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.
| 2017 YR
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.
November housing prices in the greater Flagstaff region rose 3% from the same period a year ago. The median sales price came in at $368K. This is the second highest November since 2006 when the median sales price was $379K. The average price paid per-square-foot was $205 up 6% from a year ago. The number of house sales totaled 78 a 9% decline reflecting in part, the uncertainty regarding the mortgage interest deduction in the new tax bill. As of today it looks like a compromise has been reached putting a cap of $750K on the total interest deduction for new mortgages. Mortgage rates continue in the 3.75% range for a 30 year fixed with 5% down and very good credit. Until next month, here for any & all of your real estate needs. We’ll be looking at full 2017 numbers then and spoiler alert, it’s looking like both sales and prices are going to be higher for the year. Wishing everyone very happy holidays.
October 2017 housing prices and sales continued climbing in the greater Flagstaff region. The median sale price this October came in at $376K up 9% from a year ago. The average price paid per-square-foot was $206 up 8% and the highest since 2007 when the average was $221 psf. There were 119 houses to have sold which is up 13%, making it the busiest October in 13 years. In addition, the sales pace has picked up as well with the average number of days on the market for a house to have sold and closed escrow being 107, which is the fastest pace since 2005. Low mortgage rates are helping power this market. A 30 year fixed rate with 5% down (and real good credit) is still hanging around the 3.75% range. Wishing everyone a terrific Thanksgiving holiday! Until next month here for any & all of your real estate needs.