March 2015 Flagstaff AZ Real Estate Market Update

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

of REMAX Fine Living

Flagstaff Real Estate Posts First Quarter Growth

First Quarter report now in! Flagstaff housing sales posted 3% growth vs the 1st quarter last year, the highest total in 8 years, with a total of 172 homes sold. The median sale price of a house that sold in the greater Flagstaff region rose 11% from the same period in 2014. The new median sale price was $321K.

For the quarter, the average price paid per-square-foot jumped 5% to $173. Flagstaff average home prices declined for the first time in six months below $300k dropping 7% to $297K. This is apparently due to a few low-priced sales in the downtown area that are part of a bulk sale from an estate but it didn't affect the overall price paid per-square-foot which rose to $180.

12840 Maverick

List Price:

$778,980

5 Bed | 3 Baths

4, 081 sq ft

Flagstaff Inventory of Homes for Sale Up

Inventory levels have risen a little with the influx of properties in Munds Park coming on the market. A six months supply is considered ideal by real estate economists.

Opportunity for Buyers:

Home buyers looking for a house priced $100,000 to $200,000 , gear up for a bidding war. There is less than a month's supply of single family homes for sale in this pricepoint. Make sure you have your financial ducks in a row. Act fast when you find the house of your dreams, contact your realtor and strategize. Maybe offerring a little more over the list price or putting in a cash offer will get you to win the bidding war.

More choices are available in the 300k-500k range, while inventory overflows in the $500,000 + price range. Mortgage rates remain at historic lows so it might be the best time to buy- your fist investment home, the dream home you always wanted or you are simply moving up to a bigger home with your growing family.

Sellers:

Are you ready to sell? Get your home on the market during the selling season. Well priced homes are still selling quickly. If your home is not selling, it could be a pricing issue. Sit down with your real estate professional and develop your strategy for success.

Find Homes for Sale in Flagstaff AZ

Are you ready to buy or sell? Get the real lowdown on Flagstaff's real estatemarket. 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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