Here’s what buyers and sellers should know about our housing market.
What’s really happening in our market? Whether you’re looking to buy or sell, you need to be informed, which is why I’m sharing the latest data from our housing market.
In August 2022, the median sales price was $630,000, and the median days on market was 56. This means our market is slowing down a little bit. After a long stretch of strongly favoring sellers, our market appears to be balancing.
I know this may be a bit of a disappointment for some sellers, but our market really needed this correction. The type of price growth we were seeing before was just unsustainable.
"If you’re looking to buy or sell, there’s still time."
The main culprit behind our market slowdown has been higher interest rates. As of now, the average interest rate on a conventional 30-year mortgage is 6.02%. That may seem high, but you have to remember that rates have been historically low for a long time. Current rates aren’t actually that bad; we’re just used to them being extraordinary.
Meanwhile, Flagstaff’s highest townhome sale in August 2022 was $990,000, and our highest condo sale was $935,636. Luxury homes are still selling, especially near the golf courses. If you’re worried that the market for luxury properties has dried up, don’t worry. There’s still time.
If you have questions about today’s topic or anything else, please call or email me. I am always willing to help!