We finally had a moment to sit down and crunch the sales report for February. We apologize for the delay as we try to get them out earlier in the month. The 36 single family home sales for February was down significantly from January of this year (64) and below February 2017 sales of 44. We strongly believe the number one factor in the decrease in sales volume is related to the extremely low inventory levels in the $400,000 and under price ranges.
Our Flagstaff market is seeing major stress in these price ranges with buyers experiencing bidding wars and frustration in lack of homes on the market. Even with a short month, there is little doubt we would have higher numbers with a healthy supply. Sellers, THIS IS A GREAT TIME TO SELL! Pending home sales for the Flagstaff area are solid with 146 single family homes under contract.
We are watching interests rates and are a little cautious on how the anticipated mortgage rate increase will affect our local market. With sales prices at all time highs, affordability is becoming more of an issue for potential Flagstaff home buyers. This also has an impact for buyers who are contemplating moving up to a larger, more expensive home.
The condo and townhome markets were strong this month with 17 townhomes sold and 36 condos changing hands.
See the graph below for a breakdown of the single family home market in our busy Mountain town.
Single Family Flagstaff Home Sales – February 2018
NOTE: ACR = ACTIVE CONTINGENCY REMOVAL, PBK = PENDING TAKING BACKUP. THE DATA REPORTED HERE ARE BASED ON HOME SALES IN THE FLAGSTAFF METRO AREA (THE CITY OF FLAGSTAFF AND IMMEDIATELY SURROUNDING COUNTY AREAS) AS REPORTED IN THE MULTIPLE-LISTING-SERVICE MAINTAINED BY THE NORTHERN ARIZONA ASSOCIATION OF REALTORS.® THE DATA MAY NOT REFLECT ALL SALES (BUT IT SURELY REFLECTS MOST OF THEM).
To buy or sell a Flagstaff home, you need more than the general advice in this blog. That is where we can help. Contact The Elite Team at RE/MAX Peak Properties – Give us a call at 928-714-0001 or send an email to firstname.lastname@example.org for experienced, professional advice on purchasing or selling a home in Flagstaff.