Is the Flagstaff market starting to sizzle?

 

The median sale price for a house sold in the greater Flagstaff area jumped from March's 11% to April's 14% from a year ago to close at $295K. This increase is attributed to a very tight inventory in the lower price range and an improvement of home sales from the higher end market. 30 year fixed-rate mortgages hit a new yearly low, now at 4% with 25% down. Inventory levels have significantly improved but mostly for  properties above $300k. Below $300k inventory is still low- less than 6 month's worth of homes sales.

 april Flagstaff home price graph

What is selling?

 

There were a total of 68 sales and the average price paid per-square-foot was $167 up 12%. Of the 68 total sales only 8 were distressed (7 foreclosure and 1 short-sale). Last April there were a total of 64 sales of which 15 were distressed sales. The $200K - $300K price range contains the highest number of sold listings. Properties in the $1.2M - $1.3M price range have sold quickest over the last six months.

 

home valuation

 

The good & bad news

 

The market is getting better but not yet sizzling hot.  Demand could and must improve for the real estate market to continue its upward momentum. It would be nice to see a significant increase in the number of people who are qualified to buy a home and want to do so. 

 

We are never too busy for your referrals.  Call us at 888-446-5602 or drop by at our office at RE/MAX Fine Living 3955 E. Lake Mary Road, Flagstaff AZ .

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