Real estate market data for Flagstaff, AZ provided by Kelly Broaddus of The KeLLy Broaddus Team
of REMAX Fine Living
Flagstaff Real Estate Prices Soar
Flagstaff home sales slowed in February while home prices continue to soar. The median sales price in the Greater Flagstaff area rose to $334,000. This is up 23% from February 2014 but is even when compared to last month. The number of houses that sold declined to 43 from 57 a year ago. February is traditionally a slow month for Flagstaff real estate and is not a cause for concern.
Flagstaff Inventory of Homes for Sale Up
A six months supply is considered ideal by real estate economists. The number of Flagstaff homes for sale below the median sales price has improved, inventory is over four months of supply. If you are considering buying above the median, there is now a 10 month supply which means more choices for move up/ repeat homebuyers. Inventory is expected to rise as we get into spring and summer.
Selle
rs: There is less competion in selling a home on the lower price ranges. Staging and realistic pricing will help sell a home faster and for more money in this market. If you are selling a home in the higher price range it will probably sell to baby boomers who are now beginning to retire.
Opportunity for Buyers: The average long-term U.S. mortgage rates fell to 3.78% last week, remaining near historically low levels at the start of the spring home-buying season. If you are in a position to buy a home, don't delay your purchase as mortage rates and home prices won't stay this low. The current projections from Freddie Mac, Fannie Mae, NAR and the Mortgage Bankers Association all agree that interest rates will increase to between 4.3-5.4% by the end of 2015.
As inventory of homes for sale below the median to normalize, buyers have more choices. However, buyers need to be aware that there will always be competition for great homes regardless of the real estate market. The importance of having a reliable lender AND real estate professional to guide you through this process has never been more important.
Find Homes for Sale in Flagstaff AZ
Get the real lowdown on Flagstaff's real estatemarket. Call Kelly Broaddus @ 888-446-5602 or email kellybroaddus@remax.net. Check out our happy client testimonials. For a full Market Report Go Here.
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