Flagstaff September Housing Sales Drop 38%

September housing sales in the greater Flagstaff region dropped 38% with monthly sales totaling 100 units. For September 2017 there were 138 sales. Prices for the month also declined, dropping 1% with the median sale price coming in at $380K down from $383K last year. For the third quarter, sales dropped 16% and prices were unchanged from the same period a year ago.  Here are the numbers for September, the third quarter and year to date.

Time Period SFR Sales Year/Year+- Median $ Year/Year+-
Sept 2018      100         -38%    $380K         -1%
3rd ¼ 2018      326         -16%    $381K         FLAT
1st 9 Months      888         +2%    $385K*         +3%

*New High

As you can see the Flagstaff real estate market is slowing considerably with only one new price high and no new sales highs.  At the end of the second quarter of this year, there were two new price highs and three new sales highs. Mortgage rates have now hit a 7-year high and inventory levels remain high although not necessarily in all price ranges. Weather also plays a factor up here in the mountains and this week we got our first measurable snowfall. Until next month, here for any & all of your real estate needs.