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The squeeze is on
Compared with a year ago, Flagstaff home sales were down nearly 6% in October – but that’s only a difference of four homes. Prices were stable compared with one year ago. The shocking difference is the level of inventory – down 35% at the beginning of November 2012 from the beginning of November 2011. Last year, there were 448 Flagstaff single-family homes on the market at the beginning of the winter season. This year there were just 292 homes at the same time.
That’s shifted the Flagstaff real estate market from a buyer’s market to a seller’s market. New listings and reported sales since the beginning of the month haven’t changed that picture. Today, for example, we have one new listing on the market and eleven new contracts and five sales.
Comparing this month’s chart (on the right) to last month’s, we can see that the inventory squeeze is moving up in price ranges. At this rate, instead of stable prices, I’ll be reporting rising prices. October’s median Flagstaff home price was $322,320, which is up from one year ago when it was $320,136. Get on board!
To buy or sell any Flagstaff home, please contact me: Ann Heitland at RE/MAX Peak Properties.
Note: The data reported here are based on home sales in the Flagstaff metro area (the City of Flagstaff and immediately surrounding county areas that have Flagstaff mailing addresses) as reported in the multiple-listing-service maintained by the Northern Arizona Association of Realtors.® The data may not reflect all sales (but it surely reflects most of them).