Pending Home Sales in Flagstaff, AZ
Pending home sales jumped from 157 on March 3rd to 181 as of March 22nd. Much of the increase can be attributed to a continuance of a strong market with Buyers aggressively pursuing any new properties hitting the market. There has also been a recent spike in recently added new home sales listings hitting the mls. Many times when a new home sale is added to our MLS the property is under contract for several months until the completion of the construction. Of the 181 single family homes under contract, 104 are under construction. We are anticipating an increase in the pending sales as we head into the late spring and summer months.
Flagstaff Home Sales for February
There were 55 single family homes sold in February of this year down 8 from 63 in Feb. of 2020. Not for a lack of potential buyers, the active listings available continues to impact total sales. We are currently averaging less than a one month supply of inventory. The median price for single family homes in the Flagstaff area was $543,876 for the month of February.
The National Association of REALTORS (NAR) will not be releasing their pending sales stats for February until March 31st. They will release their home sales report for sales in February around the 25th.