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.
Single family housing prices in the greater Flagstaff region continue to climb. Through the first nine months of this year, prices have jumped 9% compared to the same time period a year ago with the median sale price now coming in at $355K. Housing prices for both the month of September and the 3rd quarter also rose. Housing sales remained strong with the numbers virtually unchanged across the board from the same period a year ago.
|Time Period||SFR Sales||Year/Year +-||Median $||Year/Year +-|
|3rd ¼ 2016||366||Flat||$355K||+5%|
|1st 9 Months 2016||858||Flat||$355K||+9%|
Currently there are 588 houses for sale in our Northern Arizona MLS with a third of those under contract so sales look to remain strong going forward. Of the 391 properties for sale but not yet under contract, 111 or about 28% are priced below the $360K median sales figure. Of those, only 34 are located within the city limits and half of those aren’t yet built, being new construction in Presidio. The point being, there is very little affordable inventory in Flagstaff. Mortgage rates remain at the 3.25% level but look to possibly rise after the election. Until next month, here for any & all of your real estate needs.