This may shock you but September was very similar to August. We saw 5 more home sales than August with 160 total single family homes sold in the Flagstaff market. There was another big jump year after year, however. In September of 2019 there were 107 single family home sales compared to the 160 this month. We did see an uptick in townhome and condo sales this month. In September the median single family price rose again to $544,315. The number this month which will reflect what the upcoming months is the number of pending home sales. With 240 sales currently pending we will be seeing another record sales month in October.
The low inventory is continuing to drive prices and there is still plenty of competition between buyers. Some price ranges are becoming unattainable in our market. The interest rates remain low and buyers are wanting to borrow if they can find the right property. We are all anxious to see what this month’s elections will do to the sales, if anything. Traditionally November starts our seasonal slow down. As of right now it does seem like things will be slowing down anytime soon. There are some new builds that are hitting the market that we hoped would help with our inventory levels but those are going just as quickly as everything else.
Nationally existing home sales grew for the fourth consecutive month. It is up 21% from September of 2019. Nationally the median home price rose almost 15% from this time last year. The country is at a record low of current inventory with only a 2.7 month supply. More than 70% of homes that sold in September were on the market for less than a month. For the full NAR Sales Report click here.
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