Realty Executives of Flagstaff
Kimberlie Geile-Gonzalez
REALTOR®, GRI, SRES, rCRMS, ABR, ePro, AHWD, SRS (928) 699-9750
Kimberlie Geile-Gonzalez
REALTOR®, GRI, SRES, rCRMS, ABR, ePro, AHWD, SRS
Realty Executives of Flagstaff
I hope this newsletter finds you and yours healthy, happy and safe. Before I launch into our real estate market...If you are experiencing flooding, please feel free to reach out for help.
Moving on to our market... We have seen some significant changes within the last month. Most notable is the number of closed sales. In July 2022 we had 119 closed sales. This was down 14% from June of 2022 and down 35% from July of 2021. There have been 77 closed sales as of August 23 for this month. Much of this change is due to low inventory. If you are thinking of selling your house, there is no better time than now.
Another interesting change is the percent of closed sales above the list price of the home. This percentage is now around 67% when at the height of the market we were seeing close to 80% of sales above the asking price. What does this mean? It means that both sellers and buyers can look forward to a more stable market. Sellers will find pricing to be competitive and, at the right price, there are still multiple offers. Buyers will have the opportunity weigh their options and to make solid offers. Interest rates are fluctuating but are on the lower end from an historical perspective.
Even with these slight shifts, it is still a sellers’ market but buyers shouldn’t be discouraged. Housing prices are ever increasing and there is no better investment than real estate.
Having a Realtor on your side is very important in this ever-changing market. I can provide expert guidance whether you are buying or selling. If you would like a market analysis of your home or more specific market statistics, please let me know. I am here to help you, your family and your friends.
Wishing you love and blessings,
Kim
