Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

 


June 20, 2022

Hey Sellers, Things Are A-Changin’

We all know it’s true—the real estate market is changing.  Don’t panic—it’s NORMAL for things to shift.

 

What is important is that you have us in your corner to keep you updated and help you with the most effective tactics to sell your home.  So let’s take a look at some important things to keep in mind:

 

1) It is no longer a Seller’s Market: The market is still competitive, but it’s not what it was for the past few years, or even what it was this past spring. Bidding wars are virtually a thing of the past.  And buyers are definitely NOT overpaying anymore.  No offers?  You are probably overpriced.

 

2) Buyers are pickier than they have been in recent years.  Higher interest rates, top market prices, and market fatigue has led to buyers being more sensitive to condition, location, and price.

 

3) The Power Moves buyers were using are starting to fizzle out.  Don’t expect a buyer to waive appraisal contingencies, add escalation clauses, or take homes without inspection contingencies.  You probably didn’t buy your home you are selling that way.  Today’s buyer is unlikely to as well.

 

 

But have no fear!  The Mooney Group is here to help you navigate the challenges of today’s market so that you come out ahead.  Give us a call.

 

Mooney Group
Realty Executives of Flagstaff
Bringing Service to New Elevations
15 E. Cherry Ave, Flagstaff, AZ 86001 
mooneygroup@realestateinflagstaff.com

Call or Text: Beth:(928) 699-1824  
Office: 928-773-9300

 

 

Posted in Sellers
June 7, 2022

Flagstaff Housing Market - May 2022

Flagstaff Residential Market Update - May 2022

Median Sales Price:

Dropping a little over last month but still WAY over last year’s figures. For sellers, this means there is still quite a bit of equity in your home if you are thinking about selling.

Closed Sales:

Closed sales increased over April however, just misses the 139 closed sales  in May 2021

Median Days on Market:

Taking slightly longer to get under contract in May but on pace from May 2021.

List Price Received:

May and June are usually the months during which prices catch up with the market so the slight decrease over last month is normal and on pace with May 2021.

Sold Price per Square Foot:

Dropping slightly over last month but still much higher than May of last year (a product of the Median Sales Prices which are also well above May 2021).

New Listings:

This is one of the most noteworthy statistics of the May report as this is a significant increase over last month as well as May 2021. Could this be the result of sellers getting signals that we may be at the peak of the market (or even just past it)?

Active Inventory:

Along with a substantial increase in new listings, the increase of Days on Market for existing homes has created an early explosion of inventory for buyers to choose from and could relieve stress on prices.

Months Supply of Inventory:

The last time we had 2 months supply of inventory was 2 years ago, May of 2020. We were just figuring out what to do with COVID-19 and there was a buildup of homes waiting to be sold. In May of 2021, we only had 0.7 months inventory. This is a further indication of a market shift but still a far cry from the 6 months of inventory that is considered the benchmark of a “Balanced Market.”

 

If you would like a report specific to your neighborhood, please contact us today!

The Mooney Group
15 E Cherry Ave Suite 300
Direct: 928-863-3444
Text: 928-365-3524
mooneygroup@realestateinflagstaff.com
www.realestateinflagstaff.com

Disclaimer:
The information contained, resources available and the opinions expressed, in this report, are not intended to be construed as investment advice. The Mooney Group does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice from a licensed professional who is aware of the facts and circumstances of your individual situation before making any investment decision. The Mooney Group will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

 

Posted in Market Updates