First off we would like to apologize for not getting the April 2019 sales report out until now. We compiled the information back in May and then life and business got in the way. We’re blaming Eric for this (and he accepts). We will break down Flagstaff homes sales for April and May for you in this one post.
May Sales Report
Sales were strong in May with 102 single family homes sold in the Flagstaff area. Compare this to the 90 sales in May of 2018. Equally optimistic for our market is the 219 pending sales for single-family homes. Heading into our seasonally busy time of year the market looks very strong. Supply has dwindled down as well especially under $400,000. Buyers in the $1,000,000 and over price range can be a bit more selective in their purchase as there are 72 beautiful homes to choose from.
Nationally, numbers are also up for volume and price compared to April of this year. Lawrence Yun, National Association of REALTORS® (NAR’s) chief economist, said the 2.5%(Increase from April) jump shows that consumers are eager to take advantage of the favorable conditions. “The purchasing power to buy a home has been bolstered by falling mortgage rates, and buyers are responding.” Volume is still down when comparing the sales volume in May of 2018.
According to NAR the median price for homes nationwide has increased consecutively for 87 months of year-over-year gains. That is quite a remarkable run for the housing market. Take a look at the full report from NAR for May for additional details.
The median price for in Flagstaff for single-family home sales for May was $414,554. For the nation, the median price in May was $280,200.
April Sales Report
Sales for April of this year fell below the number sales in April of 2018. There were 75 single family homes sold in the Flagstaff area this April compared to the 84 sales in April one year ago. Historically 75 sales for April is not bad by any means but it was below the strong numbers we experienced in the first part of 2018. This is a trend we have been experiencing for several months.
Nationwide, April saw .4% dip in volume compared to March 2019 and a 4.4% decrease in sales when comparing April 2018. Lawrence Yun, National Association of REALTORS® (NAR) chief economist, said he is not overly concerned about the 0.4% dip in sales and expects moderate growth very soon. “First, we are seeing historically low mortgage rates combined with a pent-up demand to buy, so buyers will look to take advantage of these conditions,” he said. “Also, job creation is improving, causing wage growth to align with home price growth, which helps affordability and will help spur more home sales.” Please see the April existing home sales report provided by NAR for additional data. NAR did not publish a video in April discussing the report.
The median price for single-family home sales in the Flagstaff area for April was $435,900. Compare that to the median price nationwide for single-family homes in April which was $269,300.
There were 20 townhomes and 12 condos sold this April putting the volume right on par with sales in April 2018.
Here are the sales numbers broken down for April by price range.
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.