July housing sales in the greater Flagstaff region dropped 12% compared to the same month a year ago. There were a total of 111 houses sold. However, for the first seven months of 2018, sales are actually up 11% compared to last year. July prices rose 2% with a median sale price of $385K. This is not a new July high, but close. The July record is $392K set twelve years ago in 2006. On a calendar year basis, that was the top of the housing market in Flagstaff. Twelve years later and we are still not quite back yet. Again, looking at the first seven months of the year, prices are up 4% with the median sale price also coming in at $385K. Inventory levels are up overall but not necessarily in all price ranges. If you are looking for a typical 3-bedroom house with 2 baths and a 2-car garage, located within the Flagstaff City limits and you have a budget of $385K, there are only 11 available properties for you to look at currently. Mortgage rates are at 4.375% unchanged from last month. Until next month, here for any & all of your real estate needs.
Both housing prices and sales in the greater Flagstaff region hit new highs for the first half of 2018. The median sale price for the first six months came in at $385K up 5% from the same period last year. The previous high of $376K was set back in 2006. The average price paid per-square-foot was $216. There were a total of 561 houses sold which is up 17% from2017. Here are the numbers for June and the 2nd quarter as well.
|Time Period||SFR Sales||Year/Year+-||Median $||Year/Year+-|
|2nd ¼ 2018||350*||+16%||$390K*||+9%*|
|1st ½ 2018||561*||+17%||$385K*||+5%*|
Mortgage rates are holding steady at around 4.375% for a 30-year fixed. Inventory levels are up overall but remain thin in the lower price ranges. Until next month, here for any & all of your real estate needs.
May housing sales and prices in the greater Flagstaff region continued to rise. The median sale price came in at $386K which is up 3% from last May. The all-time May record was set in 2007 when the median sale price hit $400K. That’s also the all-time price high for any month. What’s interesting is that in May of 07 the average price paid per-square-foot was $212. This May it was $217. The average square footage of a house sold this May was 2032. They were bigger back in 07 when the average sqft was 2214. Smaller houses seem to be the norm. In Pinnacle Pines for instance, a newer subdivision on the west side, since 2012 when they started building and selling houses, there have been a total of 321 sales reported in our MLS with an average sqft of 1826. For the month, there were a total of 111 sales which is up 9% from a year ago and the most in May since 2004 when there were 117 and the median sales price was a whopping $238K. Inventory levels are rising but still remain thin in some areas and in some price ranges. Mortgage rates have dropped an 1/8th of a point and are now at 4.375% for a 30 year fixed rate. Until next month, here for any & all of your real estate needs.