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Flagstaff September Housing Prices Continue Up!

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 +-
 Sept 2016     122      Flat    $360K       +7%
  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.

1st 1/2 of 2016=Double Digit Price Rise!

For the first half of 2016, housing prices in the greater Flagstaff region jumped 11% compared to the same period a year ago. The median sale price was $355K and there were a total of 490 sales. For the second quarter the median sale price was  $356K up 12% from the second quarter of last year. The month of June however didn’t look so good. June’s median sale price was $334K flat compared to a year ago but down 9% from May when the median sale was $368K.

Time Period SFR Sales Year/Year +- Median $ Year/Year+-
 June 2016     116         +8%     $334K       Flat
2nd Quarter     310         -2%     $356K      +12%
1st Half 2016     490         Flat     $355K      +11%

 

Currently there are 701 houses listed for sale in the Northern Arizona MLS with 306 of those within the City of Flagstaff or about 44%. Under the $333K figure there are a total of 200 houses for sale with 63 of them being within the city limits, or about 32%.  26 of those are in Presidio and are not yet built, leaving only 37 which is not very many. Above $333K there are a total of 501 houses for sale with over half of those being above $500K and 79 properties above $1M.  Good news for financing, 30 year mortgage rates are still hanging in the 3.25% range. Until next month here for any & all of your real estate needs.

 

 

1st 1/4 Sales & Prices Continue To Rise

The 1st quarter of 2016 is now in the books and housing prices in the greater Flagstaff region continue to climb. The median sale’s price of a house, sold in the 1st quarter of this year was $349K up 9% from the same period a year ago. Total sales climbed 4% to 180 which makes this quarter the busiest 1st quarter in nine years. March was even more impressive with the median sale’s price coming in at $358K up 19% from a year ago and sales totaled 79 which were the highest for the month of March in eleven years! A big factor were mortgage rates which dropped about an 1/8th of a point over the last month with a 30 year fixed rate now at 3.375%. Inventory levels have risen but not much. Currently there are only 26 houses available within the Flagstaff City Limits priced at or below the median sale price of $358K and 14 of those are new construction in Presidio and not yet built. It looks like April prices are also going to be up too.     Until next month, here for any & all of your real estate needs.