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.
November 2018 housing prices in the greater Flagstaff region climb to a new monthly high. The median sale price was $392K up 7% from November ‘17 and easily surpassing the old November high of $379K set in 2006. The average price paid per-square-foot was $225 up 10% from a year ago, tying the high set back in November ‘06. November housing sales rose 8% totaling 84 SFR’s. So far, year-to-date sales are slightly ahead of last year as are prices. I think we’ll probably finish higher for the year on both due to interest rates declining bigly. In spite of the latest Federal Reserve hike, a 30-year fixed rate mortgage is now at 4.375% down ¼ of a point from just a month ago, a very nice Christmas present! Until next month, here for any & all of your real estate needs. Wishing everyone wonderful holidays and a very Happy New Year!