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Flagstaff February Housing Prices Hit New High

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 Remain Flat, Sales Tank

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.

2018 Sets Record Price High

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+-
Dec 2018 67       -28%     $379K*       +1%
4th1/4 2018  263       -10%     $390K*      +5%
  2018 Year   1154       -1%     $385K*      +3%

*New High

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.