Happy Thanksgiving to all our family, friends and clients. We have compiled the sales numbers for October and wanted to share them with you along with the national sales numbers that just came in from the National Association of REALTORS® (NAR). The Flagstaff area saw 91 single family homes sold during the month of October, down from the 100 sold in October, 2017. The 91 sold this month was up however from September of this year when there were only 81 homes sold. Our median price for single family homes was $408,000 for October.
With just over one month to go in 2018 we are predicting a reduction in total sales of single-family homes compared to 2017. All things considered, overall, it will likely be a great year for our Flagstaff market. Inventory levels in the $500,000 and below ranges are still well below normal. We saw a dip in inventory in October compared to September. Many of the homes that did not sell were taken off the market or rented out. Historically, we see a reduction in inventory during the winter months. As we have been saying for months, inventory and affordability will continue to limit our market. There are no indications this is changing as we close out 2018 and head into the first quarter of 2019.
NAR just released the national numbers for October. For the first time in six months, total sales volume (all home types) increased 1.4% seasonally adjusted from September. The results show we are still down 5.1% when comparing sales to this time last year. Nationwide there has been an increase in inventory which Lawrence Yung, Chief Economist at NAR says “brought more buyers back to the market.” Median price gains for all types of homes nationwide have increased year over year for the 80th consecutive month. The median price came in at $255,400. See the Existing homes sales report for more insight from NAR.
Single Family Flagstaff Home Sales – October 2018
NOTE: ACR = ACTIVE CONTINGENCY REMOVAL, PBK = PENDING TAKING BACKUP. THE DATA REPORTED HERE ARE BASED ON HOME SALES IN THE FLAGSTAFF METRO AREA (THE CITY OF FLAGSTAFF AND IMMEDIATELY SURROUNDING COUNTY AREAS) 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).
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.