February’s stats for Flagstaff real estate are in and pending sales (listings under contract) have shot up 25% over last month to the highest level since last July. Pending sales have increased in all categories: short-sales, foreclosures, new construction, and traditional sales. Of course, the great part is that it’s only March and sales typically increase from now through the summer.
The number of homes on the market has begun climbing, which is typical as spring and summer approach. Distressed sales (short sales and foreclosures) made up a little over half of the 54 sales in Flagstaff in February. One in five sales were short sales and one in three were foreclosures.
The market is showing signs of life and prices are holding stable! If you’re considering selling, now is a good time for you with the market being more balanced than it’s been in years and if you’re a buyer, now is your chance to take advantage of the low interest rates.