3 Quarter Sales Report
For Flagstaff in 2023
Total Sales for Q3 2023
As anticipated, sales volume was down during the 3rd quarter of 2023. There were 220 single family homes sold in the Flagstaff area this past quarter. For comparison, there were 258 sold in Q3 last year and a very impressive 370 homes sold during Q3 of 2021. Townhome, condo and manufactured home sales this quarter were all down when comparing year over year numbers. Although inventory levels remain well below what we would consider to be a healthy number, we are seeing some homes sitting a bit longer on the market without going under contract. As of October 13th there were 184 single family homes on the market with only 102 priced under $1,000,000. We anticipate the low inventory levels will continue to hamper sales in the Flagstaff market through the end of 2023.
Median Sales Price in Flagstaff in Q3 2023
The median sales price came in at $765,000 for the quarter. This is $105,000 over the $660,000 during Q3 of 2022. A common question we are asked is when will we start to see prices go down. Nothing we are seeing in our current market trends leads us to believe prices will be dropping anytime soon. Low inventory levels continue to drive our market. Sure, there are homes sitting on the market, and we are seeing price reductions but many of the reductions are related to the property conditions (condition, location, marketing price) and not the market as a whole.
Average Price per Square Foot for Flagstaff Homes in Q3 2023
For the quarter, the average price per square foot for single family homes came in at $411.
WRAP-UP
We anticipate much of the same throughout the remainder of 2023. We are constantly looking at the current market trends and are happy to discuss with you anytime. Helping our clients buy or sell real estate is all we do. And we’re damn good at it too.
TEAM TIDBITS
We had a great start to the fourth quarter with our annual Client Appreciation Party at Ft. Tuthill. It is always a roll of the dice with weather and we ended up having a very crisp, beautiful fall day, so thank you to all that were able to come out and allow us to “appreciate” you!
We would also like to thank Jessica for representing us as the Northern Arizona Association of Realtors President for 2023. She has done a fantastic job and will be excited to pass the baton in January to another capable and amazing agent within the Best Flagstaff Homes family, Cody Bauer, who will take the reins as President in 2024!
We would also like to welcome Sarah Buchanan to the Best Flagstaff Homes Team. She has been a great addition to our office so next time you call or stop in, be sure to say hi.
On December 3, we will be hosting the Art Walk at the office. We will be using this event as a fundraiser for the Flagstaff Shelter Services so stop in with any lightly used coats, new socks and gloves or monetary donations. Anyone who brings a donation will receive a raffle ticket fora great prize! We wish you all a wonderful holiday season and we look forward to seeing you all around town!
