Flagstaff Real Estate Market Trends
MONTHLY FLAGSTAFF REAL ESTATE TRENDS
Homes Sold in the Flagstaff Area in February & Pending Homes as of 03/17/2022
Pending Home Sales
Pending home sales remain historically low for single-family homes in the Flagstaff area. There were only 105 pending sales as of March 17, 2022. This is down slightly from the 109 one month ago and well below the 140 on March 24th, 2021. Extremely low inventory at all price points continues to put pressure on our housing market. The low pending sales are not due to a decrease in buyers. There is still an abundance of well-qualified buyers eagerly waiting to offer on new inventory as it hits the market. We will continue to monitor the pending home sales as we head into our seasonally busy 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 January
Single family home sales have remained on par with 59 sold in the month of February. There were 58 sold in February of 2021. High demand for the limited options continues to push the purchase price higher and higher. The median sales price for single family homes in the Flagstaff area was $750,000 in February. That is up over $27,000 from one month ago and almost $200,000 higher than the median sales price in February 2021 ($551,188).
There were only 6 condos and 10 townhomes sold in February this year in the Flagstaff area.
Nationally, the National Association of REALTORS® (NAR) does not release their sales numbers until after the 28th but according to their January existing home sales report, “The inventory of homes on the market remains woefully depleted, and in fact is currently at an all-time low.” In the report, Lawrence Yun, chief economist went on to say, “homes priced at $500,000 and below are disappearing, while supply has risen at the higher price range.” The median price for single family homes nationwide was $357,100 in the month of January.
We will continue to watch the inventory levels and monitor what impacts mortgage rate increases, inflation and the war on Ukraine have on the markets. We will most likely start to see these impacts (if any) at a national level before we start seeing any local changes.
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