Flagstaff Real estate market data, AZ Provided by Kelly Broaddus of The Kelly Broaddus Team of REMAX Fine Living
Flagstaff Home Sales Up, Housing Prices Down 1%
Is it selling season yet? January traditionally is one of the slowest months in real estate with home sales heating up after the first quarter. In January 2016, home sales is as expected not yet red hot but it did start on a solid footing. According to the data released by the Northern Arizona Multiple Listing Service, homes sold in the Greater Flagstaff region increased slightly by 4% for a total of 56 homes sold the same period last year.
The median sales price was down 1% year over year to $330k however the average price paid per-square-foot rose 5% to $181 the highest level in seven years. Homes for sale stayed on the market for an average of 185 days. Properties in the $1.2M - $1.3M price range have sold quickest over the last six months.
"The housing market has shown promising resilience in recent months, but home prices are still rising too fast because of ongoing supply constraints. Despite the global economic slowdown, the housing sector continues to recover and will likely help the U.S. economy avoid a recession."
- Lawrence Yun, NAR chief economist
Buying Your Home
If you are seriously considering to buy your first home or the ultimate move up/vacation home in Flagstaff, there is no better time to do it than right NOW. Why? Rates are again at historic lows.
Early this year projections from Fannie Mae, Freddie Mac, the Mortgage Bankers’ Association and the National Association of Realtors revelealed a steady rise in mortgage rates in 2016. However the current economic situation and a volatile stock market have instead caused rates to plunge. As of Monday, February 23, mortgage rates remain stable at 3.5% for a 30 year fixed rate.
If you are looking to buy a home below $300,000, inventory is particularly tight. As of this morning, there are only 51 single family homes and condos available. This is less than 2 months supply of homes for sale.
On a more positive note, if you are in the market to buy a home above the current median sales price, there are more homes to choose from. There is more than adequate inventory of homes for sale above $600,000.
Selling Your Home
Home prices have significantly and steadily risen in the past 3 years. Many homeowners are not aware that their home has gained significant equity and that they could afford to move to a better housing situation that would suit their needs. Homeowners who bought in 2011 when market prices bottomed can expect to sell at over 1.5 times their purchase price. Anyone who bought at the top of the market around 2006 & 2007 can expect to sell their home for less than the price paid.
Whether you are looking to move to a larger home or are planning to downsize, meet with a real estate professional to help evaluate your situation.
Ask me about your home value- I will provide a FREE estimate with no obligation.
It's still too early to project how 2016 is going to be but we have closed 160% more transactions this year vs 2015 with more sales expected to come in before February ends.
Contact email@example.com or call 888.446.5602 if you have questions about buying and selling real estate in Flagstaff. We would be happy to help out and we hope that you would consider us to represent you in your real estate undertakings.
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