February 2020 Home Sales Report for the Flagstaff Area
The Flagstaff real estate market was very strong during the month of February. There were 64 single family homes sold in February, up dramatically from the 44 sold one year ago. Add on the 15 townhomes and 9 condos sold and we historically had a very strong February. Although we do not know the impact the COVID-19 will have on our local real estate market it is very encouraging to report there are 140 pending single family homes in the Flagstaff area. We will be keeping a close eye on the pending sales as we enter into our typically busy time of year. Inventory is still low especially in homes priced under $500,000.
Nationally, the real estate was very strong as well. According to the National Association of REALTORS® (NAR) existing homes sales report there were over 5 million single family homes sold in February up over 7% from 2019. The median sales price for single family homes in the nation was $272,400. The median price in February for the Flagstaff market came in at $456,950.
While it is too early to see how the Flagstaff real estate market will react to the social distancing and quarantines we are encouraged to hear the outlook of Lawrence Yun, Chief Economist with NAR. Yun stated, “While offering a definitive forecast is extremely difficult in light of this national and global emergency. Unlike the stock market, home prices are not expected to drop because of the on-going housing shortage and due to homes getting delisted during this time of crisis.”
As we weather through this storm rest assured the Elite Team at RE/MAX Peak Properties is here to provide guidance and assistance in your real estate needs. We are a call, text or email away.
Contact The Elite Team at RE/MAX Peak Properties – Give us a call at 928-440-1299 or send an email to [email protected] for experienced, professional advice on purchasing or selling a home in Flagstaff.