Flagstaff Real estate market data, AZ provided by Kelly Broaddus of The KeLLy Broaddus Team
of REMAX Fine Living
Flagstaff Home Sales Skyrocket, Prices Up
Housing sales in the greater Flagstaff region continue to soar in April 2015. Home prices followed its upward trajectory, jumping 10% from a year ago. The median sale price rose to $325K from $295K in April of 2014.
List Price: $719,900 | 4 Bed | 2.75 Baths | 2,357 sq ft
Yesterday's post by the National Association of Realtors (NAR) revealed that existing home sales lose momentum in April. This statement is absolutely correct ONLY when compared to March's spectacular performance. There were a total of 99 houses sold in Flagstaff this April, up 43% from last year making it the busiest April on record!
Flagstaff Inventory of Homes for Sale Up
"April's setback is the result of lagging supply relative to demand and the upward pressure it's putting on prices. However, the overall data and feedback we're hearing from Realtors® continues to point to elevated levels of buying interest compared to a year ago. With low interest rates and job growth, more buyers will be encouraged to enter the market unless prices accelerate even higher in relation to incomes." - Lawrence Yun, NAR Chief EconomistYun's declaration maybe true for a specific price range of homes for sale in Flagstaff. Inventory levels for houses priced below the median sale price of $325K still remain very low, representing only about a four and a half month supply. A six months supply is considered ideal by real estate economists. Above the median sales price, there is ample supply of homes for sale
Buyers:
Interest rates have remained low and even though home prices have appreciated. If you are looking for a home priced above $300,000, there is a nice selection of homes available. Start your home search here.
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Sellers:
The decline in the number of days a home stays on the market is a one of the indicators of demand. We are in the middle of the buying season and if you are thinking of putting your home for sale, this might be the best time to sell.
Contact Kelly Broaddus @ 888-446-5602 or email kellybroaddus@remax.net for your real estate selling & buying needs in Flagstaff & Sedona. Check out our happy client testimonials. For a full Market Report Go Here.
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