Flagstaff Market Update

For December 1- December 15, this is what the real estate market looks like in Flagstaff, according to statistics available from the Northern Arizona Association of Realtors^® Multiple Listing Service: 

Homes actively for sale (as of December 15)	867
Under contract with non-standard contingencies	2
Pending with standard contingencies	65
Pending with all contingencies removed	29
Sold	21
Withdrawn	36
Expired	29
Cancelled	23

These numbers are for all residences with Flagstaff mailing addresses, whether inside the city limits of Flagstaff or in the immediately surrounding unincorporated areas of Coconino County – what is generally thought of as the Flagstaff metropolitan area.

Here’s my color-coding key:

Red = owners fishing for buyers (867)
Green = bought (117)
Blue = rejected by the market (88)

In summary, Flagstaff homes are selling. If you were to ask, “How’s the real estate market?” I would be likely to ask you which market you mean. Looking at the overall Flagstaff market makes better sense than looking at national aggregate numbers, but if you are serious about knowing how the market will effect your decision to buy or sell, you need to learn about sub-markets that apply to your concerns. When we are advising our real estate clients about the Flagstaff market, we “drill down” to submarkets including single family homes, townhomes, condos, and homes in particular size-ranges, price ranges and subdivisions. What the market is depends on who is asking and why.

Here’s the picture for single family homes priced at $500,000 or less: 

Homes actively for sale (as of August 16)	299
Under contract with non-standard contingencies	1
Pending with standard contingencies	39
Pending with all contingencies removed	6
Sold	13
Withdrawn	6
Expired	10
Cancelled	6

Red = owners fishing for buyers (299)
Green = bought (59)
Blue = rejected by the market (22)

This market looks a little different, doesn’t it?  Indeed, the statistics for the overall Flagstaff market make it appear to be a strong buyers’ market, but for single family homes priced under $500,000, the market is much more neutral – buyers don’t have much more bargaining power than sellers do.

For professional, educated, and experienced advice about the Flagstaff market that matters to you, call the local real estate agents who are part of Team Heitland at RE/MAX Peak Properties or start by visiting our Flagstaff real estate website.

Here are some other market reports:

November Flagstaff Real Estate Market Report

Third Quarter Flagstaff Real Estate Market Report