There was a dramatic decrease in the total sales for single family homes in January when comparing to January of 2018. In the Flagstaff area there were only 29 homes sold this January down sharply from the 65 sold in January last year. We believe there are several factors to consider.
1. We do believe the government shutdown did have an impact on the speed of closings and also consumer confidence. There are currently 120 homes under contract (pending) in the Flagstaff area which is good news for the market. We anticipate most of these will close out over the next 1-2 months.
2. Affordability is a continual issue for our market. We have been seeing this for several months. Home prices do not seem to be going down and neither are interest rates.
3. We are starting to see a slight increase in inventory levels in the $500,000 and under range compared to 2016-early 2018. We will continue to monitor this on a monthly basis.
4. Early 2018 the market was very strong and buyer confidence was high. Many buyers believed at the time that the economy was strong and there was a sense of urgency for many buyers due to a belief interest rates would be rising (which they did).
5. Following national trends. While not as dramatic as our local market the national sales volume has dropped for the 3rd consecutive month. Nationally it is about a 8.5% decrease from last year. See the National Association of REALTORS® existing homes sale report for January for more details.
For January 2019 there were 7 condos and 9 townhomes sold in the Flagstaff area.
Whether you are a buyer, seller or just interested in talking about the market we would be happy to discuss the market in detail.
Single Family Flagstaff Home Sales – January 2019
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.