June Sales Report
The sales volume increase we experienced in May was short lived. The 91 total sales for single family homes for the Flagstaff area for June was well below the 127 homes sold in June 2018. Like May, the pending homes under contract is very high with 210. While many of these homes are new construction and being built, the large majority are resale homes. We anticipate many of these to close out before Labor Day.
The median price in the Flagstaff area for single family homes for June was $472,000. In June of 2018 the median sales price was $403,000.
There were 20 townhomes and 12 condos sold in June, both of which are below last year’s sales.
Broken down by price range we saw huge reduction in units sold in the $300,000-400,000 range. This June there were only 13 homes sold compared to the 45 in June of last year. We are scratching our heads on this as this is our most demanding price range. There are 62 homes under contract in this price range. Additionally the 4.9 month supply shown below for this price range is misleading and somewhat skewed by the low sales for this month. As most buyers in this price range will tell you, there is limited resale homes in this price range. We think this is an anomaly and anticipate volume in this price range to adjust back to “normal” range in the coming months.
Nationally sales for June were off just over 2% this June compared to the same month last year. In the National Association of REALTORS® monthly sales report Lawrence Yun, NAR’s chief economist said: “Home sales are running at a pace similar to 2015 levels – even with exceptionally low mortgage rates, a record number of jobs and a record high net worth in the country, The nation is in the midst of a housing shortage and much more inventory is needed. Imbalance persists for mid-to-lower priced homes with solid demand and insufficient supply, which is consequently pushing up home prices,” he said.
Nationwide for the month of June, the median price for single family homes came in at $288,900, up 4.5% from June 2018.
Keep an eye out for our quarterly sales report in our newsletter coming soon by mail and in our blog.
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.