January 2020 Home Sales Report for the Flagstaff Area
If the sales report for the first month of the year is any indication of what’s in store for Flagstaff real estate, 2020 is going to be a busy one. We saw a huge jump in sales this January compared to January of 2019. As you will see in the graph we had a total of 65 single family home sales compared to the 29 sales we had during the same time period one year ago. We did see a small drop in sales compared to the 77 sales we had in December 2019. There was a Nationwide dip in sales from December to January. Despite the small drop NAR’s Chief Economist, Lawrence Yun, is still optimistic about the 2020 Housing Outook. Yun states, “The trend line for housing starts is increasing and showing steady improvement, which should ultimately lead to more home sales.”
We agree with Yun and feel optomistic about the upcoming year. We saw a strong start to January despite the lack of inventory and are awaiting the release of hundreds of new builds coming in a new neighborhood, Timber Sky. The median single family home sales price is staying steady at $432,500. We did see a small dip in townhome and condo sales this month with 15 townhomes sold and 9 condos. We feel like these numbers reflect the low inventory levels, however.
All in all, we are feeling that this year will stay strong with real estate sales and we are ready. We are hoping for more inventory for the many buyers we have trying to take advantage of the low interest rates. Talking about our local real estate market is one of our favorite things. Give us a call and we can grab coffee and chat!
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.