September housing sales in the greater Flagstaff region dropped 38% with monthly sales totaling 100 units. For September 2017 there were 138 sales. Prices for the month also declined, dropping 1% with the median sale price coming in at $380K down from $383K last year. For the third quarter, sales dropped 16% and prices were unchanged from the same period a year ago. Here are the numbers for September, the third quarter and year to date.
|3rd ¼ 2018
|1st 9 Months
As you can see the Flagstaff real estate market is slowing considerably with only one new price high and no new sales highs. At the end of the second quarter of this year, there were two new price highs and three new sales highs. Mortgage rates have now hit a 7-year high and inventory levels remain high although not necessarily in all price ranges. Weather also plays a factor up here in the mountains and this week we got our first measurable snowfall. Until next month, here for any & all of your real estate needs.
August housing sales in the greater Flagstaff area dropped 10% from August 2017. August 2018 saw a total of 113 sales and prices remained flat with the median sales price coming in at $380K which is exactly where it was a year ago. However, on an average price paid per-square-foot basis, we’re up 4% from last year and now at $220psf.
Looking at the 2018 figures year-to-date thru August, prices are up 4% and sales are up 8%. The real estate market has been doing well but it now seems to be starting to slow down a little bit. Some of that slowing is attributable to seasonality of course but mortgage rates are rising which makes a home purchase more expensive if you’re financing. A 30-year fixed rate mortgage is now at 4 ½% up 1/8th of a point from last month. The concern is that with 10-Year Treasury Bonds now yielding over 3% rates will continue to move higher. There are a lot of properties still sitting out there for sale and with winter right around the corner you can expect to see quite a few price reductions. Until next month, here for any & all of your real estate needs.
July housing sales in the greater Flagstaff region dropped 12% compared to the same month a year ago. There were a total of 111 houses sold. However, for the first seven months of 2018, sales are actually up 11% compared to last year. July prices rose 2% with a median sale price of $385K. This is not a new July high, but close. The July record is $392K set twelve years ago in 2006. On a calendar year basis, that was the top of the housing market in Flagstaff. Twelve years later and we are still not quite back yet. Again, looking at the first seven months of the year, prices are up 4% with the median sale price also coming in at $385K. Inventory levels are up overall but not necessarily in all price ranges. If you are looking for a typical 3-bedroom house with 2 baths and a 2-car garage, located within the Flagstaff City limits and you have a budget of $385K, there are only 11 available properties for you to look at currently. Mortgage rates are at 4.375% unchanged from last month. Until next month, here for any & all of your real estate needs.