September Flagstaff homes sales show a healthy real estate market. The current inventory of homes on sale is described as "somewhat slow". Active listings have been on
the market for an average of 147 days. A total of 594 contracts have closed in the last 6 months with an average sold price of $339,645 and 112 days on market.
What is Selling?
The market has a large inventory of homes in the $300k to $400k range with homes in the $200k-$300k a close second. Most homes sold are in $200 to $300k price bracket. Properties in the $300K - $400K price range have sold quickest over the last six months.
Market Trends
Flagstaff September housing sales continued to impress with prices climbing 21% and sales rising 19% versus the same month last year. A major factor contributing to the market’s strength I believe was a big drop in sales of distressed properties. Distressed sales (foreclosures and short sales) dropped 46% from last year accounting for only 17% of total sales. It looks like Flagstaff house prices are beginning to level off. Average sold price was down to $305,869 from August's $365,080 average.
Flagstaff’s real estate market is not spectacular but that’s largely because would-be home sellers are not yet making their homes available. There is more demand than supply. It’s a sellers’ market for those who want to sell. Buyers have a limited selection to look forward to as inventory is still considered low in most price categories. Though we are primarily in a Sellers Market right now, there is plenty of opportunity for buyers as well. Rates are low and we see loans being approved every day.
In sum, the market is looking great and I expect 2014 to be even a better year for price appreciation. Flagstaff real estate is still down considerably from the market top so we should have a great deal of appreciation to look forward to.
Buying a new home? We are committed to providing the best selection of property on and off the MLS, at the best possible price, arming my clients with up to date knowledge of or market place that will help them make confident intelligent decisions.
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