The 1st quarter of 2019 is now in the books and housing prices in the greater Flagstaff region hit another new high. The median sale price for the 1st quarter came in at $401,250 up 6% from the same period in ’18. This is the highest quarterly median sale price ever and the first time above $400K. March was basically flat, with a median sale price of $390K. The sales volume is a number to watch, both the quarter and the month were down big. For the 1st quarter there were a total of 152 sales, down 28% and for March there were 69 sales, down 24%. This sales drop could be a function of supply and not necessarily any lack of demand. The 1st quarter is historically the slowest of the year and inventory usually remains low; the big selling season being late spring and summer. I suspect we’ll see more inventory come to market as we get further along in the year which is the usual pattern. Mortgage rates still remain low with a 30-year fixed rate now at 4%. This is up an 1/8th of a point from last month. Until next month, here for any & all of your real estate needs.
Housing prices in the greater Flagstaff region hit a new all-time monthly high in February. The median sale price came in at $430K up 18% from a year ago! Housing sales for the month totaled 45, slightly less than the 48 sales reported last February and just below the ten-year average of 47 sales for the month. Up here in the mountains during winter, sales are weather dependent and the 1st quarter of the year is the coldest, snowiest and slowest quarter by far. As a result, we are more likely to see aberrations in the monthly numbers and especially in February since it’s also the shortest month. For instance, the average sale price of a house this February came in at $496K! It’s easy to skew the figures when there are few sales and a significant percentage are of more expensive and newer houses. The quarterly figures are a more reliable indicator of market activity especially in winter. I do think that February’s $430K median sale price record will be tough to beat because inventory levels should rise as we move into the selling season. Helping sales are mortgage rates which are lower by a quarter of a point from last month with a 30-year fixed rate mortgage now at 3.875% with no points. Until next month here for any and all of your real estate needs.
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.