October housing prices in the greater Flagstaff region hit a new monthly high with the median sale price coming in at $426K which is up 6% from the same month last year. There were a total of 110 sales in October which is down 2% from a year ago. The average price paid per square foot was $232 up 10%. Year to date through October, prices have risen 10% from a year ago. No doubt low mortgage rates are helping drive this market. A 30-year fixed rate mortgage, with no points is at 3.625% which is up an 1/8th of a point from a month ago. Until next month, here for all of your real estate needs.
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.