Current Pending and Home Sales in Flagstaff
MONTHLY FLAGSTAFF REAL ESTATE TRENDS
Homes Sold in the Flagstaff Area in July & Pending Homes as of 08/10/2022
Pending Home Sales
Pending home sales remain at similar levels for the 3rd straight month. As of August 10th, there were 122 single-family homes pending in the Flagstaff area. For perspective, on August 19th of 2021 there were 234 pending homes and on August 10, 2020 there were 270 pending single family home sales. We are not seeing the high activity this summer as we saw the last two years.
Buyer confidence, affordability due to housing costs, mortgages, and high inflation weigh heavily on today’s buyers. The National Association of REALTORS® (NAR) will not release the July numbers until August 24th but the pending homes sales index report for June 2022 showed a 8.6% decline. Pending home sales provide us a glimpse into the future sales in the coming months.
See the chart tracking Flagstaff area pending homes since May of 2020 for additional reference.
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 July
There were 77 single family homes sold in the Flagstaff area in the month of July. This also is down significantly from the 124 sold in July of 2021. Inventory levels are slowly creeping up in many price ranges with the largest change seen in the homes over $1,000,000 range. As of August 10th, there were 196 single-family homes for sale in the Flagstaff area. 74 were priced over $1,000,000. There were only 12 under $500,000. There were 18 townhomes and 10 condos sold in July.
The median sales price for single family homes in July was $730,000 in the Flagstaff area.
NAR will not release the July numbers until later this month but for June the median sales price for single family homes nationwide was $423,300. Year over year there was a 14.2% decrease in total sales for the month of June nationwide. Chief economist for NAR, Lawrence Yun commented in the monthly sales report for June made an interesting comment. He was quoted as saying “Finally, there are more homes on the market.Interestingly though, the record-low pace of days on market implies a fuzzier picture on home prices. Homes priced right are selling very quickly, but homes priced too high are deterring prospective buyers.”
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