2017 Flagstaff Housing Prices & Sales Both Rise

2017 saw both sales and prices of single family residences rise in the greater Flagstaff region. The median sales price rose to $375K up 7% from 2016, just missing the record of $379K set in 2006. Total sales for the year came in at 1158 up 2% from the previous year. The record was 1210 sales set back in 2005 when prices were quite a bit lower. For the month of December however we set two new records with a total of 92 sales and a median sales price of $374K. Here’s the breakdown including 4th quarter numbers.    

Time Period SFR Sales Year/Year+- Median $ Year/Year+-
   2017 YR    1158        +2%   $375K      +7%
4th Quarter     292       +9%   $372K      +8%
December     92*       +17%   $373K*      +12%

*New High

Inventory levels have dropped which tends to happen in winter up here in Flagstaff. Currently there are only 15 houses available for sale within the Flagstaff City limits, priced at or below $375K. And 11 of those are new construction in Presidio and are not necessary completed yet. This is what a housing shortage looks like. Mortgage rates are about  3/8 of a point higher from a month ago. A 30 year fixed rate mortgage with 5% down and very good credit is now at 4.125%. Until next month here for any & all of your real estate needs.