Flagstaff, AZ Housing Market: November 2024 Analysis
The Flagstaff, AZ metro area housing market in November 2024 presents a dynamic landscape with notable shifts in pricing, sales activity, and inventory levels. The Median Sales Price has increased by 2.3% year-over-year, reaching $710,000, indicating a continued demand for homes despite broader market fluctuations. However, the Median List Price has decreased by 7.1% YoY to $699,900, suggesting potential adjustments in seller expectations or market conditions.
Price Per Square Foot metrics reveal a slight decline, with the median Price Per Square Foot down by 2.8% YoY to $373.70, and the Median List Price per square foot decreasing by 2.3% YoY to $391.24. These figures may reflect a cooling in price growth or a shift in the types of properties being listed and sold.
Sales activity has shown robust growth, with the number of Homes Sold increasing by 12.7% YoY to 133 units. Pending Sales have also risen by 7.8% YoY, totaling 111 units, indicating sustained buyer interest. Conversely, New Listings have decreased by 14.4% YoY to 89, which could contribute to the upward pressure on sales prices as inventory remains constrained.
Inventory levels have increased by 12.8% YoY to 404 units, providing more options for buyers and potentially easing some competitive pressures. The Months of Supply remains unchanged at 3.0 months, suggesting a balanced market where neither buyers nor sellers have a distinct advantage.
The Median Days on Market have increased by 7.0% YoY to 47 days, indicating that homes are taking slightly longer to sell compared to the previous year. This could be a result of the increased inventory or changing buyer preferences.
The average sale to list ratio has improved by 0.9% YoY to 97.8%, reflecting a narrowing gap between asking and selling prices. The sold above list ratio has also increased by 3.8% YoY to 16.5%, suggesting that competitive bidding situations are still occurring for certain properties.
Price Drops have seen a marginal decrease of 0.3% YoY, affecting 22.3% of listings, which may indicate that sellers are becoming more realistic with initial pricing. The percentage of homes going off market in two weeks has decreased by 10.2% YoY to 18.9%, possibly reflecting a more deliberate pace in buyer decision-making.
Overall, the Flagstaff housing market in November 2024 exhibits a complex interplay of rising sales prices, increased inventory, and shifting buyer and seller dynamics. While sales activity remains strong, the market is adjusting to new conditions, with sellers recalibrating their pricing strategies and buyers navigating a more varied inventory landscape.
