March 2020 Sold and Pending Sales Report for the Flagstaff Area
Above you will see a few changes to the graphs we provide for reporting the monthly Flagstaff home sales report. Additionally we normally time our monthly sales report to publish after the National Association of REALTORS®(NAR) publishes the national numbers. This is usually not until after the 20th of the following month. Because we are fielding so many questions related to COVID-19 and the impact on the Flagstaff real estate market we decided to release our reports the week after the end of each calendar month. We may not have the national numbers but feel our clients are more interested in the current Flagstaff market trends. Keep an eye out in our future blogs for the national numbers.
We will be keeping a critical eye right now and for the next few months on pending sales. Pending sales are simply homes where a seller and buyer have a binding contract and are in escrow. The reason we are keeping such close tabs on the pending properties is because it will give us a more timely indicator of how the Flagstaff real estate market is performing. If we see a jump in pending sales we anticipate the market is performing well. A decline in pending home sales we can anticipate a decline in closed sales in the coming months. A property can be pending for a couple weeks, months or even a year or more and some pending properties may not sell or may come back on the market due to a cancelled contract. In our normal Flagstaff market we typically see more pending properties in the spring and summer months. This coincides with our busy summer seasons.
Pending Home Sales
March 24th there were 140 pending single family homes sales in the Flagstaff area on the Northern Arizona MLS. When we ran the numbers on April 6th there were 127 pending. While there is a decline we feel it is encouraging to see the impact is not more substantial. This will be an interesting number to watch going forward. We cannot say for certain the decrease in pending sales is directly related to the COVID-19 quarantine but we do feel there is a correlation. Moving forward we will have a keen on the pending sales in the Flagstaff area.
Flagstaff Home Sales for March
March was a very strong month for Flagstaff single family home sales. There were 81 sales reported in the MLS this March compared to only 64 in March of 2019. Of the 81 sales many of those were under contract (pending) in the previous months. We are still very limited in homes priced under $500,000 with only 61 active homes as of April 6th. Flagstaff buyers and sellers can still anticipate seeing multiple offers on properties.
There were 17 townhomes and 8 condos sold during the month of March.
Currently real estate is still considered an essential business and we are actively showing homes. We have changed our procedures and are practicing sanitary standards while viewing homes to limit our exposure and the exposure to our clients. We are using Zoom, Facetime and Google Duo to show homes on the market to our clients.
As we weather through this storm rest assured the Elite Team at RE/MAX Peak Properties is here to provide guidance and assistance in your real estate needs. We are a call, text or email away.
Contact The Elite Team at RE/MAX Peak Properties – Give us a call at 928-440-1299 or send an email to [email protected] for experienced, professional advice on purchasing or selling a home in Flagstaff.