December 2015 Flagstaff Real Estate market update, AZ provided by The Kelly Broaddus Team of REMAX Fine Living

 

2015 Single Family Home Sales Post Double Digit Y-O-Y Gains

 

Snow is on the ground and it's cold out but Flagstaff Real Estate is once again heating up in preparation for the buying season. In review, 2015 was a good year for Flagstaff. 2015 started out with Freddie Mac touting a "weak and declining market" but sales turned a 180 degrees for 2015 to end up as one of the best year since the market sank in 2012. 

Here's the information you need to get better acquainted with what's happening in the market: 

 

 Greater Flagstaff Region  2014   2015  Growth vs Last Year 

Total Sales Volume

Single Family Home Sales

999  1100  +10%
Median Sales Price $315 K $330 K +5%
4th Quarter 250  246 -3%
December SFR Sales 62  75 +15%
December Median Sales Price $331 K $340 K +3%

Without a doubt, 2015 was a better year vs 2014 for real estate in Flagstaff.  The median sales price for a single family residence sold in the greater Flagstaff region was $330K, a 5% increase from 2014. Total single family home sales jumped 10% vs last year's figure totaling 1100 which is the most in 10 years.

Year over year, the market keeps on improving coming from 2012 slump. The top of the market was 2006 when the5835 E Switchback Trail, Flagstaff, AZ 86004-dining and kitchen median sales price was $379K. Median price, the value where half sold for more, while the other half sold for less, more accurately reflects market conditions compared to average sales price. The market hit bottom in 2012 when the median sales price was $252K. We’re currently off 13% from the top. Price increases are at sustainable levels. The month of December and the 4th quarter also finished up but appear to signal a slowing but more sustainable real estate market. 

Distressed inventory continues to plunge. In 2015 there were a total of only 31 distressed sales (foreclosures and short sales) down from 314 in 2011. 

New "Know Before You Owe" (TRID) guidelines were introduced on October 1st. This delayed some closings, pushing a portion of November sales into December. 

Homebuyers

Mortgage rates are still near all time low with a 30 year fixed at 3.5% which is down a ¼ point from a month earlier despite the Fed rate hike. Are you ready to purchase a home and need a Lender recommendation? Call Kelly Broaddus @ 888-446-5602 or email kellybroaddus@remax.net.

Home Sellers

Inventory is low at this time of the year. Homes for sale at the right price will sell quickly. Check out our instant home valuation tool to find out how much a buyer would offer for your home. Feel free to contact me for a personalized evaluation.  

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