Current Pending and Home Sales in Flagstaff
MONTHLY FLAGSTAFF REAL ESTATE TRENDS
Homes Sold in the Flagstaff Area in November & Pending Homes as of 12/14/2022
Pending Home Sales
The number of pending home sales has continued to decline in the Flagstaff area. On December 14, 2022, there were 50 single-family homes under contract in the Flagstaff area. This is down from the 76 reported on November 8th of this year and well below the 142 we reported on December 22, 2021. Although we can seasonally adjust the numbers somewhat, without doubt, the current market is feeling the sting of higher interest rates, inflation, consumer confidence and lack of inventory. Until we start to see a rise in the pending sales, expect to see a lower number of sales in the future months.
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 November
There were a total of 50 single-family homes sold this November in the Flagstaff area. For comparison, there were 85 sold in November 2021. Of the 50 sales in November, only 3 sold above the list price. This should be welcomed news for Buyers who were scarred by the bidding wars of the recent past. The sales to list price mostly stayed in the 90% or higher range with quite a few selling for the full list price. Several were also sold with Seller concessions that are not included in the sales to list price figures. There were only 4 homes sold under 90% of the current list price. The median sales price for single-family homes in the Flagstaff area was $660,000 for November. There were 13 townhomes and 20 condo sales for the month.
Inventory levels remain low for most all price ranges. The million-dollar-and-over market has the largest supply with 56 homes currently active on the market. While there are no guarantees in the real estate world, usually the laws of supply and demand apply. We still have a very limited supply and we believe there are still many buyers in “wait and see” mode. The market could change very quickly with changes in mortgage rates and an uptick in buyer confidence. Timing the market presents risks and challenges.
As a brokerage, many of us have recently attended conferences related to the forecast for the economy of Arizona for 2023. Look for our reports and feedback from these conferences in our newsletter due out at the end of January. As always we will also compare the final sales for the year and compare the numbers of previous years.
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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