The last month of the year, December 2013, confirmed the resurgence of the Flagstaff real estate market.
December market had a large inventory of homes in the $300k to $400k range at 102 listings. Most homes sold are in $200 to $300k price bracket. Properties in the $1.0M to $1.1M price range have sold quickest over the last six months.
The average sold price for the last 30 days was $337,421 with an average DOM of 125 days. Since the recent DOM is greater than the average DOM for the last 6 months (109 days), it is a negative indicator for demand. This reflects the seasonal slowdown of home sales during the holiday season.
For the year the median sale price rose 15% to $290K up from $252K in 2012. Housing sales increased by 7% totaling 951. Foreclosure and short-sales dropped making up only 16% of total sales down from 2012 when they accounted for 32% of the total.
In 2011 these distressed sales were an incredible 41% of total sales! This decline has been a very big factor in our real estate market recovery. The median sales price for both December and for the 4th quarter also jumped, up 13% and 6% respectively to come in at $290K. So coincidentally for all three time periods; the year, the quarter and the month the median sales price of a house sold in the greater Flagstaff region was $290K