Weekly Flagstaff Real Estate Update

Fifty-two new listings were added to the Northern Arizona Association of Realtors^® Multiple-Listing-Service last week (Monday, June 16 – Sunday, June 22). Meanwhile, eighteen Flagstaff homes went under contract and 23 sold during that seven day period. The next seven days are likely to have many more closed sales since most closings take place in the last week of the month.

So far in June, fifty-eight Flagstaff homes have sold. Thirty-nine of those homes were single-family-residences. The remainder are condos, townhomes, and manufactured or mobile units. A total of 171 new Flagstaff listings have come on the market so far in June, of which 134 were single family homes.

This is a great time to be a buyer in the Flagstaff real estate market. The only downside for homebuyers is that interest rates are creeping up and, with inflation pressures in place, that is not likely to change direction. What you may hope to save by waiting for prices to drop – something that itself is not guaranteed -- could disappear in increased interest rates.