Slight Drop in Pending Home Sales
There are currently (11/20/2020) 214 pending single family homes in the Flagstaff area. This is a decline of just over 11% from the 240 on October 23rd. Seasonally we see a drop as we head into the Holiday seasons and winter months but pending home sales are still historically high. The current decrease in pending homes is also a result of there being such low levels of inventory. There are 70 active listings currently on the mls for all price ranges which is up 2 from the 68 active listings October 23rd of this year. We wish we could say this is a trend, but don’t hold your breath. There is still less than a one month supply of available inventory.
See the pending trends in the graph below:
The National Association of REALTORS® (NAR) will release the pending home sales for October on November 30th. For September there was a 2.2% decline in pending sales, the first time there was a decline in over four months. According to NAR Chief Economist Lawrence Yun, the demand for home buying remains super strong, even with a slight monthly pullback in September, and we’re still likely to end the year with more homes sold overall in 2020 than in 2019.
Flagstaff Home Sales for October
There were 130 single family homes reported sold on the MLS in the month of October 2020 up 41 sales from October 2019 which reported 89. With the 214 current pending sales, we anticipate November and December to remain strong sales months as well. There were 31 townhomes sold and 14 condos during the month.
The median sales price for single family homes for October was $552,500. This is over $100,000 or 20% from the $450,000 median sales price for October 2019. It is also higher than the national median price for a single family home which came in at $317,700. High demand and low inventory continues to drive our market upward.
Take a look below for a breakdown of our market by price range: