Current Pending and Home Sales in Flagstaff, AZ for April, 2022
MONTHLY FLAGSTAFF REAL ESTATE TRENDS
Homes Sold in the Flagstaff Area in April & Pending Homes as of 05/18/2022
Pending Home Sales
We have experienced some interesting changes in the Flagstaff housing market the last couple of weeks. As of May 18th there were 117 single family homes pending in the Flagstaff area. That is up slightly from the 105 pending on March 17 of this year. For a comparison year over year, there were 181 pending on May 22, 2021 and 139 on May 5th 2020.
Our market continues to see a shortage of available inventory, however we are starting to see this change. On March 17th, there were 34 active single family homes on the market. May 18th there were 117 active listings. 54 of those homes are in the Million dollar and higher price point. Taking a look at the graphs below we are still well below a one month supply in most price ranges. Many experts consider a neutral market (not favoring Buyers or Sellers) to have closer to a three month inventory. Time will tell if the small changes we are seeing now are going to be a new trend or if it is simply a temporary spell. It does appear that the rise in interest rates has had some impact on our market as well. We will continue to monitor the pending sales for changes in our 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 April
Sales were down in April when comparing year over year numbers. There were 77 homes sold this April compared to 86 in April 2021. The median sold price for the month was $755,000.
For April there were 6 townhomes sold and 7 condos. Well below the 27 condos and 16 townhomes sold in April 2021. Limited inventory is a major factor for townhomes and condos.
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