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!
October housing prices in the greater Flagstaff region rose 3.5% with the median sale price coming in at $390K which is a record high for the month of October. The previous high was set back in October of 2006 when the median sale price was $387K. Housing sales however declined for the fourth consecutive month. This October there were 109 sales, off 11% from the same month a year ago. After starting off red hot in the first half of the year, housing sales for the second half of the year are down 15% reflecting the dramatic rise in mortgage rates which hit a 7-year high. Rates have now pulled back a little bit, with a 30-year fixed rate at 4.625% with no points. Happy Thanksgiving everyone. Until next month here for any & all of your real estate needs.
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.
|Time Period||SFR Sales||Year/Year+-||Median $||Year/Year+-|
|3rd ¼ 2018||326||-16%||$381K||FLAT|
|1st 9 Months||888||+2%||$385K*||+3%|
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.