Pending Home Sales
In just over one month’s time, pending single family home sales in the Flagstaff area increased over 20%. There are currently 261 homes under contract as of July 13th. Of the 261 homes under contract, 24 have a list price over $1,000,000.
Most all price ranges are experiencing a shortage in inventory and lots of activity. Factoring all price ranges for single family homes in the Flagstaff area we have just over a 1 month supply of homes for sale. To give a little perspective on how extreme our inventory levels have become, currently there are 155 active homes for sale in the Flagstaff area. Last July (2019) we reported 361 active listings. Many Buyer’s feel like they are being thrown into the Lion’s Den. It is a fast moving market with multiple offers and prices at or above asking price.
We do not have the pending numbers report from the National Association of REALTORSⓇ (NAR) for June, but the May numbers show the national numbers bounced back from a two month slide. Lawrence Yun, Chief economist at NAR experts with NAR anticipate 4.93 million homes to sell in the US in 2020. He went on to say 2021 will be even stronger for sales with a forecast of 5.35 million. See the pending homes sales report for May for additional details.
Flagstaff Home Sales for May
There were 138 single family homes sold in the Flagstaff area in June. One year ago there were 93 homes sold. Seasonally we are still in the height of our market and anticipate sales to remain very brisk over the next several months. There were 31 townhomes and 14 condos sold as well.
The median price for single family homes sold in Flagstaff in June came in at $499,316.
We are keeping this short and sweet but look to our quarterly newsletter due out the end of the July for a more thorough analysis of the Flagstaff home selling market.
While the June numbers will not be published until July 22nd, sales for May was down across most of the nation. NAR reported a 9.7% decrease in sales from April to May. Much of this drop was contributed to the shutdown due to Covid-19. Yun at NAR said “Home sales will surely rise in the upcoming months with the economy reopening, and could even surpass one-year-ago figures in the second half of the year.”
The median price for single family home sales nationally came in at $287,700 for the month of May.
See NAR’s existing homes sales report for more great information.