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.
September housing prices in the greater Flagstaff area hit new monthly and quarterly highs! The September median sale price came in at $383K up 6% from a year ago, surpassing the previous September high of $382K set in 2006. For the month, there were a total of 138 sales which is up 12% from last year. This is also a new monthly record. The average price paid per-square-foot was $207 up 10% compared to last September. This is not a new record; in September of 2006 buyers paid an average of $230 psf. Here are the numbers for the 3rd quarter and year-to-date. Best summer ever!
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Mortgage rates have risen about an eighth of a point in the last month. A 30 year fixed rate mortgage with 5% down is now at 3.75% with no points. Inventory levels remain high as we move into the final quarter of the year. There are currently 579 houses for sale (387 available & 192 under contract). Last year in the 4th quarter there were a total of 269 sales and this year in the first quarter there were 177 sales. Do the math and this is the reason we’re seeing quite a few price reductions. Until next month, here for any & all of your real estate needs.