It’s a little bit early to reach conclusions about Flagstaff real estate sales for September since most closings come in the last few days of each month. Still, this morning I took a quick look at Flagstaff single family home sales for September so far on the multiple-listing-service.
The first thing I noticed is that inventory is down from the beginning of the month. That’s not unusual in a “normal” market – folks who have not sold their homes over the summer tend to start looking for tenants and a pull the home off the market in September. But in a market supposedly driven by “distressed properties,” one would expect inventory to keep climbing. As we’ve seen by following the foreclosure sales in Flagstaff, however, banks are not completing foreclosures when they have the right to do so. Thus, the inventory of bank-owned properties is not as high as it should be given the default rate on mortgages. Whatever the factors, the inventory of Flagstaff homes for sale has dropped about 4% in the last 3-4 weeks. That was surely confirmed for me and a Flagstaff home seeker on Saturday as we looked at a thin selection of Flagstaff homes for sale in their price range.
So far in September, 57 Flagstaff homes in the single family home category have been reported sold. At this rate, it seems likely that the number of sales by the end of the month with top the total number of Flagstaff home sales for August. Preliminary reports also show that the median and average home prices for single family home sales in September will top the prices for August. Keep an eye on this blog for a final report on September Flagstaff homes sales next week.
Note: All numbers reported here are based on sales of homes with Flagstaff mailing addresses, whether in the city of Flagstaff or the surrounding rural-suburban areas. The reported data comes from information as reported to the Northern Arizona Association of Realtors® and is deemed reliable for sales reported to the association, but is not guaranteed and does not include all sales in the market area.
To buy or sell any Flagstaff home, contact me: Ann Heitland at RE/MAX Peak Properties.
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