Real estate market data for Flagstaff, AZ provided by Kelly Broaddus of The Kelly Broaddus Team
of REMAX Fine Living
Home Sales are NOT Collapsing!
"Existing-Home Sales Cool in January As Available Inventory Remains Subdued"-this is the headline to National Association of Realtor's(NAR) press release today, the 23rd of February 2015."All major regions experienced declines in January, with the Northeast and West seeing the largest", the article further elaborated. While this statement may be true to the rest of the country, this does NOT describe the Flagstaff Real estate market.
Flagstaff Home Sales UP by 10% in 2015
According to the data released by the Arizona Multiple listing service, the number of homes sold in January increased by 10 percent for a total of 54 homes last month, versus 48 homes sold the same period last year. That is the highest January median sales price in 7 years. "The Flagstaff housing market is hot and does not appear to be slowing down", observes Kelly Broaddus, team owner and real estate agent in Flagstaff for REMAX Fine Living.
List Price:
$849,500
4 Bed | 3 Baths
3,583 sq ft
Flagstaff Home Prices in Soar January 2015
January housing prices in Flagstaff rose an astounding 20 percent. The median sale price for a detached, single-family home in greater Flagstaff increased from $279,000 in January 2014 to around $334,000 this year. For all of 2014 housing prices rose 9%. However if you look at just the 4th quarter of 2014 prices were up 14% and for the month of December they were up 16%"
According to NAR's chief economist Lawrence Yun, "Home prices continued solid year-over-year growth. The labor market and economy are markedly improved compared to a year ago, which supports stronger buyer demand. The big test for housing will be the impact on affordability once rates rise.”
Flagstaff Inventory of Homes for Sale
A six months supply is considered ideal by real estate economists. Flagstaff homes for sale below the median sales price continues to be in short supply with 3.5 months inventory available to buyers. If you are considering buying above the median, an 8 months supply is available which means more choices for first time & repeat homebuyers. Inventory is expected to rise as we get into spring and summer.
Find Homes for Sale in Flagstaff AZ
Get the real lowdown on Flagstaff's real estate market. 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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