Current Pending and Home Sales in Flagstaff
MONTHLY FLAGSTAFF REAL ESTATE TRENDS
Homes Sold in the Flagstaff Area in July & Pending Homes as of 8/21/2023
Pending Home Sales
As of August 21, 2023, the Flagstaff area in Northern Arizona’s MLS showed 107 single-family homes pending. This reflects a slight decrease from the 127 homes we recorded in June of this year. This is also a modest decline from the 122 pending sales reported on August 10, 2022.
Persistent low inventory remains a key factor in constraining overall sales volume.
Flagstaff Home Sales for July 2023
In July, a total of 73 single-family homes were successfully sold in the Flagstaff area. This figure is in close proximity to the 79 homes sold last July, yet noticeably lower than the 124 homes that found buyers in July 2021.
Although the general inventory remains limited, there’s a noticeable deceleration in homes sold within the $800,000-$1,000,000 price bracket. In the past month, merely 7 homes were sold in this range, while the current active listings in this range stand at 37. The under-$600,000 market segment faces severe scarcity with a mere 18 active listings.
We do not anticipate to see much of a change in inventory levels as long as interest rates remain high. Motivation for Sellers with low interest rates remains low.
The median sales price was $709,000 for single family homes sales this July of this year. Down slightly from the $730,000 in July of 2022.
To the sellers on the fence, give us a call and let’s talk numbers and strategy. Buyers wanting to purchase a home, we are here to help.
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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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).
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