Real Estate News: Quarter 2, 2022 Flagstaff Real Estate Market Recap

by | Jul 25, 2022 | Flagstaff, Flagstaff Market Trends, Market Trends, Stats

 

2nd Quarter Flagstaff

Real estate sales report

 

SALES VOLUME

It’s hard to believe, but we are past the halfway mark of 2022. The most interesting news in the Flagstaff housing market is the continued decline in sales volume. There were 255 single family homes sold in the Flagstaff area in the second quarter, down significantly from the 326 sold in Q2 of 2021 and 281 in 2020. Some buyers have put on the brakes due to affordability. Housing prices, mortgage rate hikes, and inflation feel like a triple whammy for some home buyers.

Inventory levels are slowly creeping up, although still below the three month benchmark many experts believe represents more of a neutral market. When compiling the stats on July 13th, there were 204 single-family homes active in the Flagstaff area on the Northern Arizona MLS. Of those, 127 were listed under $1,000,000. We have seen an increase in inventory since we reported 68 active listings on April 22nd of this year.

MEDIAN FLAGSTAFF HOME PRICE

Even though sales decreased, prices continued to rise in Q2. The median price for single-family homes in the Flagstaff area was $755,000. This is up from the $600,000 in Q2 of 2021 and also up from the $725,000 in Q1 of this year. We anticipate seeing prices level off through the rest of 2022. The National Association of REALTORS® (NAR) has not released the numbers for June yet but in May the median sales price for single-family homes nationwide was $414,200.

AVERAGE PRICE PER SQUARE FOOT FOR FLAGSTAFF HOMES

For the quarter, the average price per square foot for single family homes was $413.27. That is a 61% increase in two years where the price was $256.06.

AVERAGE HOME SALE PRICE

The average sales price for the quarter also rose in Q2 coming in at $907,521.

WRAP-UP

We are constantly checking the pulse of the market and will keep you updated to the current market conditions. Keep an eye out for our monthly marketing email updates and, if you are not receiving them, send us a request to [email protected]


 

OUR TEAM IS GROWING!

LAST QUARTER, WE WELCOMED 3 NEW AGENTS!

 

Keith Cohen

Meet Keith Cohen

Keith Cohen has been an active member of the community since relocating to Flagstaff from the Phoenix Valley, including organizing neighborhood food drives, providing assistance to our homeless population, and helping out with roadside garbage cleanup. He is so excited to be continuing this community focus via the real estate industry, helping our neighbors navigate the oftentimes-challenging market here in Flagstaff.

With a passion for service in the Flagstaff area, Keith is ready to help with your home buying and selling needs. As a proud member of the Best Flagstaff Homes Realty family, Keith carries the values of hard work, integrity, and outstanding client service into everything he does. His career work in the Customer Service / Relationship Management fields not only aids during a real estate transaction but fosters long-term friendships beyond the transaction.

When Keith isn’t making homeownership dreams come true for his clients, he enjoys spending time hiking the many Arizona trails, playing racquetball, and golfing. Keith currently resides in the Railroad Springs community with his wife and 2 young children.

Patrick Sork

Meet Patrick Sork

REALTOR® Patrick began his career in 2021, but real estate has always been an interest and runs in the family. His grandmother practiced real estate in Newport Beach, CA for nearly 30 years and his grandfather, father and uncle have owned and managed commercial real estate in Huntington Beach, CA for the last few decades.

Patrick finally jumped into the family business and has taken off nicely. His nearly 20 years in the restaurant and food service industry serves him well. He has a passion for people and quickly forms tight bonds with his clients. He goes above and beyond, and his most complimented features are his communication skills and easy-going attitude.

Patrick moved to Flagstaff from California over 7 years ago and couldn’t be happier. In his free time, Patrick loves to rock climb, golf, and mountain bike with his wife, Jaclyn. He loves animals as well and is blessed with two spunky miniature dachshunds, Luna & Millie.

Arin Wheeler

Meet Arin Wheeler

Arin is an Arizona native and long time Flagstaff resident and business owner. She was an early childhood educator and preschool owner in Flagstaff from 2001-2020. After nearly 20 years of serving Flagstaff families and leading childhood adventures, Arin decided to make a career change and become a REALTOR®.

Arin is passionate about real estate and the power that home ownership brings to people, as well as its ability to be an incredible investment tool. Arin became a REALTOR®️ in 2021, and has had a driven and successful start. She is motivated to help people define and achieve their goals while providing exceptional service. Arin serves on the MLS committee for the Northern Arizona Association of Realtors and is currently representing Flagstaff Realtors in the Tri-Elevation Leadership Development Program.

When Arin is not working, she is playing hard. Arin has been a roller derby skater with High Altitude Roller Derby for nearly 7 years. Outside of derby, she can be found on the mountain bike trails, cross country skiing, paddle boarding, camping, finding creatures in nature, and just being outdoors with her family, friends, and two French Bulldogs.


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…..

 

What’s your favorite quote from a TV show, movie, or book?

 

MARIAN ARMSTRONG

“It’s 106 miles to Chicago, we’ve got a full tank of gas, half pack of cigarettes, it’s dark, and we’re wearing sunglasses. Hit it!” – Blues Brothers

 

Marian
KELLY KASPRZYK

“There is nothing to see here” – Naked Gun

 

Kelly
KEITH COHEN

“I guess it comes down to a simple choice, really. Get busy living, or get busy dying.” – Andy Dufresne, The Shawshank Redemption

 

Keith Cohen
LINDA KIEHNE

“There’s no place like home.” – Wizard of Oz

 

Linda
JESSICA GARARD

“Hey, I don’t have all the answers. In life, to be honest, I’ve failed as much as I have succeeded. But, I love my wife. I love my life and I wish you my kind of success.” – The Great Dicky Fox, Jerry Maguire

 

Jessica
TAD MOORE

“Try not. Do or do not. There is no try.” – Yoda, Star Wars, Episode V: The Empire Strikes Back

 

Tad
ERIC DAVIS

“He ain’t all there, is he?” – Young Guns

Eric
PATRICK SORK

“The way it works is, you do the thing you’re scared shitless of, and you get the courage AFTER you do it, not before you do it.” – Archie Gates, Three Kings

Patrick Sork
SARA HOLLOWAY

“Do I regret it? Yes. Would I do it again? Probably.” – Nick Miller, New Girl

Sara
ARIN WHEELER

“Happiness can be found, even in the darkest of times, if one only remembers to turn on the light.” – Harry Potter and the Prisoner of Azkaban

Arin Wheeler

 


If you or anyone you know needs assistance in buying or selling a property or with property management we are here to help. Contact us today to work with a Best Flagstaff Homes team member!

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Contact Us

120 N Beaver St. | Suite 100
Flagstaff, AZ 86001
(928) 714-0001
[email protected]

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