July went by so fast, hello August. Here's what happened to the Flagstaff real estate market in July 2014. Home sales in the greater Flagstaff region slowed down in July with home sales down 9% from the same period last year. Flagstaff median sales price dived 4% from last year's $309K to $274k.
What's up?
- Average price paid per-square-foot jumped to $175, a 5% increase.
- Inventory in all price ranges has increased. There is currently an 11 month supply of houses on the market for sale and under $400K there’s now over a 7 month supply.
- Mortgage rates have dropped to 3.875% for a 30 year fixed with no points.
What is selling?
The $200K - $300K price range still contains the highest number of sold listings. Active listings are on the market for an average of 118 days. This is less than the average Day On Market for the last 6 months and is a positive indicator for demand.
Thinking of selling? Check your home value at http://www.northernarizonafinehomes.com/cma/property-valuation/. 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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