The real estate market in Flagstaff has continued to heat up! This is mainly due to continued low inventory. Compared to last year, the available inventory is down 32% – over 200 fewer active listings! There’s also been a 23% increase in the number of sales from April of last year.
Believe it or not, half of homes under $250k in Flagstaff are under contract! This is compared to a third of homes under contract in the entire Flagstaff market, which is already a high figure.
The average sales price has actually dropped slightly, but it likely has more to do with the fact that there’s been a run on homes in the lower price ranges.
The number of foreclosures for sale is extremely low at only 18 bank-owned active listings.
This summer will be very telling as to the recovery of the market!
Source for Statistics: Northern Arizona Association of Realtors MLS – Flagstaff area residential home sales.