August Housing prices in the greater Flagstaff area rose 6% from a year ago with the median sale price coming in at $404K, setting a new monthly price high for August. It is however, down from July when the median sale price was $446K. The average price paid per-square-foot was $233 which is also a new high and up from July’s psf of $225. Housing sales rose 17% from the same period last year. There were 134 houses sold in August, the most in 14 years. A big contributor to the strength in our real estate market are mortgage rates which recently hit a 3-year low. Currently a 30-year fixed rate mortgage can be had at 3.5% with no points. Presently there are 146 houses available for purchase in the Flagstaff City limits with the median asking price at $446K. Until next month here for any & all of your real estate needs.
The 1st quarter of 2019 is now in the books and housing prices in the greater Flagstaff region hit another new high. The median sale price for the 1st quarter came in at $401,250 up 6% from the same period in ’18. This is the highest quarterly median sale price ever and the first time above $400K. March was basically flat, with a median sale price of $390K. The sales volume is a number to watch, both the quarter and the month were down big. For the 1st quarter there were a total of 152 sales, down 28% and for March there were 69 sales, down 24%. This sales drop could be a function of supply and not necessarily any lack of demand. The 1st quarter is historically the slowest of the year and inventory usually remains low; the big selling season being late spring and summer. I suspect we’ll see more inventory come to market as we get further along in the year which is the usual pattern. Mortgage rates still remain low with a 30-year fixed rate now at 4%. This is up an 1/8th of a point from last month. Until next month, here for any & all of your real estate needs.
Housing prices in the greater Flagstaff region hit a new all-time monthly high in February. The median sale price came in at $430K up 18% from a year ago! Housing sales for the month totaled 45, slightly less than the 48 sales reported last February and just below the ten-year average of 47 sales for the month. Up here in the mountains during winter, sales are weather dependent and the 1st quarter of the year is the coldest, snowiest and slowest quarter by far. As a result, we are more likely to see aberrations in the monthly numbers and especially in February since it’s also the shortest month. For instance, the average sale price of a house this February came in at $496K! It’s easy to skew the figures when there are few sales and a significant percentage are of more expensive and newer houses. The quarterly figures are a more reliable indicator of market activity especially in winter. I do think that February’s $430K median sale price record will be tough to beat because inventory levels should rise as we move into the selling season. Helping sales are mortgage rates which are lower by a quarter of a point from last month with a 30-year fixed rate mortgage now at 3.875% with no points. Until next month here for any and all of your real estate needs.