Current Pending and Home Sales in Flagstaff
MONTHLY FLAGSTAFF REAL ESTATE TRENDS
Homes Sold in the Flagstaff Area in October & Pending Homes as of 11/08/2022
Pending Home Sales
Pending home sales in the Flagstaff area continue to lag behind the last two years. There were 76 single family homes under contract (pending, pending taking back up, contingent) on November 8th. For comparison, there were 172 pending on Nov. 16th, 2021 and 214 pending on November 20th, 2020.
The 76 pending sales shows the lowest number of pending homes we have seen since we started reporting pending sales at the end of March 2020. Initially we began to track the pending sales to see what impact the Covid crisis would have on our market. It has been a wild ride and we have been with you all riding the market waves. The importance of monitoring pending sales is to give us insight into the future sales. We anticipate a continuance of lower sales over the next several months. Watch for changes in the pending sales to show changes in our market.
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 October
The 54 Homes sales during October in the Flagstaff area were less than half of the 114 sales just one year ago. While easing some, Flagstaff Buyers are still facing low inventory levels in all price levels below $700,000. Even with the decrease in sales, we have less than a 2-month supply below $700,000. SELLERS who are worried about timing and if this is a good time to sell should really look at the inventory levels. Buyers are still desperately searching for more homes to look at and compare to existing inventory.
The median sales price for single-family homes in the Flagstaff area was $742,750 in October. It was $665,00 in October 2021. There were 13 condos and 11 townhomes sold this October.
Fascinating times in the real estate market. We would really love to hear from our clients and Buyers and Sellers who are not sure how to react to the market. WE are here to assist you and provide you with the most accurate and current market trends. IT IS ALL WE DO!!! Give us a call at 928-714-0001 or email us at [email protected].
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