Current Pending and Home Sales in Flagstaff, AZ for May, 2022
MONTHLY FLAGSTAFF REAL ESTATE TRENDS
Homes Sold in the Flagstaff Area in May & Pending Homes as of 06/14/2022
Pending Home Sales
Pending home sales continue to lag behind the last two years. There were 118 single family homes pending in the Flagstaff area on June 14th this year. That is down significantly from the 257 pending sales on June 22nd, 2021 and 218 on June 3rd, 2020. That is a substantial drop year over year. Perhaps just as interesting is the drop in pending homes sales from May 18th of this year.
Our market traditionally heats up during June, July and August and is commonly known as our “busy season”. Looking at the graphs below for the last two years you will see dramatic increase during these months in 2020 and 2021. The significance of this is that pending homes sales are giving us a glimpse of the future sales we have in the coming months. We anticipate this trend to continue over the next couple months. We anticipate a decrease in sales volume as the volatility of mortgage rates and inflation strain the affordability for Buyers.
Across the nation pending home sales continue the downward trend for the sixth consecutive month according to the Pending Homes Sales Report for April put out by the National Association of REALTORS (NAR). They also reported a 9.1% year-over-year drop.
Lawrence Yun, chief economist for NAR is predicting a 9% reduction in sales for 2022 and home values to slow to 5% appreciation for the year.
Keep in mind this report was in April and we will not have the newest figures for May until June 21st.
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 May
We saw 84 single family homes change hands in May, down from the 103 sold in May of 2021. Of those 84, only 9 were $500,000 or below. There were 16 homes sold over the million dollar mark. The median price for single family homes in the Flagstaff area was $768,500 in May.
There were 22 townhomes sold in May as well as 11 condos.
Nationally the median home price for single family homes was $397,600 in April.
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