Flagstaff Real estate market data, AZ provided by Kelly Broaddus of The Kelly Broaddus Team of REMAX Fine Living
Flagstaff Housing Prices Up 2% vs Last Year
It's snow season in Flagstaff, Arizona's premier winter wonderland, exciting winter activities like skiing, sledding, snowball fights await. Meanwhile our November housing numbers is in.
The median total home price in the greater Flagstaff region rose 2% to $335K compared to November 2014. Following seasonal patterns, home sales dropped off 11% with only 76 closings in November. Despite the lagging sales, last month's figures surpassed the total number of sales for all of 2014 while the average price paid per-square-foot also rose 2% to $186. These numbers include all residential property types in the greater Flagstaff area including single family homes, condos, townhomes and mobile homes. Mortagage rates rose a quarter of a point to 3.75, the first rate increase in almost 10 years.
The latest Existing Home Sales Report from the National Association of Realtors reveled that sales:
“…fell 10.5 percent to a seasonally adjusted annual rate of 4.76 million in November (lowest since April 2014 at 4.75 million)…”
All four regions: Northeast, Midwest, South and West saw sales decline in November. One of the factors that caused the decline is the "Know Before You Owe Rule" or more popularly known as the TILA-RESPA Integrated Disclosure (TRID) rule, which went into effect on October 3. This regulation delayed processing loans by 3 days which led to longer closing time frames which in turn may have pushed back several closings to December.
Demand for Housing
Contrary to NAR's report my November has never been busier with 3 closings, lots of showings and 3 more homes to list before the year is out. The number of people actively looking for a home in Flagstaff at the current time does not seem to be dropping off which means that the housing market is still going strong. Check out the full November 2015 Market Report here.
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