Flagstaff in July 2013
Flagstaff real estate market is strong and is
continuing in it's upward trajectory.
A total of 490 contracts have
closed in the last six months with a
median sales price of $325,826, this is
great news for home owners.
What is Selling?
The market has a large inventory of homes in the $200k to $300k range and most homes sold are in this price bracket. Properties in the $300k to $400K sold quickest.
Market Trends
A positive trend can be seen on the average sold price of Flagstaff Homes. Average sold price rose to $365,080 from $250k average in March. A major factor contributing to the market’s strength I believe was a big drop in sales of distressed properties, which have fueled the market since 2008-2009. In July of last year, of the 99 total sales, 23 were either foreclosures or short-sales, accounting for 23% of the total. This July there were only 10 distressed sales accounting for just 9% of total sales.
Market Demand
Great news for home sellers, there is a continuing demand for Flagstaff real estate, as indicated by the average number of days a home stays on the market. It is important to note however that market conditions can fluctuate due to a number of factors including interest rates, the overall health of the economy, government policies/ subsidies.
A hint for buyers, if you are in the market for a home in Flagstaff, AZ, make sure you are ready to go.
The lower price points can be very competitive, buyers must be prepared to submit an offer and prepare for counters if you really are serious about the property you are going for. Make sure you are armed with a pre-approval from a reputable lender. If you need names of local people you can trust, give us a call at 888-446-5602, we can provide you with a list of trusted mortgage professionals that can help with loan programs for every need, from loan help with fixer-uppers to traditional conventional mortgages. Great news for the short-sale crowd too. Standards have been lowered again! Two years out of a Short-Sale and you can buy.
Selling?
Make sure that your home is priced right according to demand and condition. We can help you evaluate the right selling price and work together to develop a winning strategy to sell your Flagstaff real estate within the amount of time you need, take a look at our happy customer testimonial videos for all the convincing needed! 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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