Flagstaff Home Prices in 2014
There were a total of 999 housing units sold in 2014, up 5% from 2013. The median sales price for a house, sold in the greater Flagstaff region was $315K a 9% jump from the year before. The average price paid per-square-foot, for 2014 it was $171 up 10% from the prior year. The Flagstaff housing market is well on it's way to recovery after hitting bottom at $252K in 2012. There is still room for growth and looking at December 2014 figures, it won't certainly be long before we hit the peak median sales price $379K posted in 2006.
Flagstaff Home Sales 2014
The Flagstaff real estate market bloomed during the second half of the year. This growth is attributed to the these reasons:
- Fall in mortage rates from 4.125% in January to 3.5% this month
- Securing new loans got easier with new lending guideines from Fannie Mae & Freddie Mac
President Obama announced earlier this month that the Federal Housing Authority will cut mortgage insurance premiums by half. This is great news to buyers wanting to qualify for an FHA loan. As a result , new applications for mortgage loans jumped by 50% last week. ( reported by the Mortgage Banker's Association)
List Price:
$849,500
4 Bed | 3 Baths
3,583 sq ft
Flagstaff Inventory of Homes for Sale
A six months supply is considered ideal by real estate economists. Flagstaff homes for sale below $400,000 continues to be in short supply with less than 3 months inventory available to buyers. If you are considering buying in the $400-600K range, inventory is not as tight and is in fact approaching the ideal level. Homes for sale above $600,000 continues to be plentiful. If you are interested in how much current inventory is on the market in Flagstaff you can find that information by clicking on the link.
Flagstaff Real Estate Report Summary
The median sales price in 2014 for a house in Flagstaff is $315K. The sales prices increased by 9% from the previous year.
The price per square foot for sales in this area is $171, up 10% the previous year.
The current mortgage rate is down from 4.125% in January to 3.5%.
Find Homes for Sale in Flagstaff AZ
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