October Home Sales Report for the Flagstaff Area
Not a lot changed in the Flagstaff real estate market. For October we saw 88 single family homes sold, down slightly from the 93 last year. The median price for single family homes came in at $450,000. That is a pretty substantial increase from the $409,500 for the same month in 2018. There were 24 townhomes and 13 condos sold in October.
We did see a slight drop in inventor levels from just one month ago. We currently have 280 single family homes on the market, down from 308 at the end of September. Pending sales are also down slightly with 148 as of November 25th, down from the 182 in September. This is seasonally typical for the Flagstaff market as we head into the winter months.
Nationally the sales volume is up from September according to the monthly existing-homes sales report from the National Association of REALTORS®. Chief economist Lawrence Yun stated there is a 1.9% increase in sales from September of this year and a 4.6% increase year over year. His outlook is optimistic going into the winter. “Historically-low interest rates, continuing job expansion, higher weekly earnings and low mortgage rates are undoubtedly contributing to these higher numbers,” said Yun. “We will likely continue to see sales climb as long as potential buyers are presented with an adequate supply of inventory.”
The median price for single family homes nationwide was $273,600. This is a 6.2% increase from one year ago.
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.