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.

 

Flagstaff November Housing Prices Up, Sales Down

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.