May housing sales and prices in the greater Flagstaff region continued to rise. The median sale price came in at $386K which is up 3% from last May. The all-time May record was set in 2007 when the median sale price hit $400K. That’s also the all-time price high for any month. What’s interesting is that in May of 07 the average price paid per-square-foot was $212. This May it was $217. The average square footage of a house sold this May was 2032. They were bigger back in 07 when the average sqft was 2214. Smaller houses seem to be the norm. In Pinnacle Pines for instance, a newer subdivision on the west side, since 2012 when they started building and selling houses, there have been a total of 321 sales reported in our MLS with an average sqft of 1826. For the month, there were a total of 111 sales which is up 9% from a year ago and the most in May since 2004 when there were 117 and the median sales price was a whopping $238K. Inventory levels are rising but still remain thin in some areas and in some price ranges. Mortgage rates have dropped an 1/8th of a point and are now at 4.375% for a 30 year fixed rate. Until next month, here for any & all of your real estate needs.
The median sale price for a house sold in the greater Flagstaff region came in at $390K up 15% from April of last year. The April record was set twelve years ago, way back in 2006 when the median sales price was $395K. The average price paid per-square-foot this April was $218 up 8% from a year ago and tying the record set in April of 2007. This April there were a total of 93 sales which is up 31% from a year ago. That record was set in 2015 when there were 100 sales that April. Mortgage rates are continuing to rise with a 30 year fixed rate now at 4.50% which is up an 1/8 of a point from a month ago. As expected, inventory levels are starting to pick up which tends to happen this time of year. Meanwhile buyers are pretty spooked about mortgage rates continuing to rise. This has led to multiple offer situations with buyers sometimes making full price or even higher offers so that they don’t lose out when a nice property comes to market. It will be an interesting summer, seeing how things shake out especially against an uncertain political backdrop. Until next month, here for any & all of your real estate needs.
The first quarter of 2018 saw housing prices in the greater Flagstaff region hit a new quarterly high on record sales volume. The median sales price for the first quarter came in at $379K, up 1% from a year ago when the median sales price was $375K. The average price paid per-square-foot was $213 up 12% from a year ago. There were a total of 210 sales up 19% from a year ago and the most ever for the first quarter. Housing prices for the month of March also hit a new monthly high coming in at $391K also up 1% from last March when the median sales price was $389K. There were a total of 91 sales, beating the March record set back in 2004. Mortgage rates are now at 4.375% for a 30 year fixed rate. Until next month here for any & all of your real estate needs.