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 $380K, 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 209 sales up 18% 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 90 sales, tying 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.
February Housing sales slowed as winter finally returned to the mountains. This February there were a total of 46 sales in the greater Flagstaff region, a 10% drop from a year ago. Prices declined 6% with the median sale price coming in for the month at $361,250. The average price paid per-square-foot however rose to $214 which represents a new February high. February is traditionally the slowest month of the year and we sometimes see statistical anomalies. Mortgage rates have taken a little break from their rapid run up. Until next month, here for any & all of your real estate needs.
Both January housing prices and sales for the greater Flagstaff region set new monthly records! The median sales price for a house, sold this January was $389K surpassing the old January high set in 2007 of $369K. Year-over-year, January prices were up 8%. There were a total of 71 sales last month which is up 42% from a year ago (very warm dry weather is good for showing properties) which surpassed the old record from 07 when there were 66 sales. Another big factor driving the market right now is interest rates. Currently a 30 year fixed rate mortgage with at least 5% down and with real good credit is at 4.375% up ¼ of a point from a month ago and up 5/8 of a point in the last two months. Buyers are racing to lock in low mortgage rates because interest rates seem to be finally breaking out and going higher. Until next month, here for any & all of your real estate needs.