August Home Sales Report for the Flagstaff Area
For the second straight month single family home sales exceeded those same months last year. Our Flagstaff home market saw 105 sales for the month of August this year, up from the 96 sold last year. The median sales price for single family homes in the Flagstaff in August was $425,000.
The Flagstaff condo and townhome market was also strong with 39 townhomes and 17 condos sold in August.
Supply levels remain historically low under the $500,000 range for single family homes in the Flagstaff area. We are anxiously waiting for developers to open up new developments in the coming months.
The National Association of REALTORS® (NAR) reported “Existing-home sales inched up in August, marking two consecutive months of growth. Nationwide we saw a 1.3% increase seasonally adjusted in August. Three of the four major regions reported a rise in sales, while the West recorded a decline last month. In the monthly existing home sales report NAR chief economist Lawrence Yun credited the increase to the drop in interest rates. “As expected, buyers are finding it hard to resist the current rates,” he said. “The desire to take advantage of these promising conditions is leading more buyers to the market.”
Nationally the median existing single-family home price was $280,700 in August 2019, up 4.7% from August 2018.
As we head into the final quarter of 2019 we anticipate the remainder of the year will have strong sales seasonally adjusted for the winter months. Historically the Flagstaff home market slows down after Labor Day and inventory drops going into the winter months. We have 194 single family homes pending in our market as of 9/23.
Local appraisers have been quoting longer processing times as they try to catch up from a hot market and the surge of refinances. Many current homeowners are taking advantage of the low rates and refinancing to lower payments and/or to pull equity for home improvements or pay off existing debt.
Keep an eye out for our quarterly newsletter coming out the end of October. We will be breaking down the numbers for the Q3.
To buy or sell a Flagstaff home, you need more than the general advice in this blog. That is where we can help. Contact The Elite Team at RE/MAX Peak Properties – Give us a call at 928-714-0001 or send an email to [email protected] for experienced, professional advice on purchasing or selling a home in Flagstaff.