Flagstaff Real Estate Market Data, AZ Provided by The Kelly Broaddus Team of REMAX Fine Living / by Joselyn Uy

First quarter figures are now in and the results are looking good. Listings of single family homes rose 17% from the beginning of March to the beginning of April. Home listings above $400,000 increased dramatically shifting the trend from a seller's market to a buyer's market in this price range. Lack of housing inventory at price range below $400,000 continues to persist. It is still a seller's market in this segment. The median sales price of a house that sold in the greater Flagstaff region, rose 11% to $288K. Price paid per-square-foot that jumped 18% to $164.  30 year mortgages continued to hold steady at 4.125%.

What is Selling? 

There were a total of 166 houses sold in the first quarter up 14% from a year ago. Of those only 24 were distressed sales vs. 45 a year ago. The March monthly price increase was even more dramatic, rising 18% to $320K and the price paid per-square-foot was $168 up 24%. These numbers are a direct reflection of a lack of inventory in the Flagstaff area. The situation is getting better but still remains tight.

Please keep us in mind when buying or selling a home in Flagstaff. We are always available for all your real estate needs and referrals. 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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