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.
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+-|
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.
November housing prices in the greater Flagstaff region rose 3% from the same period a year ago. The median sales price came in at $368K. This is the second highest November since 2006 when the median sales price was $379K. The average price paid per-square-foot was $205 up 6% from a year ago. The number of house sales totaled 78 a 9% decline reflecting in part, the uncertainty regarding the mortgage interest deduction in the new tax bill. As of today it looks like a compromise has been reached putting a cap of $750K on the total interest deduction for new mortgages. Mortgage rates continue in the 3.75% range for a 30 year fixed with 5% down and very good credit. Until next month, here for any & all of your real estate needs. We’ll be looking at full 2017 numbers then and spoiler alert, it’s looking like both sales and prices are going to be higher for the year. Wishing everyone very happy holidays.