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.