Summer ended with a bang for the Flagstaff Real Estate Market. The August median sale price for a house sold in the greater Flagstaff region went up $325K, 7% higher vs last year's figure. It is also the highest median sales price for 2014, beating March figures by a wide margin. This is largely due to more homes sold in the $400,000 plus price range and as well as the sheer volume of total homes sold, the highest ever in 9 years .
What's up?
- Average price paid per-square-foot jumped to $177, a new yearly high
- Inventory has dropped a little. There is currently an 10 month supply of houses on the market for sale and under $400K there’s now less than 7 months supply.
- Mortgage rates rose slightly to 4% for a 30 year fixed with no points.
What is selling?
Of the total 114 homes sold, only 7% were distressed (either a short-sale or a foreclosure) and this is down from August 2013 when distressed sales were 12% of total sales.The $200K - $300K price range still contains the highest number of sold listings. How fast did homes sell? Active listings sold for an average of 127 days, slightly up from last month's 118 days.
Are you ready to buy/sell your dream Flagstaff home? Check your home value at http://www.northernarizonafinehomes.com/cma/property-valuation/. 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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