What’s interesting about Flagstaff home sales in April is not the median price ($300,000) or the volume of sales (up 15% from one year ago). No, what’s interesting is the number of Flagstaff homes under contract to sell – a total of 146. If most of those sales close in May, as is likely, it may be the first time since August 2005 that more than 100 Flagstaff single-family homes sell in one month.
Someone else’s records may show that over 100 sales occurred in any given month in Flagstaff since August 2005. Mine have been in the mid-90s for a few months here and there since then, but what is significant is the trend. If we burst through 100 sales in May, it will be a significant increase in home buyers and sellers matching each other’s’ expectations compared with the last almost 9 years. (The data reported here are based on home sales in the Flagstaff metro area (the City of Flagstaff and immediately surrounding county areas that have Flagstaff mailing addresses) as reported in the multiple-listing-service maintained by the Northern Arizona Association of Realtors.® The data may not reflect all sales.)
The chart shows that Flagstaff home sales above 400,000 are still sluggish.
Townhome sales (not shown) are also sluggish, with 7.5 months of supply on the market at the beginning of May at the pace of sales in April. The price of those townhomes sold is healthy, however, at $169 per square foot for a median sale price above $295,000. I think townhome sales are suffering in competition with new homes available on small lots.
We’re prepared to help buyers and sellers at this fruitful time of year: Flagstaff Elite Team at RE/MAX Peak Properties.