up as we head into the warmer months. We hope to see more homes hit the market. Traditionally this also brings more buyers to the hunt as well. Second-home buyers from hotter climates become more anxious to escape the heat and head for our beautiful mountain town. Lenders are in constant communication with buyers tracking the trends of interest rates. We have definitely seen modest swings, both up and down in rates.
The median sales price for single-family homes in the Flagstaff area was $727,500 this February, down slightly from the $736,500 in February of 2022. We saw 9 townhomes and 7 condos sold last month.
If you are thinking of buying or selling a home but not sure what to expect in today’s challenging market give us a call and let’s talk. It’s all we do, and we excel at it.
DO NOT tackle the real estate market without a full-time, competent agent that is up to date on the current Flagstaff market. We are here to provide you with the Best service. It’s in our name. Give us a call at 928-714-0001 or email us at [email protected].
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