March Market Update

Happy Spring! With a change of season, you may be wondering how our Flagstaff housing market is moving. The statistics below reflect available properties and sales for March 1, 2022 through March 23, 2022. 

Active homes for sale: 

• Condos - 11
• Manufactured - 5
• Mobile - 2
• Single Family - 34
• Townhouse - 1

Homes sold:

• Condos - 6              Average sales price: $337,130  Median sales price:        $345,695
• Manufactured - 6    Average sales price: $372,083  Median sales price: $402,250
• Single Family - 47   Average sales price: $777,579  Median sales price: $710,000
• Townhouse - 9        Average sales price: $422,000  Median sales price: $455,000

The sold properties spent an average of 43 days on the market. This number reflects the time the listing was taken to the time the sale closed. The average escrow period is still about 30 days. This would mean that most properties had accepted offers within 13 days or less. The average sales price as a percentage of the listing price was 101.2% meaning many houses are selling over the listing price. The short story is that Flagstaff is a seller's market. Many analysts predict housing prices to continue upward. We will have more houses in our inventory as Spring moves into Summer.

All of these things are wonderful news to a seller but don't be discouraged if you may be considering a real estate purchase. Interest rates, although increasing slightly, are still quite low. If you are thinking about upsizing or downsizing, the equity in your current house can go a long way towards a down payment. 

This is really just a small, general taste of what our market is doing. If you'd like more specific information, or if you know someone who would, please let me know. 

Wishing you warm Spring days and many blessings, 

Kim