Flagstaff Real Estate Market Trends Dec 2021
MONTHLY FLAGSTAFF REAL ESTATE TRENDS
4TH QUARTER SALES REPORT for 2021
SALES VOLUME
The final quarter of 2021 was another strong one for the Flagstaff market. We saw 287 single family homes sold. Down from the 331 sold a year ago. The bigger news we wanted to point out is the much lower townhome and condos sales during the 4th quarter. Year over year comparison there were 87 townhomes sold in 2020 and only 44 in Q4 of 2021. Condo sales volume was also down with 33 sold in ‘21 compared to 48 in ‘20. Take a look below for a breakdown for Q4 over the last three years. Condo and townhome owners held onto their property over the quarter. We should start seeing a rise in condo sales in 2022 as developers start completing some of the newer condo developments.
MEDIAN PRICE
As anticipated, the median sales prices for single-family homes sky-rocketed to end out the year, coming in at $675,000 for the quarter. This was a $130,000 increase from the 4th quarter of 2020. We even broke the $350k mark for the median price for manufactured homes ($354,000).
FINAL THOUGHTS
Take a look where we dive into the year-end numbers for 2022 below this section. You may have already read our predictions for the new year and we look forward to providing you with the most current numbers in our blog. If it’s Flagstaff residential real estate, we’re on it!
Have questions, thoughts, or ideas about our real estate market? Give us a call and let’s talk.
The data reported here are based on home sales in the Flagstaff metro area (the city of Flagstaff and immediately surrounding county areas) as reported in the multiple-listing- service maintained by the Northern Arizona Association of REALTORS®. The data may not reflect all sales (but it surely reflects most of them).
YEAR END HISTORICAL DATA for 2021
TOTAL SALES
The 2021 Flagstaff home market is in the books and pencilled out as a very strong year for single family home sales. There were 1192 single family home sales in the Flagstaff area throughout the year. This is down about 8% from the record breaking 1289 sales in 2020. The drop in volume was not due to a lack of buyers but rather a shortage in inventory availability. Prospective Flagstaff home buyers experienced a very competitive market in all price points with multiple offers being the norm for most listings. 2021 marks the third consecutive year where there were over 1000 single family homes sold.
The National Association of REALTORS® (NAR) reported 5.52 million single family homes sold in the US in 2021. That is a 6.8% decrease from 2020’s sales. According to Lawrence Yun, chief economist at NAR, “December saw sales retreat, but the pull back was more a sign of supply constraints than an indication of a weakened demand for housing”. Yun went onto say the year finished and we saw more homes sold nationally in 2021 than in any year since 2006. Take a look at the existing-homes sales data on the NAR website for more details.
MEDIAN PRICE
The median sales price during 2021 for single family homes in the Flagstaff area was $610,000. That’s a 21% increase from the $505,500 in 2020. While we have seen positive gains in the market for over 9 years, 2021 gave us the highest percentage increase to date.
Looking at the national levels the median sales price for single family homes increased 16.1% from December 2020. The median price for December was $364,300. Yun with NAR reported December 2021 marked the 118th consecutive month of year-over-year increases.
AVERAGE PRICE PER SQ. FOOT
The average price per square foot for homes sold came in at $322.99 for the year. New home construction costs rose this year as supply and labor costs rose. Will be interesting to see how material supply issues and inflation impact building costs in 2022.
AVERAGE SALES PRICE
The average sales price for 2021 came in at $740,090. It was a great year for luxury homes in the Flagstaff area which perhaps skewed the averages just a bit. There were 167 single family homes that closed out at $1,000,000 or more in 2021. That’s just under 13% of all home sales for the year.
Have questions, thoughts, or ideas about our real estate market? Give us a call and let’s talk.
The data reported here are based on home sales in the Flagstaff metro area (the city of Flagstaff and immediately surrounding county areas) as reported in the multiple-listing- service 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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