January housing prices for the greater Flagstaff area remained flat year-over-year, with the median sales price coming in at $390K. January housing sales on the other hand, plunged! There were only 37 houses sold which is down 48% from a year ago when there were 71 sales. Part of the decline is due to the Government shutdown which delayed IRS income verifications, holding up mortgage approvals and delaying closings. However, that’s not the whole story because housing sales have declined for six of the last seven months. Mortgage rates, after hitting a seven-year high last September, have continued to drop and over the last month dropped yet another 1/8th of a point with a 30-year fixed rate mortgage now at 4.125% with no points. Inventory levels remain light which is normal for this time of year. Currently there are 33 houses available in the $350K to $399,999 range and 32 houses available to purchase in the $400K to $450K range. Until next month here for any & all of your real estate needs.
Hello Everyone& Happy New Year-2018 was a record setting year with housing prices hitting new highs for the year, the 4thquarter and for the month of December. For calendar 2018 the median sale price of a house sold in the greater Flagstaff area was $385K beating the old high of $379K set back in 2006. There were a total of 1154 houses sold, off slightly from 2017. Here are all of the numbers.
|Time Period||SFR Sales||Year/Year+-||Median $||Year/Year+-|
What stands out most, besides the new price highs of course are the sales numbers. 2018 was off 1% but the quarter and especially the monthly sales number tanked. If that trend continues, prices should pull back some. Mortgage rates dropped 1/8th of a point from last month. The 30-year fixed rate is currently at 4.25% with no points. 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.