It’s important to stay informed on where the market has been trending, so today we’re important stats from the official October numbers.

First, know that home sales slumped quite a bit—overall, they were down 5.9%, with a total of 100 homes sold in the month. That’s a 50% decrease from a year ago. In addition, there were 60 single-family homes sold during the month, 14 townhomes sold, and 15 condos sold. This shows us that rising mortgage rates squeezed many potential buyers out of the market.

The recent list-to-sales price ratio was 98.5%, and it was 110% a year ago. The median sold price jumped 6.9% compared to the previous month, and homes remained on the market a day longer, at 72 days. Plus, 30-year fixed-rate mortgages averaged 6.58%, which is difficult to swallow since they were at 3.1% a year ago.

"Home sales greatly decreased recently."

Looking at the luxury market in Flagstaff, which includes any home worth over $975,000, we are seeing a fairly balanced market in the single-family sector. The sales ratio is 18% and the list-to-sales price ratio is 95.46%. The most active price band in this market is between $1.9 million and $2.1 million, with a median sales price of $1.5 million. In this market, the days on market jumped from 64 days to 85 days. The highest sales price was for a home in Pine Canyon, which sold for $3.75 million.

The numbers should help you discern what direction the market is heading in so you can make informed real estate plans. If you have any questions, don’t hesitate to contact me by phone call or email. I would be happy to help!