1st Quarter Sales Report
For Flagstaff in 2023
Total Sales for Q1 2023
Sales for single family homes in Flagstaff in the first quarter of 2023 remained well below the year over year numbers for the same quarter in 2022 and 2021. There were 101 homes that changed ownership this quarter, well below the 196 in 2022 and 209 in 2021. Active listings remain well below what is needed for a balanced market. There were only 96 active single family home listings as of April 14th with only 46 below the $1,000,000 asking price. There were 68 homes under contract. We are anticipating seeing below normal sales volume over the next several months as inventory remains low. Looking at the numbers you will see a similar theme for sales with townhomes and condos. Manufactured homes sales were consistent this quarter.
Median Sales Price in Flagstaff in Q1 2023
We saw a small drop in the median sales price when comparing Q1this year to Q1 2022. The median sales price for this quarter was $717,000 this year, down from the $723,802 in the first quarter of 2022. We are still seeing multiple offers on many listings, but we are finding most sold home prices are coming in much closer to the list price on the MLS. There were only 13 single family homes that sold over 100% of the list price on the MLS. The median price for manufactured homes did see a significant increase comparing year over year for this quarter, coming in at $400,000.
Average Price per Square Foot for Flagstaff Homes in Q1 2023
We saw a slight bump in the average price per sq. foot this quarter for single family homes. For the quarter, it came in at $388.12, up from $371.35 in Q1 2022.
Average Sales Price for Flagstaff Homes in Q4 2022
The average sales price for the quarter was $901,191. This is actually higher than the $848,419 we saw in the first quarter of 2022.
We continue to see changes in the Flagstaff market as Buyers and Sellers react to conditions outside of their control. Many believe mortgage rates are still too high for their taste. This has an impact on sellers who are reluctant to put their home on the market due to costs of a replacement home. It can be challenging for sellers with low mortgage rates to decide if they should sell their current home and purchase another at a higher mortgage rate. There are many other reasons why sellers have concerns about selling their home in today’s market. We at Best Flagstaff homes are here to help. Give us a call today and let us discuss the best strategy for your needs.
GET TO KNOW BEST FLAGSTAFF HOMES REALTY
We think it’s fun to learn about each other with fun “About Us” questions so we wanted to continue to share them with you. This time around…..
If you could be any animal what would you be & why?
Dolphin all the way. They are generally happy, helpful creatures with no real predators & humans don’t turn you into sushi. Also the sick aerials!
There are a few of my clients’ dogs that I would like to come back as, they have the best life!!! They get to travel with them and get all the love and snuggles 🙂
A cockatiel – I had them as pets growing up and they’re the most loving, smart creatures. Plus they can fly and have really cool hair (feathers)!
After this winter!? I’d be a lizard and just lay in the sun all day.
The female killer whale, Orca, is the head of her clan and sons stay by their mom’s sides longer than most species.
A cat. They literally just lay around and knock stuff off of tables. It’s my dream.
Peregrine Falcon – Because I feel the need for speed. And that eyesight would be pretty amazing.
I’d want to be a wolf. They’re fierce creatures with a strong pack culture. I wouldn’t be here today without my friends and family.
Monkey! They are so playful, funny, super smart and mischievous.
Hmmm, I’ll go with Gorilla since Sara took monkey. Gorillas are strong but gentle creatures. They like to eat, play and cozy up in family groups out in nature. I feel like those are my life goals now.