Every month, we do a recap video of the Flagstaff real estate market. Here are the statistics for the Flagstaff real estate market for the month of February 2023:
Some items to note:
Our median price point year over year is up almost 19%. If you remember, early 2022 was when the market was still red hot and buyers were being outbid by crazy amounts. The record I had in early 2022 was a buyer who got beat out from a home that was listed at $525,000. My buyer came in 3rd place with a bid that $118,000 over asking price. Yikes.
Here we are in early 2023, and you have to remember that these median sales price statistics are on the closed prices, not list prices.
What has changed is the list to sold price ratio. In February 2022, list-to-sold ratio was at 101%. One year later, that ratio has changed to 95.8%. Meaning that sellers are still pushing the pricing when they list their homes, but they are willing to negotiate with a buyer when they come to the table. Mainly because sellers are seeing only one offer instead of multiples, so they are more willing to work with the buyer on pricing and terms.
While the buyer bidding wars are mostly a thing of the past, we are still seeing houses that are priced correctly according to the data go under contract quickly. Our absorption rate is still under 2%.
For all the February 2023 statistics in the Flagstaff real estate market, be sure to watch the 1 minute market update video.
If you want to know how all of this effects your specific real estate situation in Flagstaff or the surrounding areas, contact me. I'm here to help!
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