March 2019 Sales Report Write Up

by | Apr 29, 2019 | Flagstaff, Real Estate Updates, Stats

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There were 63 single family home sales in the Flagstaff area in March of 2019. This is down over 14 sales compared to the 77 sales in March one year ago. With the exception of February of this year, sales the last several months have been well below sales we saw in the same months in 2018. The median price for single family homes in the Flagstaff area in March of this year was  $410,000.

It is interesting to point out that we have 187 currently pending single family home sales as of April 24th with 44 of those sales being new construction. We find it safe to say we will see the sales market increase as we move toward our busier months.

Nationwide, sales year over year decreased for the 13th consecutive month. For March 2019, sales were off 5.4% compared to March 2018 according to National Association of REALTORS® Vice President of Research, Jessica Lautz. While we continue to experience lower volume, the sales median sales price of homes continues to increase in Flagstaff as well as the rest of the nation. Affordability continues to be the major concern for home buyers. NAR Chief Economist Lawrence says we have not yet seen major changes in the market due to the drop in interest rates. Additionally he notes a desire for an increase in inventory to assist in keeping down the spiking housing prices. “Further increases in inventory are highly desirable to keep home prices in check,” says Yun. “The sustained steady gains in home sales can occur when home price appreciation grows at roughly the same pace as wage growth.” You can read the NAR existing homes sale report for March 2019 for additional details.

Please watch the two videos below for additional details about the current housing market in Flagstaff and our great nation.

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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.

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