January Housing Prices Remain Flat, Sales Tank

January housing prices for the greater Flagstaff area remained flat year-over-year, with the median sales price coming in at $390K. January housing sales on the other hand, plunged! There were only 37 houses sold which is down 48% from a year ago when there were 71 sales. Part of the decline is due to the Government shutdown which delayed IRS income verifications, holding up mortgage approvals and delaying closings. However, that’s not the whole story because housing sales have declined for six of the last seven months. Mortgage rates, after hitting a seven-year high last September, have continued to drop and over the last month dropped yet another 1/8th of a point with a 30-year fixed rate mortgage now at 4.125% with no points. Inventory levels remain light which is normal for this time of year. Currently there are 33 houses available in the $350K to $399,999 range and 32 houses available to purchase in the $400K to $450K range. Until next month here for any & all of your real estate needs.

2018 Sets Record Price High

Hello Everyone& Happy New Year-2018 was a record setting year with housing prices hitting new highs for the year, the 4thquarter and for the month of December. For calendar 2018 the median sale price of a house sold in the greater Flagstaff area was $385K beating the old high of $379K set back in 2006. There were a total of 1154 houses sold, off slightly from 2017.  Here are all of the numbers.

Time Period SFR Sales Year/Year+-   Median $ Year/Year+-
Dec 2018 67       -28%     $379K*       +1%
4th1/4 2018  263       -10%     $390K*      +5%
  2018 Year   1154       -1%     $385K*      +3%

*New High

What stands out most, besides the new price highs of course are the sales numbers. 2018 was off 1% but the quarter and especially the monthly sales number tanked. If that trend continues, prices should pull back some. Mortgage rates dropped 1/8th of a point from last month. The 30-year fixed rate is currently at 4.25% with no points. Until next month here for any & all of your real estate needs.

Flagstaff November Housing Sales & Prices Move Higher

November 2018 housing prices in the greater Flagstaff region climb to a new monthly high. The median sale price was $392K up 7% from November ‘17 and easily surpassing the old November high of $379K set in 2006. The average price paid per-square-foot was $225 up 10% from a year ago, tying the high set back in November ‘06. November housing sales rose 8% totaling 84 SFR’s. So far, year-to-date sales are slightly ahead of last year as are prices. I think we’ll probably finish higher for the year on both due to interest rates declining bigly. In spite of the latest Federal Reserve hike, a 30-year fixed rate mortgage is now at 4.375% down ¼ of a point from just a month ago, a very nice Christmas present! Until next month, here for any & all of your real estate needs. Wishing everyone wonderful holidays and a very Happy New Year!