Real Estate News: Quarter 3, 2022 Flagstaff Real Estate Market Recap

3rd Quarter Flagstaff

Real estate sales report

SALES VOLUME

As anticipated, sales volume was down year over year during the 3rd quarter of 2022. We had 257 single-family homes in the Flagstaff area change ownership this quarter, well below the 370 during Q3 of 2021 and the 486 in the same quarter of 2020. While this seems like a dramatic change, keep in mind that 2020 and 2021 are two of the largest years we’ve experienced in the Flagstaff market. We expect to see more of the same in the last quarter of 2022. Inventory levels remain low, with 174 active homes on the market when we compiled the stats on October 10th.

The condo market was strong this quarter, with 51 units sold. 13 of those were new construction condos at Ponderosa Parkway, the new development being built by Miramonte. These condos were pre-sold or under contract for months.

MEDIAN FLAGSTAFF HOME PRICE

The median sales price for single-family homes came in at $660,000 for Q3. Comparing the figures on the graph below, you’ll notice this was a small increase over the $625,000 one year ago. Where it gets a little more interesting is when you compare the median price to the Q2 prices this year. For Q2, the median price was $755,000. That is a $95,000 difference. Too early to call it a trend, and there are many factors to consider, but it is noteworthy and something we are keeping an eye on. One last tidbit is that of the 257 single-family homes sold during the third quarter, 141 were sold below the list price. That is just over 54% of the homes sold.

AVERAGE PRICE PER SQUARE FOOT FOR FLAGSTAFF HOMES

The average price per square foot was $375.70 for single-family homes this quarter.

AVERAGE HOME SALE PRICE

Similar to the median sales price, the average sales price was $788,855 for the quarter but down from the $907,521 we reported during quarter 2 of this year.

WRAP-UP

Take a look below to see how this year has compared to the last two years in the Flagstaff real estate market. We are constantly checking the pulse of the market and will keep you updated on 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] or call us at 928-714-0001.

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 song always gets you out on the dance floor?

MARIAN ARMSTRONG Dancing Queen by ABBA
KELLY KASPRZYK Hate to admit it but being from Wyoming if Cotton Eyed Joe comes on the radio I am willing to make a fool of myself!
KEITH COHEN Shining Star by The Manhattans.
LINDA KIEHNE Born in the USA by Bruce Springsteen.
JESSICA GARARD Timber by Pitbull.
TAD MOORE Yeah! by Usher.
ERIC DAVIS Butterfly by Crazy Town.
PATRICK SORK Turn Down for What by DJ Snake and Lil Jon.
SARA HOLLOWAY Country Grammar by Nelly.
ARIN WHEELER Don’t Stop Believing by Journey. Watch out because there is bound to be leaping and twirling!

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!