April Housing Sales & Prices Both Post Double Digit Gains!

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.