Flagstaff February Housing Sales & Prices Slip

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.

January Housing Prices & Sales Hit New Monthly Highs

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.

2017 Flagstaff Housing Prices & Sales Both Rise

2017 saw both sales and prices of single family residences rise in the greater Flagstaff region. The median sales price rose to $375K up 7% from 2016, just missing the record of $379K set in 2006. Total sales for the year came in at 1158 up 2% from the previous year. The record was 1210 sales set back in 2005 when prices were quite a bit lower. For the month of December however we set two new records with a total of 92 sales and a median sales price of $374K. Here’s the breakdown including 4th quarter numbers.    

Time Period SFR Sales Year/Year+- Median $ Year/Year+-
   2017 YR    1158        +2%   $375K      +7%
4th Quarter     292       +9%   $372K      +8%
December     92*       +17%   $373K*      +12%

*New High

Inventory levels have dropped which tends to happen in winter up here in Flagstaff. Currently there are only 15 houses available for sale within the Flagstaff City limits, priced at or below $375K. And 11 of those are new construction in Presidio and are not necessary completed yet. This is what a housing shortage looks like. Mortgage rates are about  3/8 of a point higher from a month ago. A 30 year fixed rate mortgage with 5% down and very good credit is now at 4.125%. Until next month here for any & all of your real estate needs.