Pending Home Sales
Looking at the pending home sales as of August 10, 2020 Flagstaff home sales remain historically high. There are 270 pending single family homes in the Flagstaff area market. This is the 3rd straight month we have had 200 plus homes under contract. All price points are very active with the highest activity in the $400,000-500,000 range. There are 78 homes under contract at this price point.
Traditionally our market begins to slow down as we head into fall. Historically most sellers target our most active market to list their homes between Memorial Day and Labor Day. If this holds true this year our available inventory will decrease further. We currently only have 161 homes active (not under contract). This averages to less than a one month supply
On a national level, pending home sales are also continuing to increase. June of last year (the latest statistics available from the National Association of Realtors®) pending home sales were up 6.3%, as compared to June of 2019. NAR’s Pending Home Sales Index, which is a forward-looking indicator of future home sales based on contract signings, rose 16.6%, giving all indications that the housing market will continue to be strong for the foreseeable future!
Be sure to check out the full NAR Report for more information.
Flagstaff Home Sales for July
The Flagstaff home market remains historically high. There were 161 single family homes sold in July, close to a 20% increase when comparing sales in July 2019 where there were 131 sold. There were also an additional 40 townhomes and 23 condos sold.
The median single-family home price in the Flagstaff eclipsed the $500,000 mark, coming in at $509,500! We can expect to see this growth to continue with the lack of housing inventory and increasing buyer demand as well.
Nationally, the housing market continues it’s remarkable upward trend . According to the National Association of Realtors®, existing home sales jumped a whopping 20.7% in June, compared to just a month before in May. However, even with recent surges in home sales, total home sales for the year are still down 11.3%, the result of a significant decrease in activity during the early stages of the pandemic. A lack of homes available for sale continues to drive prices upward as well. While total home inventory ticked up 1.3% in June, inventory is still down 18.2% as compared to last year. That equates to a staggering 1.92 million homes!
The competitive buyer market is expected to continue, with historically low interest rates fueling an increase in demand, while a shortage of available homes compounds the issue.
See NAR’s existing homes sales report for more great information.