Flagstaff home listings rose dramatically during the last month, pushing the overall sales-to-inventory ratio into “buyers’ market” territory. (Housing statisticians define the cutoff of buyers’ vs. sellers’ markets at 6 months of supply.) However, as the chart shows, it’s still a seller’s market in the price ranges below $400,000 for single family homes. This means home buyers must be very attentive to new listings and work closely with their own agents.
Listings of single family homes rose 17% from the beginning of March to the beginning of April, and I expect to see inventory of single-family homes reach over 400 homes by May. Still, it remains a tight squeeze with limited inventory for buyers who want to purchase at or below the median Flagstaff single-family home sale price, which was $330,000 for March.
Flagstaff townhome sales jumped in March to fourteen closed sales from six in February as some of the newly-constructed units were finished and available to close. The median sale price of those 14 townhome units was $232,500. There are plenty of Flagstaff townhomes available for sale as we enter the spring selling season when townhomes are most in demand by second home buyers.
New availability of manufactured home financing may bring some life back to that portion of the Flagstaff homes market in the next few months. Condos continue to struggle with tight financing, but sales are moving with cash and higher-down payment buyers.
Note: The data reported here are based on home sales in the Flagstaff metro area (the City of Flagstaff and immediately surrounding county areas that have Flagstaff mailing addresses) as reported in the multiple-listing-service maintained by the Northern Arizona Association of Realtors.® The data may not reflect all sales (but it surely reflects most of them). The new Northern Arizona Association MLS status “pending bank approval” is combined with other “pending” sales in the chart.
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