Flagstaff Real estate market data, AZ provided by Kelly Broaddus of The KeLLy Broaddus Team
of REMAX Fine Living

Flagstaff Home Sales Strong, Prices Up 10%

 

The first six months of the year 2015 is over and Flagstaff housing sales remain strong while prices continue its upward trajectory. The median existing home price for a house  in the greater Flagstaff region in June 2015 was $335K up 10% from May. The median sale price rose 4%  vs June 2014. 

 

9200 W Coyote Pass RD, Flagstaff, AZ 86001

 

 

What does this mean? Median home price means 50% of the homes sold above $335K and 50% sold below that number. The rise in median sales price is atributed to the  lower number of foreclosures and short sales homes sold. The median value does not reflect that each individual property is increasing in value.

 

The average price paid per-square-foot was $184 which is up 7% from the prior month. Low supply of homes below the median sales price continue to fuel price gains. Presently, there is a shortage of homes available for the entry level buyer particularly in the $300,000 and below price range. Above that figure there is over a 13 month supply with less than 20% of those being under contract.

 

JUne 2015 Flagstaff Market Report

 

 

Kelly's Take

 

We have a normal healthy, level of demand. The imbalance is caused by too little supply- sellers do not have enough incentive to sell and builders have not been building entry level single family homes. Home values are appreciating at a healthier rate than the previous months that posted double digit appreciation.

 

Buyers:  

Interest rates are still low and even though home prices have appreciated. If you are looking  for a home priced above $300,000, there is a nice selection of homes available. Start your home search here. If your budget is below $300K, I have a list of homes that might fit your requirements.

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Sellers:

The "normal" buying season is over but and if you are thinking of putting your home for sale, this might be the best time to sell as housing demand remain steady.

 

Contact Kelly Broaddus @ 888-446-5602 or email kellybroaddus@remax.net for your real estate selling & buying needs in Flagstaff & Sedona. Check out our happy client testimonials. For a full Market Report Go Here

 

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