May housing sales in the greater Flagstaff region set a sales record for the month with 119 sales which is up 6% from the same month last year. The median sales price came in at $400K tying the May record set back in 2007. This time however sales are almost double what they were back then. This May the average price paid per-square-foot was $225 which was not the record. That was $232psf set in May of ’06. Inventory levels have risen but not quite to the levels of a year ago. Currently there are 424 houses available for purchase but only a third of those are priced at $400K or below. Mortgage rates are down an 1/8th of a point from a month ago with a 30-year fixed rate available at 3.50% with no points. Until next month, here for any & all of your real estate needs.
April housing prices in the greater Flagstaff region hit another new high. This April the median sale price came in at $409K which is up 5% from April ’18. The average price paid per-square-foot was $225 also a record. Total sales for the month numbered 97 making this April the second busiest on record. Inventory is increasing as expected this time of year and mortgage rates are now at 3.875% for a 30-year fixed rate which is down an 1/8th of a point from last month. By all accounts the second quarter of the year is starting off strong. Until next month, here for any & all of your real estate needs.
The 1st quarter of 2019 is now in the books and housing prices in the greater Flagstaff region hit another new high. The median sale price for the 1st quarter came in at $401,250 up 6% from the same period in ’18. This is the highest quarterly median sale price ever and the first time above $400K. March was basically flat, with a median sale price of $390K. The sales volume is a number to watch, both the quarter and the month were down big. For the 1st quarter there were a total of 152 sales, down 28% and for March there were 69 sales, down 24%. This sales drop could be a function of supply and not necessarily any lack of demand. The 1st quarter is historically the slowest of the year and inventory usually remains low; the big selling season being late spring and summer. I suspect we’ll see more inventory come to market as we get further along in the year which is the usual pattern. Mortgage rates still remain low with a 30-year fixed rate now at 4%. This is up an 1/8th of a point from last month. Until next month, here for any & all of your real estate needs.