Pending Home Sales in Flagstaff, AZ
There are currently 157 pending home sales in the Flagstaff area, staying relatively even throughout the beginning months of 2021. The lack of inventory continues to strain our market for the many active buyers still trying to secure a home in a very competitive market. As of March 3rd, there are 36 active single family homes on the mls. This is causing a strain on the market that does not seem likely to change in the near future. We have seen an ever-so-slight bump in new listings as of March 1st and hope this continues as we enter into our seasonally busy market of spring and summer.
While this may not be of comfort for Buyers, nationally the real estate market is experiencing the same challenges due to lack of inventory. Lawrence Yun, Chief economist for the National Association of REALTORS® (NAR) announced a 2.8% decrease in pending sales from December to January. Yun went on to say “pending home sales fell in January because there are simply not enough homes to match the demand on the market.” Like Flagstaff, much of the rest of the country typically sees more homes hit the market in the spring and summer months. Yun anticipates a slight bump in new home construction to assist with the inventory levels as well. Here is a link to NAR’s pending home sales report for January.
Flagstaff Home Sales for January
There was a drastic drop in sales from December 2020 to this January. There were only 62 single family homes sold in the Flagstaff area in January compared to 100 sold in the month of December. Year over year we were just slightly off from last January which had 64 sales.
When comparing the list price to the sales price of the 62 homes sold 40 of the homes sold for 100% or more of the current list price. 22 homes sold for less than list price but many of these were 95% or higher. The median price for single family homes in January was $525,950.
Nationally the median single family home price was $308,300 in January which was up 14.8% from January of 2020.