2 Quarter Sales Report
For Flagstaff in 2023
Total Sales for Q2 2023
The Flagstaff market continues to see a drop in the total sales volume for homes sold. During the second quarter of 2023, there were 202 single-family homes sold in the Flagstaff area. This is well off the 326 sold during the same quarter in 2021 and 258 of Q2 in 2022. There was a bump in condo sales this quarter, much of which took place in the new units from Miramonte in Ponderosa Parkway. We anticipate to see sales volume remain lower than past years during the next few months as high-interest rates continue to impact our Flagstaff market. Sellers with current low mortgages are hesitant to sell now if they have to obtain new financing for their purchase on a replacement home. First-time buyers are challenged with high-interest rates and high housing prices.
Median Sales Price in Flagstaff in Q2 2023
Year over year, the median sales price for single-family homes fell short of 2022 during the second quarter this year. The median price for single-
family homes sold this quarter was $731,000. That is $25,500 off from Q2 in 2022. It is up slightly from the median sales price in the first quarter of 2023, which was $717,000. The moderate changes in price appear to indicate the leveling of prices and not that of a correction. Time will tell, and we are keeping a close eye on Flagstaff home prices.
Average Price per Square Foot for Flagstaff Homes in Q2 2023
The average price per square foot came in at $401.09 for this quarter, which is slightly below the $412.59 last year. While we do keep tabs on what the price per square foot is for homes, we always make sure our clients know there are many factors that go into the value of a home. We never simply look at the price per square foot to come up with value.
WRAP-UP
The Flagstaff market has definitely seen a drop in sales since the mortgage rates started climbing last year. We anticipate that this trend
will continue throughout the remainder of 2023. We will continue to
monitor the current interest rates and will be sure to share any changes
in our Flagstaff market.
CLIENT APPRECIATION PARTY
Thanks to everyone who made it to our Client Appreciation Party! We are lucky to have such fun clients to spend time with. See you next time!
25 MEN WHO THINK THEY CAN COOK
Congratulations, Eric and Tad! Turns out these men can indeed cook! Funds raised supported programs and services of Childhelp in Arizona. Founded in 1959 by Sara O’Meara and Yvonne Fedderson, Childhelp is one of the largest and oldest non-profit organizations dedicated to the intervention, treatment and prevention of child abuse and neglect. We raised $162,000 for the Flagstaff Childhelp Chapter.
