September Housing Prices Hit New Monthly High

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!

Time Period SFR Sales Year/Year +- Median $  Yr/Yr +-
 Sept 2017      138*        +12%   $383K*     +6%
3rd ¼ 2017      388        +5%   $382K*     +8%
 9 Months      867        +1%   $375K     +6%

*Record

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.

 

Flagstaff August Housing Prices Hit a New Monthly High

August housing prices in the greater Flagstaff region jumped 8% year-over-year to a new all-time August monthly median high of $380K, surpassing the previous high of $375K set in August 2007. This is the first time that a new monthly all-time high has been set after coming close on a couple of occasions earlier this year. There were a total of 123 houses sold this August which is a 7% drop from a year ago but still the second busiest August in twelve years. The average price paid per-square-foot this August was $210 compared to $195 a year ago, an 8% gain. Through the first eight months of 2017 prices are up 5% versus the same period last year. With such a hot market it’s no surprise that inventory levels have risen to about where they were a year ago. And mortgage rates are holding steady at 3.625% for a 30 year fixed rate with 5% down. Until next month, here for any & all of your real estate needs.

Flagstaff Housing Prices & Sales Up In July

The Flagstaff real estate market continues strong with both sales and prices rising for the month of July. In the greater Flagstaff area the median sale price of a house sold in July rose 7% to $378K. This is the second highest July ever, only behind July of 2006 when the median sale price was $392K. Through the first 7 months of the year, prices are up 4% vs the same period a year ago. There were a total of 126 house sales which is up 12% from July of last year. The busiest July was back in 2005 when there were 152 sales. Continuing to help out are mortgage rates which surprisingly have dropped about a ¼ of a point over the last month. A 30 year fixed rate, with only 5% down is now at 3.625% with no points. As a direct result of this market strength, inventory has shot up and we’re almost exactly even with the inventory levels of a year ago. Until next month, here for any & all of your real estate needs.